<SEC-DOCUMENT>0000798359-14-000049.txt : 20140630
<SEC-HEADER>0000798359-14-000049.hdr.sgml : 20140630
<ACCEPTANCE-DATETIME>20140630163447
ACCESSION NUMBER:		0000798359-14-000049
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20140630
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140630
DATE AS OF CHANGE:		20140630

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:		14949449

	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-06302014.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">UNITED STATES</div>

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

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

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, 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'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>June 30, 2014</u></div>

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

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

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

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Identification No.)</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Post Office Box 1988</div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, 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="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Written communications pursuant to Rule 425 under the Securities Act</td>
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9633;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, 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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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, 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="MARGIN-BOTTOM: 10pt">&#160;</div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">An earnings release issued by the Registrant on June 30, 2014, regarding financial and operational results for the three and twelve months ended April 30, 2014, 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'', Times, 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Financial Statements and Exhibits</font></div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Exhibits</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Description</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><a href="iretexhibit991-06302014.htm">99.1</a></div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Earnings Release issued June 30, 2014, regarding financial and operational results for the three and twelve months ended April 30, 2014</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><a href="iretexhibit992-06302014.htm">99.2</a></div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Certain supplemental information not included in the earnings release</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SIGNATURE</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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>

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<div>&#160;</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">By: /s/&#160; Timothy P. Mihalick</div>
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<div>&#160;</div>
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<div>&#160;</div>
</td>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 31.5pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Timothy P. Mihalick</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 31.5pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">President &amp; Chief Executive Officer</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Date: June 30, 2014</div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>iretexhibit991-06302014.htm
<DESCRIPTION>EARNINGS RELEASE ISSUED JUNE 30, 2014, REGARDING FINANCIAL AND OPERATIONAL RESULTS FOR THE THREE AND TWELVE MONTHS ENDED APRIL 30, 2014
<TEXT>
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<!--Licensed to: Investors Real Estate Trust
    Document created using Disclosure Solutions PROFILE 2.6.1.0
    Copyright 1995 - 2014 Thomson Reuters Accelus.  All rights reserved.-->
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit 99.1</div>

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

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

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

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 7.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FOR THE QUARTER AND FISCAL YEAR ENDED APRIL 30, 2014</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 5pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Minot, ND &#8211; June 30, 2014 &#8211; </font>Investors Real Estate Trust (NYSE: IRET) reported<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>financial and operating results today for the quarter and fiscal year ended April 30, 2014.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 5pt; FONT-SIZE: 10pt">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 5pt; FONT-SIZE: 10pt">During the three month period ended April 30, 2014, 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 and on a per share and unit basis decreased for the three month period ended April 30, 2014 compared to the same period of the prior fiscal year. We reported a net loss available to common shareholders for the fourth quarter of fiscal year 2014.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 5pt; FONT-SIZE: 10pt">For the three month period ended April 30, 2014, 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'', Times, serif; MARGIN-BOTTOM: 5pt; FONT-SIZE: 10pt">Revenues increased to $67.0 million from $64.2 million.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 5pt; FONT-SIZE: 10pt">Total expenses increased by approximately $43.3 million, or 97.1%, in the three months ended April 30, 2014 compared to the three months ended April 30, 2013, from $44.6 million to $87.9 million. This increase was primarily due to non-cash impairment expense of $37.8 million recognized during the fourth quarter of fiscal year 2014.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 5pt; FONT-SIZE: 10pt">FFO decreased to $17.6 million on approximately 129,244,000 weighted average shares and units outstanding, from $22.1 million on approximately 118,192,000 weighted average shares and units outstanding ($.14 per share and unit compared to $.19 per share and unit).</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 5pt; FONT-SIZE: 10pt">Net Loss Available to Common Shareholders, as computed under generally accepted accounting principles, was $31.4 million compared to $7.1 million of Net Income Available to Common Shareholders in the same period of the prior fiscal year.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 5pt; FONT-SIZE: 10pt">During the fiscal year ended April 30, 2014, IRET's revenues increased from the prior year. FFO overall increased and on a per share and unit basis decreased for the twelve month period ended April 30, 2014 compared to prior fiscal year. We reported a net loss available to common shareholders for fiscal year 2014.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 5pt; FONT-SIZE: 10pt">For the fiscal year ended April 30, 2014, as compared to the prior fiscal year:</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 5pt; FONT-SIZE: 10pt">Revenues increased to $265.5 million from $248.1 million.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 5pt; FONT-SIZE: 10pt">Total expenses increased by approximately $62.7 million, or 36.4%, in the twelve months ended April 30, 2014 compared to the twelve months ended April 30, 2013, from $172.1 million to $234.8 million.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 5pt; FONT-SIZE: 10pt">FFO increased to $79.9 million on approximately 127,028,000 weighted average shares and units outstanding, from $78.9 million on approximately 114,535,000 weighted average shares and units outstanding ($.63 per share and unit compared to $.69 per share and unit).</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 5pt; FONT-SIZE: 10pt">Net Loss Available to Common Shareholders, as computed under generally accepted accounting principles, was approximately $24.7 million compared to Net Income Available to Common Shareholders of $16.3 million in the prior fiscal year.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 5pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Significant Events and Transactions during the fourth quarter of fiscal year 2014</font>:</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 5pt; FONT-SIZE: 10pt">The acquisition of an approximately 39,500-square foot senior housing property in Fruitland, Idaho, on approximately 2.3 acres of land, for a purchase price, paid in cash, of approximately $7.1 million.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 5pt; FONT-SIZE: 10pt">The issuance of certificates of occupancy for 54 units of a planned 288 units in the Company's Renaissance Heights I apartment project in Williston, North Dakota.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 5pt; FONT-SIZE: 10pt">Signature of sales agreements for the disposition of a commercial office property in Maple Grove, Minnesota, for a sales price of $7.2 million, and for the disposition of a commercial office property in Edina, Minnesota, for a sales price of $3.1 million. The sale of the Edina property closed on May 19, 2014; the sale of the Maple Grove property is still pending.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">IRET's President and Chief Executive Officer, Timothy Mihalick, commented, "I am pleased with our financial and operational results for the year. We have a quality pipeline of development projects in process, and we achieved a strong lease-up at our projects placed in service during the year: our Landing at Southgate apartment project in Minot, North Dakota; Cypress Court apartments in St. Cloud, Minnesota, and River Ridge apartments in Bismarck, North Dakota. While the significant non-cash impairments recognized during the year resulted in a net loss as computed under generally accepted accounting principles, our revenues increased across all segments compared to the prior fiscal year. We continue to be excited about the outcome of the strategic planning process we completed during the year. We expect our strategic plan to continue to drive change for us over the next several years, as we focus on identifying properties for disposition and direct new investments primarily toward our healthcare (in particular, senior housing) and multi-family residential segments."</div>

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

<div style="TEXT-ALIGN: left; MARGIN-BOTTOM: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">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></div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Net Operating Income (NOI)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> from all properties decreased by approximately $3.7 million, or 8.9%, during the three-month period ended April 30, 2014, compared to the same period one year ago. Non-same-store properties accounted for approximately $452,000 of the decrease, while NOI from&#160;same-store properties decreased by $3.2 million.</div>

<div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;">Fourth quarter same-store NOI compared to the same quarter of the prior fiscal year was impacted primarily by a $1.1 million increase in utilities expense due to extreme cold weather conditions across all of our markets in the quarter, and by the impact of the recognition of a $1.2 million gain on involuntary conversion in the fourth quarter of fiscal year 2013.&#160; With sustained high occupancy in our multi-family residential segment, we continue to see opportunity to increase revenue in that segment. In the fourth quarter of fiscal year 2014,&#160;our same-store multi-family residential properties provided additional revenue of approximately $411,000 compared to the same quarter of the prior fiscal year; however, this increase was offset by decreases in revenue in our&#160;commercial office and industrial segments.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">NOI from all properties increased by $5.4 million, or 3.5%, during the fiscal year ended April 30, 2014, compared to the prior fiscal year. Non-same-store properties accounted for $4.5 million of the increase, while&#160;same-store properties added approximately $874,000.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Our non-same-store portfolio, consisting primarily of development projects placed in service, is providing continued positive NOI growth,&#160;although delivery of&#160;certain of these projects in fiscal year 2014 was delayed due to unusually harsh weather conditions. However, once placed in service, these projects achieved a relatively rapid lease-up. Same-store NOI increased by $874,000 in fiscal year 2014 compared to the prior fiscal year.&#160;Same-store NOI was also impacted in the fiscal year ended April 30, 2014 by expenses related to the unusually cold winter, primarily utility expenses, which were $2.1 million higher than in the prior fiscal year.&#160; We generally recover these increased utility costs from our commercial tenants, but only for occupied space; we bear utility costs for vacant space.&#160;Overall, revenues from same-store properties increased by $6.3 million compared to revenues in the prior fiscal year, primarily due to continued strength in occupancy in our multi-family residential segment, increased percentage rents in our commercial medical segment, and increased tenant reimbursements in our commercial office segment.&#160; Detail on NOI by segment is provided in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2014, filed on June 30, 2014 (the "2014 10-K").&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Physical occupancy as of April 30, 2014 compared to April 30, 2013 increased in two of our five reportable segments (commercial healthcare and commercial retail), decreasing in our multi-family residential, commercial office and commercial industrial segments, on a same-store basis and an all-property basis. The decrease of 8.6% in physical occupancy in our commercial industrial segment was due to the expiration of a single lease for 147,600 square feet at our Eagan, Minnesota property on April 30, 2013.&#160; At April 30, 2014 our same-store industrial commercial segment was comprised of six properties, five of which were 100% occupied and the Eagan, Minnesota property which was approximately 25.2% occupied. Physical occupancy represents the actual number of units or square footage leased divided by the total number of units or square footage at the end of the period.</div>

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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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>
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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Same-store 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>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">Physical Occupancy Levels on a Same-Store Property and All Property Basis:</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Same-Store Properties<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(a)</sup></div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 24.16%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">As of April 30,</div>
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<div>&#160;</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 24.16%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">As of&#160; April 30,</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Segments</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal 2014</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal 2013</div>
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<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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal 2013</div>
</td>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">94.5%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">95.3%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">93.0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">94.6%</div>
</td>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Office</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">81.4%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">81.5%</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">80.7%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">80.8%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Healthcare</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">96.2%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">94.9%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">96.3%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.4pt">94.7%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Industrial</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">87.3%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">95.7%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">87.8%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.4pt">96.4%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Retail</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">87.3%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">86.9%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">87.4%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.4pt">87.0%</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'', Times, serif; FONT-SIZE: 10pt">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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-same-store 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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">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'', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">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'', Times, serif; FONT-SIZE: 10pt">Alps Park, Rapid City, SD; Chateau I, Minot, ND; <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Colonial Villa, Burnsville, MN</font>; Colony, Lincoln, NE; <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cypress Court, St. Cloud, MN</font>; <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">First Avenue, Minot, ND</font>; Lakeside Village, Lincoln, NE; <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Landing at Southgate, Minot, ND</font>; Pinecone Villas, Sartell, MN; Ponds at Heritage Place, Sartell, MN; <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Quarry Ridge II, Rochester, MN</font>; Renaissance Heights I, Williston, ND; <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">River Ridge, Bismarck, ND</font>; Southpoint, Grand Forks, ND; Villa West, Topeka, KS; Whispering Ridge, Omaha, NE and <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Williston Garden, Williston, ND</font>.</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Total number of units, 2,369.</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'', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Office</font> -</div>
</td>
<td style="WIDTH: 76.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Dewey Hill Business Center, Edina, MN.</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total rentable square footage, 73,338.</div>
</td>
<td style="WIDTH: 0.16%; VERTICAL-ALIGN: top">
<div></div>
</td>
</tr>

<tr style="HEIGHT: 29px">
<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'', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">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'', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Jamestown Medical Office Building, Jamestown, ND; </font>Legends at Heritage Place, Sartell, MN and Spring Creek Fruitland, Fruitland, ID.</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Total rentable square footage, 182,896.</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'', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Minot IPS, Minot, ND and Stone Container, Roseville, MN.</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Total rentable square footage, 45,448.</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Arrowhead First International Bank, Minot, ND</font>.</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">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'', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">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'', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Chateau I, Minot, ND; </font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Colonial Villa, Burnsville, MN</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">; Colony, Lincoln, NE; </font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">First Avenue, Minot, ND</font>; <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Lakeside Village, Lincoln, NE; Ponds at Heritage Place, Sartell, MN; </font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Quarry Ridge II, Rochester, MN</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">; Villa West, Topeka, KS; Whispering Ridge, Omaha, NE and </font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Williston Garden, Williston, ND</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">.</font></div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Total number of units, 1,738.</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Office</font> -</div>
</td>
<td style="WIDTH: 76.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Dewey Hill Business Center, Edina, MN.</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total rentable square footage, 73,338.</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Jamestown Medical Office Building, Jamestown, ND</font>.</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Commercial Industrial -</div>
</td>
<td style="WIDTH: 76.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Minot IPS, Minot, ND and Stone Container, Roseville, MN.</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Retail</font> -</div>
</td>
<td style="WIDTH: 76.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Arrowhead First International Bank, Minot, ND</font>.</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Total rentable square footage, 3,702.</div>
</td>
<td style="WIDTH: 0.16%; VERTICAL-ALIGN: top">
<div></div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt"><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Acquisitions, Development Projects Place in Service and Dispositions</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">During the fourth quarter of fiscal year 2014, the Company closed on its acquisition of:</div>

<div>
<table style="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: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">a 39,500-square foot commercial medical property in Fruitland, Idaho, for a purchase price of $7.1 million, paid in cash;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="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: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">an approximately 4.7-acre parcel of vacant land in Isanti, Minnesota, acquired for possible future development, for a purchase price of approximately $50,000, paid in cash; and</div>
</td>
</tr>
</table>
</div>

<div>
<table style="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: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">an approximately 10.8-acre parcel of vacant land in Rapid City, South Dakota, acquired for possible future development, for a purchase price of $1.4 million, paid in cash.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The Company placed no development projects in service and sold no properties during the fourth quarter of fiscal year 2014.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Impairment</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; COLOR: #000000; FONT-SIZE: 10pt">During fiscal year 2014, the Company recognized non-cash impairment of $44.4 million on 15 properties, of which $1.9 million is included in discontinued operations. Information regarding these impairments is contained in Note 2 to the financial statements included in the Company's 2014 10-K.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The $44.4 million impairment includes the Company's recognition of a non-cash $34.9 million impairment on eight commercial office properties located in four states. These properties are part of a portfolio of nine commercial office properties, with a total of approximately 936,000 rentable square feet, securing a $122.6 million non-recourse CMBS loan with a maturity date of October 6, 2016. The loan bears a fixed rate of interest of 5.92% per annum, with monthly interest-only payments through maturity totaling approximately $7.4 million per year. Due to concerns over the borrower's ability to refinance the portfolio at loan maturity, the Company revised its assumptions regarding the holding period of these properties. Impairment testing performed in connection with the preparation of the financial statements included in the Company's 2014 10-K indicated that impairment indicators were present.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The Company commissioned a third-party appraisal of each of the properties, the result of which indicated a fair value of the portfolio below its net book value, and, accordingly, an impairment was recorded for the difference. Cash flow from the portfolio currently covers debt service on the loan, and the borrower, a special-purpose subsidiary of the Company, is current on all payments under the loan.</div>

<div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; color: #000000; font-size: 10pt;">The nine commercial office properties in this portfolio are the Flagship Corporate Center in Eden Prairie, Minnesota; Gateway Corporate Center in Woodbury, Minnesota; Pacific Hills Plaza in Omaha, Nebraska; Miracle Hills Executive Center in Omaha, Nebraska; Farnam Executive Center in Omaha, Nebraska; Corporate Center West in Omaha, Nebraska; Woodlands Plaza in St. Louis, Missouri; Riverport in Maryland Heights, Missouri; and Timberlands at Tomahawk in Leawood, Kansas. Portfolio net operating income in fiscal year 2014 totaled approximately $9.3 million. Although the portfolio was approximately 90% occupied as of April 30, 2014, rental revenue from the portfolio has declined significantly since the Company's acquisition of the portfolio for a total cost of approximately $147.1 million in fiscal year 2007.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Because the loan amount significantly exceeds the Company's current estimate of the fair value of this nine-property portfolio, the Company is working to initiate discussions with the loan servicer to discuss various alternatives with regard to the loan. Although<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"> the Company cannot predict the outcome of discussions with the loan servicer regarding the loan, the Company has analyzed various possible scenarios, such as a restructuring of the debt, a discounted payoff, and conveyance of the properties to the lender. Although no assurances can be given, because the debt is non-recourse to the Company, no further loss to the Company would be expected to be incurred with respect to the properties following any such discounted payoff, restructuring or conveyance. If the outcome of discussions with the loan servicer were to be a conveyance of the portfolio, the Company currently estimates that this would result in an approximately $0.02 per share reduction in annual FFO, an approximately $0.01 per share increase in Adjusted Funds from Operations, an approximately 3% reduction in the Company's mortgage debt to market capitalization, and an approximately 0.37x decrease in the Company's Debt to Adjusted EBITDA ratio (all such estimates as of April 30, 2014).</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup></div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">As of April 30, 2014, IRET had a total capitalization of $2.4 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'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">On April 1, 2014, 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 172<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> consecutive distribution. IRET also paid, on March 31, 2014, 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'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Distribution Declared</font>.&#160; Subsequent to the end of fiscal year 2014, on June 2, 2014, 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 July 1, 2014 to common shareholders and unitholders of record on June 16, 2014. Also on June 2, 2014, 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 June 30, 2014 to Series A preferred shareholders of record on June 16, 2014, and declared a distribution of $0.4968 per share on the Company's Series B preferred shares of beneficial interest, payable June 30, 2014 to Series B preferred shareholders of record on June 16, 2014.</div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The Conference Call for<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>4th Quarter Earnings is scheduled for Tuesday, July 1, 2014 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'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">USA Toll Free Number: 1-888-317-6016</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">International Toll Free Number: 1-412-317-6016</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Canada Toll Free Number: 1-855-669-9657</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">A webcast and transcript of the call will be archived on the "Investor Info/ 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; TEXT-INDENT: -18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">______________________________</div>

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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">FFO, AFFO and Adjusted EBITDA are non-GAAP measures; see definitions on p. 31, and reconciliations of FFO to net (loss) income on p. viii, of AFFO to net (loss) income on p. 8 and of Adjusted EBITDA to net (loss) income on p. 9.</td>
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<div><br>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">About IRET</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">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 93 multi-family residential properties with 10,779 apartment units; and 65 commercial office properties, 67 commercial healthcare properties (including senior housing), 8 commercial industrial properties and 26 commercial retail properties with a total of approximately 10.4 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'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">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 2014 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">v</div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">CONDENSED CONSOLIDATED BALANCE SHEETS <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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: 73.07%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26.93%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">April 30, 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">April 30, 2013</div>
</td>
</tr>

<tr>
<td style="WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(as revised)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">ASSETS</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Real estate investments</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Property owned</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,996,031</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,032,970</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Less accumulated depreciation</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(424,288)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(420,421)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,571,743</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,612,549</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Development in progress</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">104,609</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">46,782</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Unimproved land</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">22,864</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">21,503</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total real estate investments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,699,216</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,680,834</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Real estate held for sale</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,951</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Cash and cash equivalents</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">47,267</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">94,133</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Other investments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">329</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">639</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Receivable arising from straight-lining of rents, <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">net of allowance of $796 and $830, respectively</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">27,096</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">26,354</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Accounts receivable, <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">net of allowance of $248 and $563, respectively</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">10,206</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,534</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Real estate deposits</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">145</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">196</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Prepaid and other assets</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,639</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">5,124</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Intangible assets, <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">net of accumulated amortization of $24,071 and $27,708, respectively</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">32,639</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">40,457</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Tax, insurance, and other escrow</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20,880</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">12,569</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Property and equipment, <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">net of accumulated depreciation of $2,041 and $1,673, respectively</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,681</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,221</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Goodwill</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,100</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,106</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Deferred charges and leasing costs, <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">net of accumulated amortization of $21,068 and $18,714, respectively</font></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">21,072</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">22,387</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">TOTAL ASSETS</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,869,221</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,889,554</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">LIABILITIES AND EQUITY</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">LIABILITIES</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Accounts payable and accrued expenses</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">59,105</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">50,797</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Revolving line of credit</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">22,500</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">10,000</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Mortgages payable</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">997,689</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,049,206</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">63,178</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">18,170</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">TOTAL LIABILITIES</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,142,472</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,128,173</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">COMMITMENTS AND CONTINGENCIES</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">REDEEMABLE NONCONTROLLING INTERESTS &#8211; CONSOLIDATED REAL ESTATE ENTITIES</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">6,203</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">5,937</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">EQUITY</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Investors Real Estate Trust shareholders' equity</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Series A Preferred Shares of Beneficial Interest <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(Cumulative redeemable preferred shares, no par value, 1,150,000 shares issued and outstanding at April 30, 2014 and April 30, 2013, aggregate liquidation preference of $28,750,000)</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">27,317</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">27,317</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Series B Preferred Shares of Beneficial Interest <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(Cumulative redeemable preferred shares, no par value, 4,600,000 shares issued and outstanding at April 30, 2014 and April 30, 2013, aggregate liquidation preference of $115,000,000)</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">111,357</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">111,357</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Common Shares of Beneficial Interest <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(Unlimited authorization, no par value, 109,019,341 shares issued and outstanding at April 30, 2014, and 101,487,976 shares issued and outstanding at April 30, 2013)</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">843,268</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">784,454</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Accumulated distributions in excess of net income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(389,758)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(310,341)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total Investors Real Estate Trust shareholders' equity</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">592,184</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">612,787</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Noncontrolling interests &#8211; Operating Partnership <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(21,093,445 units at April 30, 2014 and 21,635,127 units at April 30, 2013)</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">105,724</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">122,539</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Noncontrolling interests &#8211; consolidated real estate entities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">22,638</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20,118</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total equity</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">720,546</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">755,444</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 73.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,869,221</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,889,554</div>
</td>
</tr>
</table>

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

<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">vi</div>

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

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

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

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">for the three and twelve months ended April 30, 2014 and 2013</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: 49.11%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50.89%; VERTICAL-ALIGN: top" colspan="8">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands, except per share data)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 25.89%; VERTICAL-ALIGN: top" colspan="4">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">April 30</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 25%; VERTICAL-ALIGN: top" colspan="4">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Twelve Months Ended</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">April 30</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 49.11%; 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: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</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: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.42%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">REVENUE</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.52%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.42%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate rentals</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">55,665</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">52,677</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">219,921</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">204,719</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Tenant reimbursement</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">11,318</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">11,507</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">45,561</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">43,339</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">TOTAL REVENUE</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">66,983</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">64,184</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">265,482</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">248,058</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">EXPENSES</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.52%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Depreciation/amortization related to real estate investments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">16,436</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">15,033</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">67,592</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">59,306</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Utilities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">6,691</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">5,224</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">21,864</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">18,792</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Maintenance</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8,439</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">7,445</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">31,158</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">28,340</div>
</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate taxes</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8,567</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8,400</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">32,982</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">32,182</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Insurance</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,261</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">936</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">5,165</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,734</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Property management expenses</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,578</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,710</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">16,961</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">15,003</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other property expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">53</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">242</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">357</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,008</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Administrative expenses</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,625</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,934</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">9,938</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">7,904</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Advisory and trustee services</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">176</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">158</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">805</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">590</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other expenses</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">502</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">677</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,132</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,173</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Amortization related to non-real estate investments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">826</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">795</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,326</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,027</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Impairment of real estate investments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">37,768</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">42,566</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">TOTAL EXPENSES</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">87,922</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">44,554</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">234,846</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">172,059</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Gain on involuntary conversion</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,821</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,480</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">5,084</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Operating income</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(20,939)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">22,451</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">33,116</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">81,083</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest expense</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(14,617)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(14,600)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(59,142)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(61,154)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest income</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">562</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">46</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,908</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">222</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">523</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">102</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">779</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">526</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">(Loss) income before loss on sale of real estate and other investments and&#160; income&#160; from discontinued operations</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(34,471)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">7,999</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(23,339)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20,677</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Loss on sale of real estate and other investments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(51)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(51)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">(Loss) income from continuing operations</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(34,522)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">7,999</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(23,390)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20,677</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Income from discontinued operations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,814</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">6,450</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">9,295</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">NET (LOSS) INCOME</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(34,522)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">11,813</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(16,940)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">29,972</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net loss (income) attributable to noncontrolling interests &#8211; Operating Partnership</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">6,082</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1,536)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,676</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(3,633)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, 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; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(102)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(262)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(910)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(809)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net (loss) income attributable to Investors Real Estate Trust</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(28,542)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">10,015</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(13,174)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">25,530</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Dividends to preferred shareholders</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,878)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,879)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(11,514)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(9,229)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">NET (LOSS) INCOME AVAILABLE TO COMMON SHAREHOLDERS</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(31,420)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">7,136</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(24,688)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">16,301</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, 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="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(.29)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.04</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(.28)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.09</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, 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; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.03</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.05</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.08</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">NET (LOSS) INCOME PER COMMON SHARE &#8211; BASIC &amp; DILUTED</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(.29)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.07</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(.23)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.17</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 49.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">DIVIDENDS PER COMMON SHARE</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.1300</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 9.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.1300</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.5200</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.5200</div>
</td>
</tr>
</table>

<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">vii</div>

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

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; FONT-SIZE: 10pt">for the three and twelve months ended April 30, 2014 and 2013<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><br>
</font></font><br>
</div>

<div><br>
</div>

<div style="MARGIN-BOTTOM: 10.5pt">
<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: 42.23%; VERTICAL-ALIGN: bottom" rowspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended April 30,</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.77%; VERTICAL-ALIGN: bottom" colspan="10">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands, except per share amounts)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 29.34%; VERTICAL-ALIGN: bottom" colspan="5">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 28.43%; VERTICAL-ALIGN: bottom" colspan="5">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 42.23%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Weighted</div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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: 7.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Per</div>

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

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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: 10.81%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Weighted</div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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: 6.84%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Per</div>

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

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unit<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 42.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net (loss) income attributable to Investors Real Estate Trust</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(28,542)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">10,015</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 42.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Less dividends to preferred shareholders</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,878)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,879)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 42.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net (loss) income available to common shareholders</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(31,420)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">107,992</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(0.29)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">7,136</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">96,692</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.07</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 42.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Adjustments:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 42.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Noncontrolling interest &#8211; Operating Partnership</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(6,082)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">21,252</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,536</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">21,500</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 42.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">17,239</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">16,572</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 42.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Impairment of real estate</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">37,768</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">305</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 42.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Loss (gain) on depreciable property sales</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">51</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(3,433)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 42.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Funds from operations applicable to common shares<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><br>
</font> and Units</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">17,556</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">129,244</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.14</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">22,116</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">118,192</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.19</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 10.5pt"><br>
 &#160;</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: 42.23%; VERTICAL-ALIGN: bottom" rowspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Twelve Months Ended April 30,</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.77%; VERTICAL-ALIGN: bottom" colspan="10">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands, except per share amounts)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 29.34%; VERTICAL-ALIGN: bottom" colspan="5">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 28.43%; VERTICAL-ALIGN: bottom" colspan="5">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr style="HEIGHT: 63px">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 42.23%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Weighted</div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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: 7.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Per</div>

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

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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: 10.81%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Weighted</div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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: 6.84%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Per</div>

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

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unit<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 42.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net (loss) income attributable to Investors Real Estate Trust</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(13,174)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">25,530</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 42.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Less dividends to preferred shareholders</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(11,514)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(9,229)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 42.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net (loss) income available to common shareholders</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(24,688)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">105,331</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(0.23)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">16,301</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">93,344</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.17</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 42.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Adjustments:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 42.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Noncontrolling interest &#8211; Operating Partnership</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(4,676)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">21,697</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,633</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">21,191</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 42.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Depreciation and amortization<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">71,830</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">65,542</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 42.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Impairment of real estate</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">44,426</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">305</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 42.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Gain on depreciable property sales</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(6,948)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(6,885)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 42.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Funds from operations applicable to common shares<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><br>
</font> and Units</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">79,944</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">127,028</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.63</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">78,896</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">114,535</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.69</div>
</td>
</tr>
</table>

<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'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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 $17,262 and $15,828, and depreciation/amortization from Discontinued Operations of $0 and $779, less corporate-related depreciation and amortization on office equipment and other assets of $23 and $35, for the three months ended January 31, 2014 and 2013, 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'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(2)</td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(3)</td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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="TEXT-ALIGN: left; 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: 16.55pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(4)</td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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 Consolidated Statements of Operations, totaling $70,918 and $62,333 and depreciation/amortization from Discontinued Operations of $1,010 and $3,416, less corporate-related depreciation and amortization on office equipment and other assets of $98and&#160; $207 for the fiscal years ended April 30, 2014 and 2013, respectively.</td>
</tr>
</table>
</div>

<div><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">viii</div>

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

<div><br>
</div>

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

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

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">for the three and twelve months ended April 30, 2014 and 2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended April 30, 2014</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.78%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Multi-Family<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><br>
</font> Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.82%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.8%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.98%; 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: 8.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Real estate revenue</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">26,400</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">19,365</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">15,917</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,622</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3,679</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">66,983</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Real estate expenses</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">13,133</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,876</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,595</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">594</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,391</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">29,589</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Net operating income</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">13,267</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,489</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">11,322</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,028</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2,288</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">37,394</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Depreciation/amortization</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.8%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(17,262)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.42%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Administrative, advisory and trustee services</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(2,801)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.42%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Impairment of real estate investments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(37,768)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.42%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(502)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest expense</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.8%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(14,617)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest and other income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.8%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,085</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 89.18%; VERTICAL-ALIGN: bottom" colspan="11">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Loss before loss on sale of real estate and other investments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(34,471)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 89.18%; VERTICAL-ALIGN: bottom" colspan="11">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Loss on sale of real estate and other investments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(51)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 89.18%; VERTICAL-ALIGN: bottom" colspan="11">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Net loss</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(34,522)</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="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.61%; VERTICAL-ALIGN: bottom" rowspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended April 30, 2013</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; 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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Multi-Family<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; 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>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Real estate revenue</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">23,166</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">19,748</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">15,689</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,995</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3,586</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">64,184</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Real estate expenses</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,939</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,675</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,393</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">521</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,429</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">25,957</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Gain on involuntary conversion</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,589</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,232</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,821</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Net operating income</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">14,816</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">10,073</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">11,296</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,474</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3,389</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">41,048</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Depreciation/amortization</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(15,828)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.31%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Administrative, advisory and trustee services</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(2,092)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(677)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest expense</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(14,600)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest and other income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">148</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income from continuing operations</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">7,999</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income from discontinued operations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,814</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 89.16%; VERTICAL-ALIGN: bottom" colspan="11">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Net income</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">11,813</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="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.64%; VERTICAL-ALIGN: bottom" rowspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Twelve Months Ended April 30, 2014</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.7%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Multi-Family<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><br>
</font> Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.9%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; 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: 7.96%; 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: 8.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Real estate revenue</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">102,059</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">77,440</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">65,258</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">6,894</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">13,831</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">265,482</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Real estate expenses</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">46,138</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">38,190</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">17,127</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2,043</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,989</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">108,487</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Gain on involuntary conversion</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2,480</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,480</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Net operating income</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">58,401</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">39,250</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">48,131</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,851</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">8,842</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">159,475</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Depreciation/amortization</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(70,918)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.34%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Administrative, advisory and trustee services</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(10,743)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.34%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Impairment of real estate investments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(42,566)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.34%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other expenses</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(2,132)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest expense</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(59,142)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest and other income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2,687</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.38%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Loss before loss on sale of real estate and other investments and income from discontinued operations</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(23,339)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Loss on sale of real estate and other investments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(51)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 89.1%; VERTICAL-ALIGN: bottom" colspan="11">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income from continuing operations</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(23,390)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 89.1%; VERTICAL-ALIGN: bottom" colspan="11">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income from discontinued operations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">6,450</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 89.1%; VERTICAL-ALIGN: bottom" colspan="11">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Net income</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(16,940)</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="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.61%; VERTICAL-ALIGN: bottom" rowspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Twelve Months Ended April 30, 2013</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; 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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Multi-Family<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; 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>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Real estate revenue</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">89,923</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">75,962</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">61,975</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">6,700</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">13,498</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">248,058</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Real estate expenses</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">38,223</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">37,267</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">16,779</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,871</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,919</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">99,059</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Gain on involuntary conversion</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3,852</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,232</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">5,084</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Net operating income</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">55,552</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">38,695</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">45,196</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,829</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,811</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">154,083</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Depreciation/amortization</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(62,333)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.31%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Administrative, advisory and trustee services</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(8,494)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(2,173)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest expense</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(61,154)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest and other income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">748</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income from continuing operations</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20,677</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income from discontinued operations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">9,295</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Net income</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
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<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">29,972</div>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>iretexhibit992-06302014.htm
<DESCRIPTION>CERTAIN SUPPLEMENTAL INFORMATION NOT INCLUDED IN THE EARNINGS RELEASE
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; FONT-SIZE: 10pt">Fourth Quarter Fiscal 2014</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt">for the Quarter and Fiscal Year Ended April 30, 2014</div>

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

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

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

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">E-Mail: landerson@iret.com</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; FONT-SIZE: 10pt">Minot, ND 58701</div>

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

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

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt">April 30, 2014</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'', Times, 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'', Times, 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'', Times, serif; FONT-SIZE: 10pt">5</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.8pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 8.8pt; FONT-SIZE: 10pt">Key Financial Data</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.8pt; MARGIN-LEFT: 28.6pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, 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: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.8pt; MARGIN-LEFT: 28.6pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, 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: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">7</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.8pt; MARGIN-LEFT: 28.6pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, 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: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">8</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.8pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 28.6pt; FONT-SIZE: 10pt">Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA)</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">9</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.8pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 8.8pt; FONT-SIZE: 10pt">Capital Analysis</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.8pt; MARGIN-LEFT: 28.6pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, 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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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">10</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.8pt; MARGIN-LEFT: 28.6pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, 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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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">11-13</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.8pt; MARGIN-LEFT: 28.6pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, 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="BACKGROUND-COLOR: #ffffff; WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">14</div>
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<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.8pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 8.8pt; FONT-SIZE: 10pt">Portfolio Analysis</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.8pt; MARGIN-LEFT: 28.6pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Same-Store 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>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">15</div>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.8pt; MARGIN-LEFT: 28.6pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, 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="BACKGROUND-COLOR: #ffffff; WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">16-19</div>
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<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.8pt; MARGIN-LEFT: 28.6pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Same-Store 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="BACKGROUND-COLOR: #cceeff; WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">20</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.8pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 8.8pt; FONT-SIZE: 10pt">Tenant Analysis</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.8pt; MARGIN-LEFT: 28.6pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, 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>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">21</div>
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<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.8pt; MARGIN-LEFT: 28.6pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, 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>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">22-25</div>
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<tr style="HEIGHT: 14px">
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.8pt; MARGIN-LEFT: 28.6pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, 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="BACKGROUND-COLOR: #ffffff; WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">26</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.8pt; MARGIN-LEFT: 28.6pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, 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="BACKGROUND-COLOR: #cceeff; WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">27</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

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

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.8pt; MARGIN-LEFT: 28.6pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, 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="BACKGROUND-COLOR: #ffffff; WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">28</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.8pt; MARGIN-LEFT: 28.6pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Development Placed in Service 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="BACKGROUND-COLOR: #cceeff; WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">29</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.8pt; MARGIN-LEFT: 28.6pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Development in Progress 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="BACKGROUND-COLOR: #ffffff; WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">30</div>
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<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Highlights"><!--Anchor--></a>Company Background and Highlights</div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">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'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">During the fourth quarter of fiscal year 2014, the Company closed on its acquisition of:</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">a 39,500-square foot commercial medical property in Fruitland, Idaho, for a purchase price of $7.1 million, paid in cash;</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">an approximately 4.7-acre parcel of vacant land in Isanti, Minnesota, acquired for possible future development, for a purchase price of approximately $50,000, paid in cash; and</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">an approximately 10.8-acre parcel of vacant land in Rapid City, South Dakota, acquired for possible future development, for a purchase price of $1.4 million, paid in cash.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">The Company placed no development projects in service and sold no properties during the fourth quarter of fiscal year 2014.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">During fiscal year 2014, continued high occupancy levels in its multi-family residential portfolio allowed the Company to implement selected rent increases, and the Company's three multi-family residential development projects placed in service during the year (the Company's Landing at Southgate project in Minot, North Dakota; Cypress Court project in St. Cloud, Minnesota, and River Ridge project in Bismarck, North Dakota) leased up quickly, with Landing at Southgate 100%, Cypress Court 78.8% and River Ridge 100% leased as of April 30, 2014. The Company expects to see continued favorable results in this segment in fiscal year 2015; 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 observes considerable multi-family development activity in the Company's markets, and as this new construction is completed and leased, the Company will experience increased competition for tenants.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">The Company's commercial office segment, while still negatively affected by a number of adverse macro conditions, including unemployment levels that remain elevated and stagnant wage growth, also showed some progress, with new leasing activity matching absorption rates in the Company's Minneapolis market and in other of its office markets. However, these absorption rates remain low, and businesses, in a continued focus on costs, appear to be increasing the density of their work spaces by placing more employees in less total square footage and giving back the excess space or downsizing upon lease renewals. We expect this erosion in demand for office space to continue, which we expect will impede upward pressure on rental rates in our commercial office portfolio in particular. Trends in the effective rents received by the Company can be seen in the information presented in the "Analysis of Commercial Segments' Credit Risk and Leases" subsection of the Management's Discussion and Analysis of Financial Conditions and Results of Operations section of the Company's 2014 10-K. Additionally, 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.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; COLOR: #000000; FONT-SIZE: 10pt">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. 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'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">Both the retail and industrial property markets are showing signs of revival. In the retail segment, better-located retail properties continue to enjoy more leasing success, while outlying shopping centers continue to experience higher vacancy rates. In the industrial segment, a relative lack of new supply is leading to vacant industrial space being absorbed. Industrial rents are not yet rising to reflect this lack of new supply, but tenant concessions appear to be dissipating.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">The Company plans to continue in fiscal year 2015 its selective disposition of assets in non-core markets, particularly office 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. Subsequent to the end of fiscal year 2014, on May 19, 2014, the Company sold an office property in Edina, Minnesota for a total sales price of approximately $3.1 million.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">The Company continues to allocate resources to the dynamic economy of the energy-rich Bakken Shale Formation region of eastern Montana, western and central North Dakota, northwest South Dakota and western Minnesota. Development projects currently scheduled for completion in fiscal years 2015 and 2016 in this region include the Company's 233-unit Commons at Southgate apartment projects in Minot, North Dakota, in which the Company has a 51% interest; and the 288-unit Renaissance Heights Phase I apartment project in Williston, North Dakota, in which the Company has an approximately 70% interest. Energy activity in the Bakken Shale region continues to be robust, and the Company expects this activity to remain strong in the next several years.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">In the fourth quarter of fiscal year 2014, IRET paid its 172<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> consecutive quarterly distribution. The $0.1300 per share/unit distribution was payable on April 1, 2014. Subsequent to the end of fiscal year 2014, on June 2, 2014, 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 July 1, 2014 to common shareholders and unitholders of record on June 16, 2014. Also on June 2, 2014, 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 June 30, 2014 to Series A preferred shareholders of record on June 16, 2014, and declared a distribution of $0.4968 per share on the Company's Series B preferred shares of beneficial interest, payable June 30, 2014 to Series B preferred shareholders of record on June 16, 2014.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">As of April 30, 2014, IRET owns a diversified portfolio </font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">of 259 properties consisting of 93 multi-family residential properties, 65 commercial office properties, 67 commercial healthcare properties (including senior housing), 8 commercial industrial properties and 26 commercial retail properties.&#160; IRET's common shares are publicly traded on the New York Stock Exchange (NYSE: IRET).</font></div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">(as of April 30, 2014)</div>

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<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; FONT-SIZE: 10pt">Minot, North Dakota</div>
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<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: ''Times New Roman'', Times, 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 style="FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, 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'', Times, 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; MARGIN-LEFT: 9pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, 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 style="FONT-FAMILY: ''Times New Roman'', Times, 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 style="FONT-FAMILY: ''Times New Roman'', Times, 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>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$2.4 billion</div>
</td>
</tr>
</table>

<div><br>
</div>

<div><br>
</div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(as of April 30, 2014)</div>

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

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<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 29.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: ''Times New Roman'', Times, 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>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 70.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Trustee and Chairman</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 29.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: ''Times New Roman'', Times, 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="BACKGROUND-COLOR: #ffffff; WIDTH: 70.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Trustee, Vice Chairman, and Chair of Nominating and Governance Committee</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 29.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: ''Times New Roman'', Times, 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>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 70.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Trustee, Chair of Audit Committee</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 29.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: ''Times New Roman'', Times, 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>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Trustee, Chair of Compensation Committee</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 29.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Terrance P. Maxwell</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="BACKGROUND-COLOR: #cceeff; WIDTH: 70.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Trustee</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 29.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: ''Times New Roman'', Times, 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="BACKGROUND-COLOR: #ffffff; WIDTH: 70.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Trustee</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 29.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: ''Times New Roman'', Times, 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>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 70.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Trustee, President and Chief Executive Officer</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 29.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: ''Times New Roman'', Times, 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>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Trustee, Executive Vice President and Chief Operating Officer</div>
</td>
</tr>
</table>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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">
<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 29.17%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: ''Times New Roman'', Times, 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>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 70.83%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">President and Chief Executive Officer; Trustee</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 29.17%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: ''Times New Roman'', Times, 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>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.83%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Executive Vice President and Chief Operating Officer; Trustee</div>
</td>
</tr>

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

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 29.17%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: ''Times New Roman'', Times, 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="BACKGROUND-COLOR: #ffffff; WIDTH: 70.83%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Executive Vice President, General Counsel and <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #737373; FONT-SIZE: 10pt">Assistant Secretary</font></div>
</td>
</tr>

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

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

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

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 29.17%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: ''Times New Roman'', Times, 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="BACKGROUND-COLOR: #ffffff; WIDTH: 70.83%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Corporate Headquarters:</div>

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

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

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

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

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

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

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

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<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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4th Quarter</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal Year 2014</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal Year 2014</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal Year 2014</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal Year 2013</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">High Closing Price</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">9.06</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">8.94</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">9.03</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">9.77</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">10.00</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Low Closing Price</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">8.34</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">8.24</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">8.05</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">8.09</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">9.20</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Average Closing Price</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">8.71</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">8.58</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">8.41</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">9.03</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">9.59</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Closing Price at end of quarter</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">8.72</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">8.69</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">8.62</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">8.64</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">9.73</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Common Share Distributions&#8212;annualized</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0.520</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0.520</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0.520</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0.520</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0.520</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Closing Dividend Yield - annualized</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6.0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.1pt">6.0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6.0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6.0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.3%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Closing common shares outstanding (thousands)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">109,019</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">106,937</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">105,554</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">104,226</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">101,488</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Closing limited partnership units outstanding (thousands)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">21,094</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">21,799</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">21,836</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">21,849</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">21,635</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Closing market value of outstanding common shares, plus imputed closing market value of outstanding limited partnership units (thousands)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,134,585</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,118,716</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,098,102</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,089,288</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,197,987</div>
</td>
</tr>
</table>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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 2014 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'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Fourth Quarter Fiscal 2014 Acquisition</u></div>

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<div style="TEXT-ALIGN: center; MARGIN-LEFT: 18.8pt"><img src="image1.jpg"></div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Spring Creek Fruitland</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1255 Allen Avenue<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><br>
</font> Fruitland, ID 83619</div>
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<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><u>Property Cost by Segment</u></font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><u> &#8211; Fourth Quarter Fiscal 2014</u></font></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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="MARGIN-BOTTOM: 8pt"><br>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

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

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

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

<div style="MARGIN-BOTTOM: 8pt">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: top">
<div>&#160;</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4/30/2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1/31/2014</div>
</td>
<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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">10/31/2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">7/31/2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4/30/2013</div>
</td>
</tr>

<tr>
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">ASSETS</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>
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">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>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Property owned</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,996,031</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,042,290</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,032,747</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,016,523</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,032,970</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Less accumulated depreciation</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(424,288)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.05pt">(439,233)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.05pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.05pt">(431,318)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.05pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.05pt">(429,376)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.05pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.05pt">(420,421)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,571,743</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,603,057</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,601,429</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,587,147</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,612,549</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Development in progress</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">104,609</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">89,086</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">90,052</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">77,396</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">46,782</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Unimproved land</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">22,864</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">21,498</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">21,619</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20,774</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">21,503</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Total real estate investments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,699,216</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,713,641</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,713,100</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,685,317</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,680,834</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate held for sale</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,951</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,620</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,969</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Cash and cash equivalents</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">47,267</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">53,494</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">68,727</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">93,193</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">94,133</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Other investments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">329</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">643</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">642</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">640</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">639</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Receivable arising from straight-lining of rents, net of allowance</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">27,096</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">27,026</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">26,336</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">26,671</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">26,354</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Accounts receivable, net of allowance</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">10,206</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">15,540</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">6,541</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8,370</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,534</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Real estate deposits</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">145</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,502</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">230</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">489</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">196</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Prepaid and other assets</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,639</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8,197</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">7,605</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,741</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">5,124</div>
</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Intangible assets, net of accumulated amortization</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">32,639</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">34,008</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">35,625</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">36,989</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">40,457</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Tax, insurance, and other escrow</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20,880</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">24,550</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">11,864</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">12,344</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">12,569</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Property and equipment, net of accumulated depreciation</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,681</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,719</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,191</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,217</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,221</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Goodwill</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,100</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,100</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,100</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,100</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,106</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Deferred charges and leasing costs, net of accumulated amortization</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">21,072</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">21,138</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20,666</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">21,602</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">22,387</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">TOTAL ASSETS</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,869,221</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,904,558</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,896,247</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,896,642</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,889,554</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">LIABILITIES AND EQUITY</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

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

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Accounts payable and accrued expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">59,105</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">54,337</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">57,453</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">52,563</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">50,797</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Revolving line of credit</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">22,500</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">22,500</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">10,000</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">10,000</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">10,000</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Mortgages payable</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">997,689</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,008,524</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,021,170</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,030,407</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,049,206</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">63,178</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">47,767</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">31,689</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">32,366</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">18,170</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">TOTAL LIABILITIES</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,142,472</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,133,128</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,120,312</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,125,336</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,128,173</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">REDEEMABLE NONCONTROLLING INTERESTS &#8211; CONSOLIDATED REAL ESTATE ENTITIES</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">6,203</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">6,113</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">6,044</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">5,949</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">5,937</div>
</td>
</tr>

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

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Investors Real Estate Trust shareholders' equity</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Series A Preferred Shares of Beneficial Interest</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">27,317</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">27,317</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">27,317</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">27,317</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">27,317</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Series B Preferred Shares of Beneficial Interest</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">111,357</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">111,357</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">111,357</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">111,357</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">111,357</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Common Shares of Beneficial Interest</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">843,268</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">829,816</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">818,516</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">807,928</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">784,454</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Accumulated distributions in excess of net income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(389,758)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.05pt">(344,294)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.05pt">(331,116)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.05pt">(323,406)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.05pt">(310,341)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Total Investors Real Estate Trust shareholders' equity</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">592,184</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">624,196</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">626,074</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">623,196</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">612,787</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Noncontrolling interests &#8211; Operating Partnership</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">105,724</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">117,803</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">120,678</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">122,334</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">122,539</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Noncontrolling interests &#8211; consolidated real estate entities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">22,638</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">23,318</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">23,139</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">19,827</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20,118</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Total equity</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">720,546</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">765,317</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">769,891</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">765,357</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">755,444</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,869,221</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,904,558</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,896,247</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,896,642</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,889,554</div>
</td>
</tr>
</table>

<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">6</div>

<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"></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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

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

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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: 32.51%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.49%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Twelve Months Ended</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">OPERATING RESULTS</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.33%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4/30/2014</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4/30/2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4/30/2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1/31/2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">10/31/2013</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4/30/2013</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate revenue</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">265,482</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">248,058</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">66,983</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">67,629</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">65,772</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">65,098</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">64,184</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate expenses</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">108,487</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">99,059</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">29,589</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">25,927</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">26,331</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">26,640</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">25,957</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Gain on involuntary conversion</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2,480</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">5,084</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,514</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">966</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,821</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -4.5pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 13.5pt; FONT-SIZE: 10pt">Net operating income</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">159,475</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">154,083</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">37,394</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">43,216</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">39,441</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">39,424</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">41,048</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -4.5pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 13.5pt; FONT-SIZE: 10pt">Depreciation/amortization</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(70,918)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(62,333)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.05pt">(17,262)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(17,489)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(17,167)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(19,000)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(15,828)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -4.5pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 13.5pt; FONT-SIZE: 10pt">Administrative expenses, advisory and trustee services</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(10,743)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(8,494)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.05pt">(2,801)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,662)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,527)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,753)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,092)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -4.5pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 13.5pt; FONT-SIZE: 10pt">Other expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(2,132)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(2,173)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(502)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(273)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(678)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(679)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(677)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -4.5pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 13.5pt; FONT-SIZE: 10pt">Impairment of real estate investments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(42,566)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(37,768)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(4,798)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -4.5pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 13.5pt; FONT-SIZE: 10pt">Interest expense</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(59,142)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(61,154)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(14,617)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(15,130)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(14,799)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(14,596)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(14,600)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -4.5pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 13.5pt; FONT-SIZE: 10pt">Interest and other income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2,687</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">748</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,085</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">740</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">652</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">210</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">148</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -4.5pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 13.5pt; FONT-SIZE: 10pt">(Loss) income before loss on sale of real estate and other investments and income from discontinued operations</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(23,339)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20,677</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(34,471)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,604</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,922</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,606</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">7,999</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -4.5pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 13.5pt; FONT-SIZE: 10pt">Loss on sale of real estate and other investments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(51)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(51)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -4.5pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 13.5pt; FONT-SIZE: 10pt">(Loss) income from continuing operations</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(23,390)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20,677</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(34,522)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,604</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,922</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,606</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">7,999</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -4.5pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 13.5pt; FONT-SIZE: 10pt">Income from discontinued operations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">6,450</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">9,295</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">465</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">5,375</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">610</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,814</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net (loss) income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(16,940)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">29,972</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(34,522)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,069</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">10,297</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,216</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">11,813</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net loss (income) attributable to noncontrolling interest &#8211; Operating Partnership</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">4,676</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(3,633)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6,082</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(130)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1,226)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(50)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1,536)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net income attributable to noncontrolling interests &#8211; consolidated real estate entities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(910)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(809)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(102)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(436)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(284)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(88)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(262)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net (loss) income attributable to Investors Real Estate Trust</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(13,174)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">25,530</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(28,542)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,503</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8,787</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,078</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">10,015</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Dividends to preferred shareholders</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(11,514)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(9,229)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,878)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,879)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,878)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,879)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,879)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">NET (LOSS) INCOME AVAILABLE TO COMMON SHAREHOLDERS</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(24,688)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">16,301</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(31,420)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">624</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">5,909</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">199</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">7,136</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Per Share Data</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Earnings (loss) per common share from continuing operations &#8211; Investors Real Estate Trust &#8211; basic &amp; diluted</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(.28)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">.09</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(.29)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.00</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.01</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.00</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.04</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">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; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">.05</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">.08</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.05</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.03</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net income per common share &#8211; basic &amp; diluted</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(.23)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">.17</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(.29)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.06</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.07</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Percentage of Revenues</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">40.9<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">%</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">39.9<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">%</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">44.2%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">38.3%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">40.0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">40.9%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">40.4%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Depreciation/amortization</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">26.7<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">%</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">25.1<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">%</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">25.8%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">25.9%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">26.1%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">29.2%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">24.7%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">General and administrative</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">4.0<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">%</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3.4<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">%</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">4.2%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3.9%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3.8%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">4.2%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3.3%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">22.3<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">%</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">24.7<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">%</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">21.8%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">22.4%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">22.5%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">22.4%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">22.7%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income from discontinued operations</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2.4<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">%</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3.7<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">%</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0.0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0.7%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">8.2%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0.9%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">5.9%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net (loss) income</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(6.4<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">%)</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">12.1<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">%</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(51.5%)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">6.0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">15.7%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">4.9%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">18.4%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratios</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Adjusted EBITDA<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup>/Interest expense</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2.36x</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2.30x</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2.26x</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2.13x</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2.37x</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2.23x</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2.41x</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Adjusted EBITDA<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup>/Interest expense plus preferred distributions</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1.97x</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2.01x</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1.90x</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1.81x</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2.00x</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1.88x</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2.03x</div>
</td>
</tr>
</table>

<div><br>
</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'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">See Definitions on page 31.&#160; Adjusted EBITDA is a non-GAAP measure; see page 9 for a reconciliation of Adjusted 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="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div id="DSPFPageHeader"></div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"></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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

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

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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: 31.67%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 18.33%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Twelve Months Ended</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.18%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4/30/2014</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4/30/2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4/30/2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1/31/2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">10/31/2013</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4/30/2013</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Funds From Operations<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Net (loss) income attributable to Investors Real Estate Trust</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(13,174)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">25,530</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(28,542)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,503</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8,787</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,078</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">10,015</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Less dividends to preferred shareholders</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.25pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(11,514)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.25pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(9,229)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.25pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.25pt">(2,878)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.25pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.25pt">(2,879)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.25pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.25pt">(2,878)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.25pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.25pt">(2,879)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.25pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.25pt">(2,879)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Net (loss) income available to common shareholders</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(24,688)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">16,301</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(31,420)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.65pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">624</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">5,909</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">199</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">7,136</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Adjustments:</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Noncontrolling interests &#8211; Operating Partnership</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(4,676)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,633</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(6,082)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">130</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,226</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">50</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,536</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Depreciation and amortization</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">71,830</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">65,542</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">17,239</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">17,546</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">17,490</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">19,555</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">16,572</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Impairment of real estate investments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">44,426</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">305</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">37,768</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">4,798</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">57</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,803</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">305</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Gain (loss) on depreciable property sales</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(6,948)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(6,885)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">51</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(358)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(4,698)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1,943)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(3,433)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Funds from operations applicable to common shares and Units</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">79,944</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">78,896</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">17,556</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">22,740</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">19,984</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">19,664</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">22,116</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">FFO per share and unit - basic and diluted</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0.63</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0.69</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.14</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.17</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.16</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.16</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.19</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Adjusted funds from operations<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Funds from operations applicable to common shares and Units</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">79,944</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">78,896</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">17,556</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">22,740</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">19,984</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">19,664</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">22,116</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Adjustments:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Tenant improvements at same-store<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup> properties</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(9,937)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(9,839)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1,610)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(4,205)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1,841)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,343)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(3,092)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Leasing costs at same-store properties<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(3,797)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(5,127)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1,038)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1,219)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(735)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(916)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(610)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Recurring capital expenditures<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)(2)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(4,956)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(5,990)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1,118)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1,093)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1,364)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1,401)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(687)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Straight-line rents</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(2,206)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(3,091)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(70)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(818)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(666)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(652)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(883)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Non-real estate depreciation</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">368</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">381</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">102</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">99</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">82</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">85</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">82</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Gain on involuntary conversion</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,480)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(5,084)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">(1,514)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">(966)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">(2,821)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Adjusted funds from operations applicable to common shares and Units</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">56,936</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">50,146</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">13,822</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">13,990</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">15,460</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">13,471</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">14,105</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">AFFO per share and unit - basic and diluted</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0.45</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0.44</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.11</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.11</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.12</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.11</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.12</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Weighted average shares and units</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">127,028</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">114,535</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">129,244</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">128,027</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">126,713</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">124,179</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">118,192</div>
</td>
</tr>
</table>

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

<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: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 8pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(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'', Times, serif; FONT-SIZE: 10pt">See Definitions on page 31.</div>
</td>
</tr>
</table>
</div>

<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: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 8pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2)</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'', Times, serif; FONT-SIZE: 10pt">Quarterly information is for properties in the same-store pool at that point in time; consequently, quarterly numbers may not total to year-to-date numbers.</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="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div id="DSPFPageHeader"></div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"></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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

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

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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: 31.69%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 18.33%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Twelve Months Ended</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 49.98%; VERTICAL-ALIGN: bottom" colspan="10">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 31.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4/30/2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.18%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4/30/2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4/30/2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1/31/2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">10/31/2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">07/31/2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">04/30/2013</div>
</td>
</tr>

<tr>
<td style="WIDTH: 31.69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Adjusted EBITDA<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>&#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: 6.68%; 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'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 7.5%; 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'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net (loss) income attributable to Investors Real Estate Trust</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(13,174)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">25,530</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(28,542)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,503</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8,787</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,078</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">10,015</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Adjustments:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 31.69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Noncontrolling interests &#8211; Operating Partnership</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(4,676)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,633</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(6,082)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">130</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,226</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">50</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,536</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income before noncontrolling interests &#8211; Operating Partnership</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(17,850)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">29,163</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(34,624)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,633</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">10,013</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,128</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">11,551</div>
</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Add:</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Interest expense</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">59,563</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">63,686</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">14,617</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">15,159</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">14,904</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">14,883</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">15,069</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.69%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Depreciation/amortization related to real estate investments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">68,542</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">62,475</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">16,449</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">16,825</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">16,675</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">18,593</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">15,759</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.69%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Amortization related to non-real estate investments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,416</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,274</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">826</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">758</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">839</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">993</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">848</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.69%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Amortization related to real estate revenues<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">241</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">175</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">66</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">62</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">59</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">54</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">49</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.69%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Impairment of real estate investments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">44,426</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">305</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">37,768</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,798</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">57</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,803</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">305</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.69%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Less:</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.69%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Interest income</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(1,908)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(222)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(562)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(573)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(585)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(188)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(46)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.69%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(Gain) loss on sale of real estate and other investments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(6,948)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(6,885)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">51</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(358)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(4,698)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(1,943)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(3,433)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 31.69%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Gain on involuntary conversion</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(2,480)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(5,084)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(1,514)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(966)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(2,821)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 31.69%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Adjusted EBITDA</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">147,002</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">146,887</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">34,591</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">38,790</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">37,264</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">36,357</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">37,281</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'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Definitions on page 31.</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'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(2)</td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div id="DSPFPageHeader"></div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"></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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

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

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

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

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

<div style="TEXT-ALIGN: center; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Total Mortgage Debt*</div>

<div style="TEXT-ALIGN: center; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><img src="image3new.jpg"></div>

<div style="TEXT-ALIGN: center; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">&#160;</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Weighted</div>

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

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

<tr style="HEIGHT: 13px">
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2015</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">53,460</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">53,460</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 18pt">5.52%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13.7pt">5.4%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2016</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">72,259</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">72,259</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 18pt">5.49%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13.7pt">7.2%</div>
</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2017</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">176,725</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">15,000</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">191,725</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 18pt">5.66%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13.7pt">19.2%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2018</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">75,591</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">75,591</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 18pt">4.53%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13.7pt">7.6%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2019</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">94,215</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5,465</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">99,680</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 18pt">5.82%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13.7pt">10.0%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2020</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">111,154</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">111,154</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 18pt">5.87%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13.7pt">11.1%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2021</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.2%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">131,278</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">131,278</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 18pt">5.30%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13.7pt">13.2%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2022</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">130,088</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">130,088</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 18pt">5.61%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13.7pt">13.0%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2023</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.2%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">37,924</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.14%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.16%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">37,924</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 18pt">4.25%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13.7pt">3.8%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2024</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.2%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">74,212</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.14%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.16%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">74,212</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 18pt">4.32%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13.7pt">7.5%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 33.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Thereafter</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 4.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">20,318</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 4.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 4.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">20,318</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 18pt">5.03%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13.7pt">2.0%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 33.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total maturities</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 4.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 9.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 9.15pt">977,224</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 4.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 4.05pt">20,465</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 4.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 9pt">997,689</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 22.45pt">5.37%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 18pt">100.0%</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left">&#160;</div>

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

<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="BACKGROUND-COLOR: #ffffff; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 8.25pt; FONT-SIZE: 10pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 8.25pt; FONT-SIZE: 10pt"><font style="BACKGROUND-COLOR: #ffffff">Weighted </font>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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4/30/2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1/31/2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">10/31/2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">7/31/2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4/30/2013</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'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt">&#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'', Times, serif; FONT-SIZE: 10pt">&#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'', Times, serif; FONT-SIZE: 10pt">&#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'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 8.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</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'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Mortgage</div>
</td>
<td style="WIDTH: 2.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#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'', Times, serif; FONT-SIZE: 10pt">&#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'', Times, serif; FONT-SIZE: 10pt">&#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'', Times, serif; FONT-SIZE: 10pt">&#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'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 8.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 45.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Fixed rate</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">977,224</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,000,222</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,012,813</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,014,632</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,022,990</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 45.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Variable rate</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.53%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20,465</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8,302</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8,357</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">15,775</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">26,216</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 45.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">Mortgage total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">997,689</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,008,524</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,021,170</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,030,407</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,049,206</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 45.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 45.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Weighted Average Interest Rates</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 45.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Secured</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 4.5pt">5.37%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.65pt">5.48%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.25pt">5.50%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.3pt">5.54%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">5.55%</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="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"></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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt">LONG-TERM MORTGAGE DEBT* DETAIL AS OF APRIL 30, 2014<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><br>
</font><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal 2015</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal 2016</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal 2017</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal 2018</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt">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>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Evergreen II - Isanti, MN</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">11/1/2014</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2,108</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2,108</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Campus Center - St Cloud, MN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6/1/2015</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,205</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,205</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Campus Knoll - St Cloud, MN</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6/1/2015</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">804</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">804</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Landmark - Grand Forks, ND</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">8/24/2015</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,638</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,638</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Regency Park Estates - St Cloud, MN</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1/1/2016</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6,827</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6,827</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Pebble Springs &#8211; Bismarck, ND</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">7/1/2016</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">775</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">775</div>

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

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Southview &#8211; Minot, ND</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">7/1/2016</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,059</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,059</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Williston Garden &#8211; Willistion, ND</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">10/1/2017</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">12,057</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">12,057</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Ponds &#8211; Sartell, MN</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">11/1/2017</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3,950</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3,950</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Summary of Debt due after Fiscal 2018</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">354,272</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">354,272</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Sub-Total Multi-Family Residential</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2,108</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">10,474</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,834</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">16,007</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">354,272</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">384,695</div>
</td>
</tr>

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

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Office</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Burnsville Bluffs II - Burnsville, MN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">8/8/2014</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">1,679</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">1,679</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Plymouth IV - Plymouth, MN</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">8/8/2014</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">3,097</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">3,097</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Plymouth V - Plymouth, MN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">8/8/2014</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">3,620</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">3,620</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Plaza VII - Boise, ID</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">9/1/2014</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">930</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">930</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Crosstown Centre - Eden Prairie, MN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">12/1/2014</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">3,177</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">3,177</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Crosstown Centre - Eden Prairie, MN</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">12/1/2014</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">9,531</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">9,531</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Northgate I - Maple Grove, MN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">12/10/2014</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">4,977</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">4,977</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Plymouth I - Plymouth, MN</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">12/10/2014</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">1,115</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">1,115</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Plymouth II - Plymouth, MN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">12/10/2014</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">1,115</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">1,115</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Plymouth III - Plymouth, MN</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">12/10/2014</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">1,373</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">1,373</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Benton Business Park - Sauk Rapids, MN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">1/1/2015</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">491</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">491</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;West River Business Park - Waite Park, MN</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">1/1/2015</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">491</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">491</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Highlands Ranch I - Highlands Ranch, CO</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">3/1/2015</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">7,992</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">7,992</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Highlands Ranch II - Highlands Ranch, CO</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">3/1/2015</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">7,601</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">7,601</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;US Bank Financial Center - Bloomington, MN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">7/1/2015</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">13,104</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">13,104</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Rapid City 900 Concourse Drive - Rapid City, SD</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">8/1/2015</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">696</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">696</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Westgate I - Boise, ID</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">8/1/2015</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">1,157</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">1,157</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Westgate II - Boise, ID</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">8/1/2015</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">2,832</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">2,832</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Brook Valley I - LaVista, NE</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">1/1/2016</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">1,256</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">1,256</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Spring Valley IV - Omaha, NE</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">1/1/2016</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">748</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">748</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Spring Valley V - Omaha, NE</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">1/1/2016</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">823</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">823</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Spring Valley X - Omaha, NE</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">1/1/2016</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">763</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">763</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Spring Valley XI - Omaha, NE</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">1/1/2016</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">748</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">748</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;American Corporate Center &#8211; Mendota Heights, MN</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">9/1/2016</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">8,794</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">8,794</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Mendota Office Center I &#8211; Mendota Heights, MN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">9/1/2016</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">3,787</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">3,787</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Mendota Office Center II - Mendota Heights, MN</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">9/1/2016</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">5,595</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">5,595</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Mendota Office Center III - Mendota Heights, MN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">9/1/2016</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">3,845</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">3,845</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 10pt"><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="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div id="DSPFPageHeader"></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;<font style="FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt">LONG-TERM MORTGAGE DEBT* DETAIL AS OF APRIL 30, 2014 <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(continued)</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><br>
</font><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(in thousands)</font></div>

<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: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Property</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.7%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Maturity Date</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.24%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal 2015</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal 2016</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal 2017</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal 2018</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.4%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Thereafter</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.76%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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: 31.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.88%; 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: 7.52%; 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: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Office - continued</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.88%; 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: 7.52%; 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: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Mendota Office Center IV - Mendota Heights, MN</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">9/1/2016</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">4,571</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">4,571</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Corporate Center West &#8211; Omaha, NE</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">10/6/2016</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">17,315</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">17,315</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Farnam Executive Center &#8211; Omaha, NE</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">10/6/2016</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">12,160</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">12,160</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Flagship &#8211; Eden Prarie, MN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">10/6/2016</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">21,565</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">21,565</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Gateway Corporate Center &#8211; Woodbury, MN</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">10/6/2016</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">8,700</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">8,700</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Miracle Hills One &#8211; Omaha, NE</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">10/6/2016</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">8,895</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">8,895</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Pacific Hills &#8211; Omaha, NE</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">10/6/2016</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">16,770</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">16,770</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Riverport &#8211; Maryland Heights, MO</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">10/6/2016</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">19,690</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">19,690</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Timberlands &#8211; Leawood, KS</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">10/6/2016</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">13,155</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">13,155</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Woodlands Plaza IV &#8211; Maryland Heights, MO</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">10/6/2016</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">4,360</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">4,360</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;2030 Cliff Road &#8211; Eagan, MN</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">1/11/2017</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">938</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">938</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;TCA Building &#8211; Eagan, MN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">2/3/2017</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">7,500</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">7,500</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Plymouth 5095 Nathan Lane &#8211; Plymouth, MN</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">11/1/2017</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">1,182</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">1,182</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Prairie Oak Business Center &#8211; Eden Prairie, MN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">11/1/2017</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">3,215</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">3,215</div>
</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;7800 West Brown Deer Road &#8211; Milwaukee, WI</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">4/1/2018</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">10,520</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">10,520</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Summary of Debt due after Fiscal 2018</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">87,006</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">87,006</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Sub-Total Commercial Office</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">47,189</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">22,127</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">157,640</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">14,917</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">87,006</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">328,879</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Healthcare</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Garden View Medical - St Paul, MN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">8/1/2015</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">785</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">785</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Edina 6363 France Medical - St Paul, MN</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">8/6/2015</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">9,830</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">9,830</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;2800 Medical Building - Minneapolis, MN</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">9/1/2015</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5,203</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5,203</div>
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<tr>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;2828 Medical Building - Minneapolis, MN</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">9/1/2015</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">8,217</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">8,217</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Edina 6405 France Medical - Edina, MN</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">9/1/2015</div>
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<div>&#160;</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">8,473</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">8,473</div>
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<tr>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Ritchie Medical Plaza - St Paul, MN</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">9/1/2015</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6,228</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6,228</div>
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<tr>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Airport Medical &#8211; Bloomington, MN</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6/1/2016</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">769</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">769</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Park Dental &#8211; Brooklyn Center, MN</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6/1/2016</div>
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<div>&#160;</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">442</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
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<div>&#160;</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">442</div>
</td>
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<tr>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Edgewood Vista &#8211; Fargo, ND</div>
</td>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">10/25/2016</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">12,418</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">12,418</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#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="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">12/1/2016</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2,456</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2,456</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Billings 2300 Grant Road &#8211; Billings, MT</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">12/31/2016</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,447</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,447</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Missoula 3050 Great Northern Ave &#8211; Missoula, MT</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">12/31/2016</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,510</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,510</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;High Pointe Health Campus &#8211; Lake Elmo, MN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4/1/2017</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">7,500</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">7,500</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Edgewood Vista &#8211; Billings, MT</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4/10/2017</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,844</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,844</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Edgewood Vista &#8211; East Grand Forks, MN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4/10/2017</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2,809</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2,809</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Edgewood Vista &#8211; Sioux Falls, SD</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4/10/2017</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,056</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,056</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Edgewood Vista &#8211; Fremont, NE</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3/1/2018</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">573</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">573</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Edgewood Vista &#8211; Hastings, NE</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3/1/2018</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">590</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">590</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Edgewood Vista &#8211; Hermantown I, MN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3/1/2018</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">15,823</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">15,823</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Edgewood Vista &#8211; Kalispell, MT</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3/1/2018</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">592</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">592</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Edgewood Vista &#8211; Missoula, MT</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3/1/2018</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">840</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">840</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Edgewood Vista &#8211; Omaha, NE</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3/1/2018</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">374</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">374</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Edgewood Vista &#8211; Virginia, MN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3/1/2018</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13,460</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13,460</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;St Michael Clinic &#8211; St. Michael, MN</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4/1/2018</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,851</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,851</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Summary of Debt due after Fiscal 2018</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">138,624</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">138,624</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Sub-Total Commercial Healthcare</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">38,736</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">32,251</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">34,103</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">138,624</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">243,714</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>
</table>
</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">12</div>

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

<div><br>
</div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt">LONG-TERM MORTGAGE DEBT* DETAIL AS OF APRIL 30, 2014 <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(continued)</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><br>
</font><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(in thousands)</font></div>

<div><br>
</div>

<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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal 2015</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal 2016</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal 2017</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal 2018</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 32.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Industrial</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Stone Container - Fargo, ND</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">12/1/2015</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">412</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">412</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 32.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Stone Container - Fargo, ND</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">12/1/2015</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">510</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">510</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Urbandale 3900 106<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Street &#8211; Urbandale, IA</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">7/5/2017</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">10,564</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">10,564</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 32.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Summary of Debt due after Fiscal 2018</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2,294</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2,294</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 32.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Sub-Total Commercial Industrial</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">922</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">10,564</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2,294</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13,780</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 32.01%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Retail</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 32.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Omaha Barnes &amp; Noble - Omaha, NE <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6/1/2014</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2,267</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2,267</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Jamestown Buffalo Mall - Jamestown, ND</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">9/1/2014</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">140</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">140</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 32.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Fargo Express Center - Fargo, ND</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">10/1/2014</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">882</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">882</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Lakeville Strip Center - Lakeville, MN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">10/1/2014</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">874</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">874</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 32.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;Summary of Debt due after Fiscal 2018</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">22,458</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">22,458</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 32.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Sub-Total Commercial Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4,163</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">22,458</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">26,621</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 32.01%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 32.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 9.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">53,460</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">72,259</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">191,725</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">75,591</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">604,654</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">997,689</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'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">*</td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Mortgage debt does not include the Company's multi-bank line of credit or construction loans. The line of credit has a maturity date of December 1, 2016; as of April 30, 2014, the Company had borrowings of $22.5 million outstanding under this line. Construction loans and other debt totaled $63.1 million as of April 30, 2014.</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'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Totals are principal balances as of April 30, 2014.</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'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(2)</td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Loan was paid off subsequent to April 30, 2014.</td>
</tr>
</table>
</div>

<br>
</div>

<div style="MARGIN-BOTTOM: 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">13</div>

<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div id="DSPFPageHeader"></div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"></div>

<div><br>
</div>

<div><br>
</div>

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

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;<font style="FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; FONT-SIZE: 10pt"><a name="CapitalAnalysis"><!--Anchor--></a>CAPITAL ANALYSIS</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt">(in thousands, except per share and unit amounts)</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: 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4/30/2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1/31/2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">10/31/2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">7/31/2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4/30/2013</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Equity Capitalization</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#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'', Times, serif; FONT-SIZE: 10pt">&#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'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Common shares outstanding</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">109,019</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">106,937</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">105,554</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">104,226</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">101,488</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Operating partnership (OP) units outstanding</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">21,094</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">21,799</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">21,836</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">21,849</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">21,635</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total common shares and OP units outstanding</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">130,113</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">128,736</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">127,390</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">126,075</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">123,123</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Market price per common share (closing price at end of period)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8.72</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8.69</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8.62</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8.64</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">9.73</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Equity capitalization-common shares and OP units</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,134,585</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,118,716</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,098,102</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,089,288</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,197,987</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Recorded book value of preferred shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">138,674</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">138,674</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">138,674</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">138,674</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">138,674</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total equity capitalization</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,273,259</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,257,390</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,236,776</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,227,962</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,336,661</div>
</td>
</tr>

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

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Debt Capitalization</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total debt</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,083,321</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,078,741</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,062,788</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,072,696</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,077,282</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total capitalization</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,356,580</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,336,131</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,299,564</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,300,658</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,413,943</div>
</td>
</tr>

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

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total debt to total capitalization</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.46:1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.46:1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.46:1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.47:1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.45:1</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>
</table>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt">
<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: 30%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 19.98%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">Twelve Months Ended</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50.02%; VERTICAL-ALIGN: bottom" colspan="10">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">Three Months Ended</div>
</td>
</tr>

<tr style="HEIGHT: 20px">
<td style="WIDTH: 30%; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">4/30/2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">4/30/2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">4/30/2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">1/31/2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">10/31/2013</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">4/30/2013</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Earnings to fixed charges<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">(2)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1.30x</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">(3)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.65pt">1.15x</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.7pt">1.25x</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1.13x</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1.48x</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">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="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">(2)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1.13x</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">(3)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.65pt">0.97x</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.7pt">1.05x</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0.95x</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1.25x</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Debt service coverage ratio<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1.59x</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1.59x</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1.53x</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.65pt">1.46x</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.7pt">1.64x</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1.54x</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1.64x</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Distribution Data</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Common shares and units outstanding at record date</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">129,372</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">116,338</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">129,372</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">128,004</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">126,629</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">123,976</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">116,338</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total common distribution paid</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">66,012</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">59,250</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">16,819</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">16,639</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">16,461</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">16,093</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">15,124</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Common distribution per share and unit</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">.5200</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">.5200</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.1300</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.1300</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.1300</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.1300</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.1300</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">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="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">82.5%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">75.4%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.15pt">92.9%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.2pt">76.5%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.7pt">81.3%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 4.65pt">81.3%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.15pt">68.4%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">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="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">115.6%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">118.2%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.15pt">118.2%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.2pt">118.2%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.7pt">108.3%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 4.65pt">118.2%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.15pt">108.3%</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 6pt">
<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'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">See Definitions on page 31.</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'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(2)</td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Due to non-cash asset impairment charges of $42.6 million in the twelve months ended April 30, 2014, earnings were inadequate to cover fixed charges and combined fixed charges and preferred distributions by $27.2 million and $38.7 million, respectively. Excluding the asset impairment charge, the ratios of earnings to fixed charges and earnings to combined fixed charges and preferred distributions would have been 1.25 and 1.05, respectively, for the fiscal year ended April 30, 2014.</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'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(3)</td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Due to non-cash asset impairment charges of $37.8 million in the three months ended April 30, 2014, earnings were inadequate to cover fixed charges and combined fixed charges and preferred distributions by $35.3 million and $38.2 million, respectively. Excluding the asset impairment charge, the ratios of earnings to fixed charges and earnings to combined fixed charges and preferred distributions would have been 1.16 and 0.98, respectively, for the three months ended April 30, 2014.</td>
</tr>
</table>
</div>
</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt">&#160;</div>

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

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

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt">(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="WIDTH: 37.49%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 31.7%; VERTICAL-ALIGN: bottom" colspan="5">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Same-Store Properties<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 30.81%; VERTICAL-ALIGN: bottom" colspan="5">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Same-Store Properties<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
</tr>

<tr>
<td style="WIDTH: 37.49%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 31.7%; VERTICAL-ALIGN: bottom" colspan="5">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">April 30,</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 30.81%; VERTICAL-ALIGN: bottom" colspan="5">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Twelve Months Ended</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">April 30<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">,</font></div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Segment</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">%</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Change</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.72%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">%</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Change</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">9,607</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">10,721</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(10.4%)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">41,341</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">42,233</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2.1%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Commercial Office</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">9,510</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">10,090</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(5.7%)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">39,272</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">38,722</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1.4%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Commercial Healthcare</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">10,942</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">11,162</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2.0%)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">47,099</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">44,990</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4.7%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Commercial Industrial</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">970</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,128</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(14.0%)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3,994</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3,801</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">5.1%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Commercial Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2,251</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3,381</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(33.4%)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">8,717</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">9,803</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(11.1%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">33,280</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">36,482</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(8.8%)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">140,423</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">139,549</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.6%</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'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">See list of properties excluded from same-store properties on page iii.</td>
</tr>
</table>
</div>

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

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

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended April 30, 2014</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Multi-Family</div>

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

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

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

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

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

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">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>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">19,502</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">19,307</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">15,429</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,412</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,640</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">59,290</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">6,898</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">58</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">488</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">210</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">39</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">7,693</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">26,400</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">19,365</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">15,917</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,622</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,679</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">66,983</div>
</td>
</tr>

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

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">9,895</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">9,797</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,487</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">442</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,389</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">26,010</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,238</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">79</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">108</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">152</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,579</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">13,133</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">9,876</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,595</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">594</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,391</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">29,589</div>
</td>
</tr>

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

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net operating income (NOI)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">9,607</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">9,510</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">10,942</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">970</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,251</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">33,280</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,660</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(21)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">380</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">58</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">37</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,114</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Net operating income</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">13,267</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">9,489</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">11,322</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,028</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,288</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">37,394</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Reconciliation of NOI to net income (loss) available to common shareholders</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Depreciation/amortization</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(5,683)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(5,276)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(5,029)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(379)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(805)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(90)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(17,262)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Administrative, advisory and trustee fees</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,801)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,801)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Impairment of real estate investments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(37,768)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(37,768)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Other expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(502)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(502)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">Interest expense</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(5,455)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(4,924)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(3,839)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(205)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(381)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">187</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(14,617)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Interest and other income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,085</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,085</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Income (loss) before loss on sale of real estate and other investments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,129</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.4pt">(711)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,454</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">444</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,102</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(39,889)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(34,471)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Loss on sale of real estate and other investments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(51)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(51)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net income (loss)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,129</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(711)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,454</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">444</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,102</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(39,940)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(34,522)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net loss attributable to noncontrolling interests &#8211; Operating Partnership</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.05pt">6,082</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6,082</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, 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; BACKGROUND-COLOR: #ffffff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(102)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(102)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net income (loss) attributable to Investors Real Estate Trust</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,129</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(711)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,454</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">444</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,102</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(33,960)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(28,542)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Dividends to preferred shareholders</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,878)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,878)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,129</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(711)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,454</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">444</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,102</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(36,838)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(31,420)</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'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">(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'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">See list of properties excluded from same-store properties on page iii.</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="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div id="DSPFPageHeader"></div>
</div>

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

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

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended April 30, 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Multi-Family</div>

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

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

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

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

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

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">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>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">19,090</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">19,692</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">15,457</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,543</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,575</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">59,357</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,076</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">56</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">232</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">452</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">11</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,827</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">23,166</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">19,748</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">15,689</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,995</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,586</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">64,184</div>
</td>
</tr>

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

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8,369</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">9,602</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,295</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">415</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,426</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">24,107</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,570</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">73</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">98</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">106</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,850</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">9,939</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">9,675</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,393</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">521</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,429</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">25,957</div>
</td>
</tr>

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

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Gain on involuntary conversion</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,232</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,232</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,589</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,589</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,589</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,232</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,821</div>
</td>
</tr>

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

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net operating income (NOI)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">10,721</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">10,090</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">11,162</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,128</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,381</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">36,482</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,095</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(17)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">134</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">346</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,566</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Net operating income</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">14,816</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">10,073</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">11,296</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,474</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,389</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">41,048</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Reconciliation of NOI to net income (loss) available to common shareholders</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Depreciation/amortization</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(4,720)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(5,316)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(4,489)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(426)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(795)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(82)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(15,828)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Administrative, advisory and trustee fees</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,092)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,092)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Other expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(677)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(677)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">Interest expense</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(5,147)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(5,163)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(3,501)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(363)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(507)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">81</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(14,600)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Interest and other income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">148</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">148</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Income (loss) from continuing operations</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,949</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.4pt">(406)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,306</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">685</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2,087</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,622)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">7,999</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Income (loss) from discontinued operations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">23</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">66</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,475</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">561</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(311)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,814</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net income (loss)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,972</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.4pt">(340)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">6,781</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,246</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,776</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,622)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">11,813</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net income attributable to noncontrolling interests &#8211; Operating Partnership</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.05pt">(1,536)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1,536)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, 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; BACKGROUND-COLOR: #ffffff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(262)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(262)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net income (loss) attributable to Investors Real Estate Trust</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,972</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.4pt">(340)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">6,781</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,246</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,776</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(4,420)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">10,015</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Dividends to preferred shareholders</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,879)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,879)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,972</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.4pt">(340)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">6,781</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,246</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,776</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(7,299)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">7,136</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'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">See list of properties excluded from same-store properties on page iii.</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="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div id="DSPFPageHeader"></div>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"></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'', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; FONT-SIZE: 10pt">NET OPERATING INCOME DETAIL</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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: 26.63%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 73.37%; VERTICAL-ALIGN: bottom" colspan="14">
<div style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Twelve Months Ended April 30, 2014</div>
</td>
</tr>

<tr>
<td style="WIDTH: 26.63%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 54.14%; VERTICAL-ALIGN: middle" colspan="10">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Reporting Segments</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.24%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 26.63%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.37%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Multi-Family</div>

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

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Healthcare</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.42%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Industrial</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.87%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.99%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Corporate and</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.24%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 26.63%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate rental revenue</div>
</td>
<td style="WIDTH: 2.11%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.26%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.94%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.94%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.38%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.58%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.63%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">77,447</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">77,202</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">63,898</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">5,630</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">13,688</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">237,865</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 26.63%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">24,612</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">238</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,360</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,264</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">143</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">27,617</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.63%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">102,059</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">77,440</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">65,258</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">6,894</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">13,831</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">265,482</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26.63%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.63%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26.63%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">36,106</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">37,930</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">16,799</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,636</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,971</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">97,442</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 26.63%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">10,032</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">260</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">328</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">407</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3pt">18</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">11,045</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26.63%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">46,138</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">38,190</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">17,127</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,043</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,989</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">108,487</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.63%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26.63%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Gain on involuntary conversion</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.63%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 26.63%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,480</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,480</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.63%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,480</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,480</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26.63%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.63%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net operating income (NOI)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26.63%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">41,341</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">39,272</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">47,099</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,994</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8,717</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">140,423</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 26.63%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">17,060</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(22)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,032</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">857</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">125</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">19,052</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 26.63%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Net operating income</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">58,401</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">39,250</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">48,131</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,851</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8,842</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">159,475</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Reconciliation of NOI to net income (loss) available to common shareholders</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Depreciation/amortization</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(22,210)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(21,840)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(21,539)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1,789)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(3,201)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(339)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(70,918)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Administrative, advisory and trustee services</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(10,743)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(10,743)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Impairment of real estate investments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(42,566)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(42,566)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Other expenses</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,132)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,132)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Interest expense</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(21,731)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(20,195)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(15,615)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(973)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1,787)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,159</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(59,142)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 26.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Interest and other income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,687</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,687</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Income (loss) before loss on sale of real estate and other investments and income from discontinued operations</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">14,460</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.4pt">(2,785)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">10,977</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2,089</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,854</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(51,934)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(23,339)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 26.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Loss on sale of real estate and other investments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(51)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(51)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(Loss) income from continuing operations</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">14,460</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,785)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">10,977</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2,089</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3,854</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(51,985)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(23,390)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 26.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(Loss) income from discontinued operations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(99)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1,794)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">8,923</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(580)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">6,450</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 26.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net income (loss)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">14,361</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(4,579)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">10,977</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">11,012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,274</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(51,985)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(16,940)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net loss attributable to noncontrolling interests &#8211; Operating Partnership</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,676</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,676</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 26.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, 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; BACKGROUND-COLOR: #cceeff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(910)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(910)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net income (loss) attributable to Investors Real Estate Trust</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">14,361</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(4,579)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">10,977</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">11,012</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,274</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(48,219)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(13,174)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 26.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Dividends to preferred shareholders</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(11,514)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(11,514)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 26.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">14,361</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(4,579)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">10,977</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">11,012</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,274</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(59,733)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 6.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(24,688)</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'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">(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'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">See list of properties excluded from same-store properties on page iii.</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">18</div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"></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'', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; FONT-SIZE: 10pt">NET OPERATING INCOME DETAIL</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Twelve Months Ended April 30, 2013</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Multi-Family</div>

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

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

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

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

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

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">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: 2%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.38%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.52%; 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: 2.48%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">75,375</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">75,733</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">61,661</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">5,358</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">13,487</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">231,614</div>
</td>
</tr>

<tr style="HEIGHT: 15px">
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">14,548</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">229</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">314</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,342</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">11</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">16,444</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">89,923</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">75,962</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">61,975</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">6,700</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">13,498</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">248,058</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">33,142</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">37,011</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">16,671</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,557</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,916</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">93,297</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">5,081</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">256</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">108</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">314</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3pt">3</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">5,762</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">38,223</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">37,267</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">16,779</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,871</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,919</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">99,059</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Gain on involuntary conversion</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,232</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,232</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,852</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,852</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,852</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,232</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">5,084</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net operating income (NOI)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">42,233</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">38,722</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">44,990</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,801</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">9,803</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">139,549</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">13,319</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(27)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">206</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,028</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">14,534</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Net operating income</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">55,552</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">38,695</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">45,196</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,829</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">9,811</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">154,083</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Reconciliation of NOI to net income (loss) available to common shareholders</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Depreciation/amortization</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(18,529)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(21,061)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(17,732)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1,595)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(3,034)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(382)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(62,333)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Administrative, advisory and trustee services</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(8,494)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(8,494)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Other expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,173)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,173)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Interest expense</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(20,427)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(21,008)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(15,076)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1,505)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,332)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(806)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(61,154)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Interest and other income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">748</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">748</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Income (loss) from continuing operations</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">16,596</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.4pt">(3,374)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">12,388</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,729</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">4,445</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(11,107)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">20,677</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Income (loss) from discontinued operations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,712</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">314</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,416</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2,118</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(265)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">9,295</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net income (loss)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20,308</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.4pt">(3,060)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">15,804</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,847</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">4,180</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(11,107)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">29,972</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net income attributable to noncontrolling interests &#8211; Operating Partnership</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(3,633)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(3,633)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, 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; BACKGROUND-COLOR: #ffffff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(809)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(809)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net income (loss) attributable to Investors Real Estate Trust</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20,308</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(3,060)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">15,804</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,847</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">4,180</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(15,549)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">25,530</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Dividends to preferred shareholders</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(9,229)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(9,229)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20,308</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(3,060)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">15,804</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,847</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">4,180</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(24,778)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">16,301</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: 22.5pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">See list of properties excluded from same-store properties on page iii.</td>
</tr>
</table>
</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">19</div>

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

<div><br>
</div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">SAME-STORE PROPERTIES AND ALL PROPERTIES PHYSICAL OCCUPANCY LEVELS BY SEGMENT</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt">4th Quarter Fiscal 2014 vs. 4th 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Same-Store 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'', Times, serif; FONT-SIZE: 10pt; 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">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4th Quarter</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4th<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</font>Quarter</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4th Quarter</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4th<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</font>Quarter</div>
</td>
</tr>

<tr>
<td style="WIDTH: 43.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal 2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal 2013</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 25.4pt">94.5%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 29.15pt">95.3%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 26.9pt">93.0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 22.4pt">94.6%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Office</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 25.4pt">81.4%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 29.15pt">81.5%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 26.9pt">80.7%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 22.4pt">80.8%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Healthcare</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 25.4pt">96.2%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 29.15pt">94.9%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 26.9pt">96.3%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 22.4pt">94.7%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Industrial</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 25.4pt">87.3%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 29.15pt">95.7%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 26.9pt">87.8%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 22.4pt">96.4%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Retail</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 25.4pt">87.3%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 29.15pt">86.9%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 26.9pt">87.4%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 22.4pt">87.0%</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 8pt"><br>
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<div style="TEXT-ALIGN: left"><img src="image4.jpg"></div>

<div style="MARGIN-BOTTOM: 8pt"><br>
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<div><br>
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<div><br>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

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

<tr>
<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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4/30/2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1/31/2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">10/31/2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">7/31/2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4/31/2013</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Number of Units</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">10,779</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">10,725</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">10,705</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">10,351</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">10,280</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Average Investment Per Unit</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 44.16%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Same-Store</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">61,323</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">61,187</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">60,592</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">60,118</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">58,765</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 44.16%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Non-Same-Store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">100,374</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">96,467</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">93,353</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">86,581</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">87,408</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 44.16%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">All Properties</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">69,905</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">68,728</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">67,034</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">64,743</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">63,659</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Average Scheduled Rent<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1) </sup>per Unit</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-Store</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">785</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">781</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">771</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">764</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">748</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-Same-Store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">1,051</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">1,010</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">976</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">955</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">944</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 44.16%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18.35pt; FONT-SIZE: 10pt">All Properties</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">843</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">830</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">811</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">797</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">781</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Total Receipts per Unit</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-Store</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">773</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">767</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">768</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">754</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">739</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-Same-Store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">971</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">947</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">951</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">968</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">954</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18.35pt; FONT-SIZE: 10pt">All Properties</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">816</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">806</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">804</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">792</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">776</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total Recurring Capital Expenditures per Unit<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">133</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">130</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">160</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">164</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">176</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 44.16%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Physical Occupancy%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: middle">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.74%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: middle">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: middle">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: middle">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.4%; VERTICAL-ALIGN: middle">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 44.16%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-Store</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.45pt">94.5%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.05pt">93.5%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 8.15pt">94.6%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7pt">93.3%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">94.7%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-Same-Store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.45pt">87.6%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.05pt">85.3%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 8.15pt">90.4%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7pt">90.7%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">94.5%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18.35pt; FONT-SIZE: 10pt">All Properties</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.45pt">93.0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.05pt">91.8%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 8.15pt">93.8%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7pt">92.9%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">94.6%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 44.16%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Operating Expenses as a % of Scheduled Rent</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: middle">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.74%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: middle">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: middle">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: middle">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.4%; VERTICAL-ALIGN: middle">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 44.16%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-Store</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.45pt">50.2%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.05pt">43.0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 8.15pt">45.6%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7pt">46.4%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">44.0%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 44.16%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-Same-Store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.45pt">45.9%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.05pt">39.8%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 8.15pt">41.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7pt">40.7%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">43.0%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 44.16%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">All Properties</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.45pt">49.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.05pt">42.2%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 8.15pt">44.5%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7pt">45.2%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 8.15pt">43.8%</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'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">(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'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">See Definitions on page 31.</div>
</td>
</tr>
</table>
</div>

<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'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">(2)</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'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Previously-reported amounts are not revised for discontinued operations or changes in the composition of the same-store properties pool.</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">21</div>

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

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">COMMERCIAL LEASING SUMMARY (Same-Store Properties)</div>

<div><br>
</div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">During fiscal year 2014, we have executed new and renewal commercial leases for our same-store rental properties on 228,377 square feet for the three months ended April 30, 2014 and on 1.5 million square feet for the twelve months ended April 30, 2014.&#160; Despite our leasing efforts, occupancy in our same-store commercial portfolio decreased to 87.1% as of April 30, 2014, down from 87.7% as of April 30, 2013.&#160; This decrease is primarily attributable to the disposition of a number of highly-occupied commercial industrial properties during the year.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The total leasing activity for our same-store commercial rental properties, expressed in square feet of leases signed during the period, and the resulting physical occupancy levels are as follows:</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended April 30, 2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Square Feet of</div>

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

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

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

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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" rowspan="2" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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>
</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Office</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">77,881</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">97,904</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">89,038</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">166,083</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">166,919</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">263,897</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">81.4%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">81.5%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Healthcare</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6,360</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3,448</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5,971</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">31,258</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">12,331</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">34,706</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">96.2%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">94.9%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Industrial</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">36,982</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13,870</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">50,852</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">87.3%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">95.7%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3,498</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">28,460</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">45,629</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">30,891</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">49,127</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">59,351</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">87.3%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">86.9%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 12.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">87,739</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">166,794</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">140,638</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">242,102</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">228,377</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">408,896</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">87.1%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">87.7%</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'', Times, serif; FONT-SIZE: 10pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; MARGIN-TOP: 10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The leasing activity presented is based on leases signed or executed for our same-store rental properties during the period and is not intended to coincide with the commencement of rental revenue in accordance with GAAP.&#160; Results include properties classified in discontinued operations; prior periods reflect amounts previously reported and exclude retroactive adjustments for properties reclassified to discontinued operations in the current period.</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'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">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-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Twelve Months Ended April 30, 2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Square Feet of</div>

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

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

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

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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" rowspan="2" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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>
</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Office</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">356,024</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">263,799</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">311,836</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">399,399</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">667,860</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">663,198</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">81.4%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">81.5%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Healthcare</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">37,628</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">51,126</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">40,967</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">55,718</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">78,595</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">106,844</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">96.2%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">94.9%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Industrial</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">234,403</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">36,982</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">251,831</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">23,572</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">486,234</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">60,554</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">87.3%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">95.7%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">128,464</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">92,662</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">123,886</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">86,878</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">252,350</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">179,540</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">87.3%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">86.9%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 12.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">756,519</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">444,569</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">728,520</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">565,567</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,485,039</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,010,136</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">87.1%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">87.7%</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'', Times, serif; FONT-SIZE: 10pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; MARGIN-TOP: 10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The leasing activity presented is based on leases signed or executed for our same-store rental properties during the period and is not intended to coincide with the commencement of rental revenue in accordance with GAAP.&#160; Results include properties classified in discontinued operations; prior periods reflect amounts previously reported and exclude retroactive adjustments for properties reclassified to discontinued operations in the current period.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="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; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">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="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="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div id="DSPFPageHeader"></div>
</div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">COMMERCIAL LEASING SUMMARY (Same-Store Properties)</div>

<div><br>
</div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; 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 same-store commercial rental properties:</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended April, 2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Square Feet of</div>

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

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

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

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

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Office</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">77,881</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">97,904</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.1</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6.7</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">10.42</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">16.48</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">14.03</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">19.37</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.32</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">7.62</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Healthcare</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6,360</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3,448</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6.0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6.3</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">22.56</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">17.57</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">50.00</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">25.95</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">7.50</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">7.10</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Industrial</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">36,982</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.8</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.84</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.91</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1.43</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3,498</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">28,460</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1.5</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.5</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">10.47</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">7.85</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">9.16</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.30</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">87,739</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">166,794</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.5</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6.2</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 5.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">11.30</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">12.45</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">16.08</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 5.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">14.33</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 5.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.38</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 5.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.84</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: 17.3pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: -0.7pt; FONT-SIZE: 10pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; MARGIN-TOP: 10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The leasing activity presented is based on leases signed or executed for our same-store rental properties during the period and is not intended to coincide with the commencement of rental revenue in accordance with GAAP.&#160; Results include properties classified in discontinued operations; prior periods reflect amounts previously reported and exclude retroactive adjustments for properties reclassified to discontinued operations in the current period. 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'', Times, serif; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: -0.7pt; FONT-SIZE: 10pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">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'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Twelve Months Ended April 30, 2014</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 23.68%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Square Feet of</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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; BACKGROUND-COLOR: #cceeff; WIDTH: 14.54%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Average Term</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">in Years</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 17.31%; VERTICAL-ALIGN: bottom" colspan="4">
<div>&#160;</div>

<div>&#160;</div>

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

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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; BACKGROUND-COLOR: #cceeff; WIDTH: 16.43%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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; BACKGROUND-COLOR: #cceeff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Leasing</div>

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

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">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; BACKGROUND-COLOR: #ffffff; WIDTH: 11.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.14%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.84%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.66%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.66%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.2%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.19%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.96%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Office</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">356,024</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">263,799</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.2</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.5</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13.42</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">14.53</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13.30</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">14.24</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.33</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.34</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Healthcare</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">37,628</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">51,126</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.9</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">8.2</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">21.58</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">20.14</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">49.71</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">37.99</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6.88</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">7.06</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Industrial</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">234,403</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">36,982</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.1</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.8</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.55</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.84</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.13</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.90</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.50</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1.43</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">128,464</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">92,662</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.5</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.83</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">8.93</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1.79</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">9.66</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.35</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2.21</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">756,519</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">444,569</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.3</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.9</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 5.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">9.48</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13.20</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">9.08</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 5.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">15.16</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 5.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.27</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 5.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.56</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'', Times, serif; FONT-SIZE: 10pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; MARGIN-TOP: 10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The leasing activity presented is based on leases signed or executed for our same-store rental properties during the period and is not intended to coincide with the commencement of rental revenue in accordance with GAAP.&#160; Results include properties classified in discontinued operations; prior periods reflect amounts previously reported and exclude retroactive adjustments for properties reclassified to discontinued operations in the current period. 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: 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; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">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'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, 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 twelve months ended April 30, 2014 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, which was paying $1.70 per square foot at the time their lease expired on May 31, 2013. Absent this transaction, the average effective rental rate for leases executed in our commercial retail segment in the twelve months ended April 30, 2014 would have been $11.72 per square foot. The decrease in the average effective rental rate of new leases executed in the total commercial portfolio for the twelve months ended April 30, 2014 when compared <font style="FONT-FAMILY: ''Times New Roman'', Times, 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 significantly more new commercial industrial leases executed in the twelve months ended January 31, 2014.</font> The decrease in the average effective rental rate of new leases executed in the commercial office portfolio for the three months ended April 30, 2014 when compared <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">to the same period in the prior year is primarily due to significantly more net leases being executed in the three months ended April 30, 2014.</font></div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">COMMERCIAL LEASING SUMMARY (Same-Store Properties)</div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The following table summarizes our lease renewal activity within our same-store commercial segments (square feet data in thousands):</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended April 30, 2014</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Average Term</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Weighted Average Growth (Decline)</div>

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

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

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Office</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">89,038</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">166,083</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">45.1%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">84.7%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2.8</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2.8</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(3.1%)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">(4.9%)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.13</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.60</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.59</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.26</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Healthcare</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5,971</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">31,258</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">98.0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">100.0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2.9</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.6</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3.6%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2.8%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">8.72</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.14%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.59</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Industrial</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13,870</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">7.8%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1.4%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.14%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.64</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">45,629</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">30,891</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">100.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">100.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.2</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.6</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4.9%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">23.4%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2.44</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.14%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.14</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.25</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">140,638</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">242,102</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">84.1%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">50.4%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.0</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.7</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">(1.2%)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">(1.3%)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 4.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.25</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 4.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.28</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 4.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2.32</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 4.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.45</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'', Times, serif; FONT-SIZE: 10pt">(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'', Times, serif; FONT-SIZE: 10pt">The leasing activity presented is based on leases signed or executed for our same-store rental properties during the period and is not intended to coincide with the commencement of rental revenue in accordance with GAAP.&#160; Results include properties classified in discontinued operations; prior periods reflect amounts previously reported and exclude retroactive adjustments for properties reclassified to discontinued operations in the current period. 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'', Times, serif; FONT-SIZE: 10pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">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'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">(3)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">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'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Twelve Months Ended April 30, 2014</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Average Term</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Weighted Average Growth (Decline)</div>

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

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

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Office</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">311,836</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">399,399</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">53.4%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">87.1%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.4</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.1</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2.6%)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">(5.3%)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.82</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.89</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.39</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.47</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Healthcare</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">40,967</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">55,718</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">98.3%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">74.1%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.3</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6.5</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">8.0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4.6%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">8.51</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">16.67</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.14%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.94</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.74</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Industrial</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">251,831</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">23,572</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">45.6%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">30.9%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.2</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.1</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">7.5%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.55pt">(2.8%)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.32</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.21</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.14%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.48</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.59</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">123,886</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">86,878</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">48.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">72.4%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.6</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.4</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">8.9%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.55pt">8.6%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1.19</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1.03</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.14%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.08</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.25</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">728,520</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">565,567</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">63.5%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">70.1%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.4</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.9</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1.9%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">(2.6%)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 4.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2.85</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 4.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.97</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 4.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1.68</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 4.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.69</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'', Times, serif; FONT-SIZE: 10pt">(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'', Times, serif; FONT-SIZE: 10pt">The leasing activity presented is based on leases signed or executed for our same-store rental properties during the period and is not intended to coincide with the commencement of rental revenue in accordance with GAAP.&#160; Results include properties classified in discontinued operations; prior periods reflect amounts previously reported and exclude retroactive adjustments for properties reclassified to discontinued operations in the current period. 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'', Times, serif; FONT-SIZE: 10pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">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: 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; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">(3)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">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: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">The decrease in the percent of expiring leases renewed in the twelve months ended April 30, 2014 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 which 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 rent paid by the prior tenant.&#160; Not taking into account the previously mentioned vacated space, the percent of expiring leases renewed for our retail segment for the twelve months ended April 30, 2014 would have been 88.6%.</div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">COMMERCIAL LEASING SUMMARY (Same-Store Properties)</div>

<div style="MARGIN-BOTTOM: 6pt"><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Lease Expirations</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; 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 April 30, 2014.</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Square Footage of</div>

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

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

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Annualized Base<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><br>
</font>Rent of Expiring<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Percentage of Total</div>

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

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Annualized Base Rent</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2015<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">184</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,241,776</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13.7%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">16,479,312</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13.3%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2016</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">122</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,262,437</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13.8%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">17,365,450</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">14.0%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2017</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">125</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,178,312</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13.0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">19,311,713</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">15.5%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2018</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">88</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">699,606</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">7.7%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">12,163,841</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">9.8%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2019</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">84</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,316,695</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">14.5%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">16,201,140</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13.0%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2020</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">26</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">552,937</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6.1%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5,902,586</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.8%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2021</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">37</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">334,256</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.7%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5,058,436</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.1%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2022</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">42</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,352,847</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">14.9%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">16,711,943</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13.5%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2023</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">10</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">460,613</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,855,850</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1.5%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2024</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">45</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">421,555</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.6%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6,845,936</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.5%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Thereafter</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">15</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">272,213</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6,183,086</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.0%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Totals</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">778</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">9,093,247</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">100.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">124,079,293</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">100.0%</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'', Times, serif; FONT-SIZE: 10pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; MARGIN-TOP: 10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Includes month-to-month leases. As of April 30, 2014 month-to-month leases accounted for 438,647 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'', Times, serif; FONT-SIZE: 10pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Annualized Base Rent is monthly scheduled rent as of April 1, 2014, 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'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">(3)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Assuming that none of the tenants exercise renewal or termination options, and including leases renewed prior to expiration. Also excludes 98,174 square feet of income producing real estate operated within a Taxable REIT Subsidiary.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Because of the diverse property types in the Company's commercial portfolio and the dispersed locations of a substantial portion of the portfolio's properties in secondary and tertiary markets, information on current market rents is difficult to obtain, is highly subjective, and is often not directly comparable between properties. As a result, the Company believes that the increase or decrease in effective rent on its recent leases is the most objective and meaningful information available regarding rent trends and the relationship between rents on leases expiring in the near-term and current market rents across the Company's markets. The Company believes that rents on its new and renewed leases generally approximate market rents.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left"><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">25</div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt">as of April 30, 2014</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: 41.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tenant</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number of</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Properties</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.55%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Average</div>

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

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">in Months</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.55%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">% of Total</div>

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

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

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Rents</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Aggregate</div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Square Feet</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.54%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">% of Aggregate</div>

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

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

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

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 41.25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Affiliates of Edgewood Vista</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.9%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">33</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">74</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">14.4%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">1,521,147</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">16.7%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: top">
<div></div>
</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 41.25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">St. Luke's Hospital of Duluth, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.9%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">6</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">23</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">3.7%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">198,775</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">2.2%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">
<div></div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 41.25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Fairview Health Services</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.9%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">9</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">44</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">3.7%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">247,116</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">2.7%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: top">
<div></div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 41.25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Applied Underwriters</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.9%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">3</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">34</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">2.4%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">141,724</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">1.6%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">
<div></div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 41.25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">HealthEast Care System</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.9%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">1</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">58</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">1.8%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">114,316</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">1.3%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: top">
<div></div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 41.25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Affiliates of Siemens USA (NYSE: SI)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.9%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">2</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">35</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">1.4%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">112,848</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">1.2%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">
<div></div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 41.25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Nebraska Orthopaedic Hospital</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.9%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">1</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">179</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">1.3%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">61,758</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">0.7%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: top">
<div></div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 41.25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Microsoft (NASDAQ: MSFT)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.9%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">1</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">56</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">1.3%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">122,040</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">1.3%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">
<div></div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 41.25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Arcadis Corporate Services, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.9%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">1</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">27</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">1.3%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">71,430</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">0.8%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: top">
<div></div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 41.25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">State of Idaho Department of Health and Welfare</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.9%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">2</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">46</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">1.2%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">103,342</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">1.1%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">
<div></div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 41.25%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Total/Weighted Average</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.9%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.55%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">55</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.55%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">32.5%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 13.2%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">2,694,496</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.55%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.5pt">29.6%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: top">
<div></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'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">See Definitions on page 31.</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">26</div>

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

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

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt">as of April 30, 2014</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number of</div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Square Feet<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">% of Rentable</div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">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: 12.44%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Average</div>

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

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

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

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

<tr style="HEIGHT: 16px">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">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>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 10pt">2015<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">86</div>

<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">416,593</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">10.6%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">7,367</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">17.68</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">12.5%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 10pt">2016</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">57</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">711,878</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">18.3%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">10,666</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">14.98</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">18.1%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 10pt">2017</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">63</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">809,693</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">20.8%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">14,176</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">17.51</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">24.1%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 10pt">2018</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">47</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">482,256</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">12.4%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">7,324</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">15.19</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">12.5%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 10pt">2019</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">46</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">850,703</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">21.8%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">10,968</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">12.89</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">18.6%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">2020 and thereafter</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">47</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">628,150</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">16.1%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">8,380</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">13.34</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">14.2%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">346</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">3,899,273</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">100.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">58,881</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">15.10</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">100.0%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Healthcare</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 10pt">2015<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">40</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">413,312</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13.9%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">6,384</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">15.45</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">12.8%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 10pt">2016</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">26</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">176,049</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.9%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,695</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">20.98</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">7.4%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 10pt">2017</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">31</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">163,793</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.5%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,474</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">21.21</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6.9%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 10pt">2018</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">22</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">176,758</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.9%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">4,321</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">24.44</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">8.7%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 10pt">2019</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">15</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">290,137</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">9.7%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">4,162</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">14.35</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">8.3%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">2020 and thereafter</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">93</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">1,760,673</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">59.1%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">27,958</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">15.88</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">55.9%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">227</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">2,980,722</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">100.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">49,994</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">16.77</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">100.0%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Industrial</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 10pt">2015<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">2</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">50,000</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.7%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">175</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3.50</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.4%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 10pt">2016</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">4</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">248,098</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">23.2%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,542</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">6.22</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">29.6%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 10pt">2017</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">1</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">69,600</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6.5%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">357</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">5.12</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6.8%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 10pt">2018</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0.00</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.0%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 10pt">2019</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">5</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">127,600</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">11.9%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">515</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">4.03</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">9.8%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">2020 and thereafter</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">5</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">574,813</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">53.7%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2,631</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">4.58</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">50.4%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">17</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">1,070,111</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">100.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">5,220</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">4.88</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">100.0%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Retail</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 10pt">2015<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">56</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">361,871</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">31.7%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2,553</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">7.06</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">25.6%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 10pt">2016</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">35</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">126,412</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">11.1%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,462</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">11.57</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">14.6%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 10pt">2017</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">30</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">135,226</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">11.8%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,305</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">9.65</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13.1%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 10pt">2018</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">19</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">40,592</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.5%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">519</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">12.79</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.2%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 10pt">2019</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">18</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">48,255</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.2%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">556</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">11.52</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.6%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">2020 and thereafter</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">30</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">430,785</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">37.7%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,589</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">8.33</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">35.9%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">188</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">1,143,141</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">100.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">9,984</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">8.73</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">100.0%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Total</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 10pt">2015<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(7)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">184</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">1,241,776</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13.7%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">16,479</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">13.27</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13.3%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 10pt">2016</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">122</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">1,262,437</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13.8%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">17,365</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">13.76</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">14.0%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 10pt">2017</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">125</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">1,178,312</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13.0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">19,312</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">16.39</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">15.6%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 10pt">2018</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">88</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">699,606</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">7.7%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">12,164</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">17.39</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">9.8%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 10pt">2019</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">84</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">1,316,695</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">14.5%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">16,201</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">12.30</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13.0%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">2020 and thereafter</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">175</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">3,394,421</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">37.3%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">42,558</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">12.54</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">34.3%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 13pt">778</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 6.75pt">9,093,247</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">100.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">124,079</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">13.65</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">100.0%</div>
</td>
</tr>
</table>

<div><br>
</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'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Excludes 98,174 square feet of income producing real estate operated within a Taxable REIT Subsidiary.</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'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(2)</td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Annualized Base Rent is monthly scheduled rent as of April 1, 2014 (cash basis), multiplied by 12.</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'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(3)</td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Includes month-to-month leases.&#160; As of April 30, 2014 month-to-month leases accounted for 88,482 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'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(4)</td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Includes month-to-month leases.&#160; As of April 30, 2014 month-to-month leases accounted for 318,328 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'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(5)</td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The Commercial Industrial segment has no month-to-month leases in place as of April 30, 2014.</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'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(6)</td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Includes month-to-month leases.&#160; As of April 30, 2014 month-to-month leases accounted for 31,837 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'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(7)</td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Includes month-to-month leases.&#160; As of April 30, 2014 month-to-month leases accounted for 438,647 square feet.</td>
</tr>
</table>
</div>

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

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

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">as of April 30, 2014</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Acquisition</div>

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

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

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

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Acquisition</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">April 30,</div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Percentage</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.33%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Acquisition</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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: 13.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Alps Park</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Rapid City, SD</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 17.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">May 1, 2013</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">71</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 9.05pt">97.2%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 9.05pt">100.0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6,200</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 21.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Chateau II</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Minot, ND</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 17.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Unimproved Land</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">May 21, 2013</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">n/a</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 9.05pt">n/a</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 9.05pt">n/a</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">179</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Jamestown Unimproved</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Jamestown, ND</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 17.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Unimproved Land</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">August 9, 2013</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">n/a</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 9.05pt">n/a</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 9.05pt">n/a</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">700</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 21.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">RED 20<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Minneapolis, MN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 17.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Unimproved Land</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">August 20, 2013</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">n/a</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 9.05pt">n/a</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 9.05pt">n/a</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,900</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Southpoint</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Grand Forks, ND</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 17.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">September 5, 2013</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">96</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 9.05pt">100.0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 9.05pt">97.9%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">10,600</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 21.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Pinecone Villas</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Sartell, MN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 17.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">October 31, 2013</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">24</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 9.05pt">83.3%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 9.05pt">95.8%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2,800</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Legends at Heritage Place</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Sartell, MN</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 17.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Commercial Healthcare and Unimproved Land</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">October 31, 2013</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">98,174</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 9.05pt">100.0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 9.05pt">100.0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">12,400</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 21.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Spring Creek Fruitland</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Fruitland, ID</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 17.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Unimproved Land</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">January 21, 2014</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">n/a</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 9.05pt">n/a</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 9.05pt">n/a</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">335</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Isanti Unimproved</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Isanti, MN</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 17.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Unimproved Land</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">February 4, 2014</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">n/a</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 9.05pt">n/a</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 9.05pt">n/a</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">50</div>
</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 21.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Spring Creek Fruitland</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Fruitland, ID</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 17.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Healthcare</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">February 5, 2014</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">39,500</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 9.05pt">100.0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 9.05pt">100.0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">7,050</div>
</td>
</tr>

<tr style="HEIGHT: 15px">
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Rapid City Unimproved</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Rapid City, SD</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 17.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Unimproved Land</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">March 25, 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 9.05pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 9.05pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,366</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 21.61%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.36%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 17.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total Square Feet</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">137,674</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">43,580</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.61%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.36%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 17.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total Units</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">191</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>
</table>

<div style="MARGIN-TOP: 10pt"><br>
</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="BACKGROUND-COLOR: #ffffff; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><font style="BACKGROUND-COLOR: #ffffff">Land </font>is owned</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"> by a joint venture in which the Company has an approximately 58.6% interest. The joint venture is consolidated in IRET's financial statements</font></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">28</div>

<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"></div>

<div><br>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<div></div>
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<div></div>
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</div>

<div><br>
</div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">FISCAL 2014 DEVELOPMENT PLACED IN SERVICE SUMMARY</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">as of April 30, 2014</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Property<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Date Placed in </div>

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

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

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

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Acquisition</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">April 30,</div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Percentage</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.33%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Development</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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: 13.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Landing at Southgate<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Minot, ND</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 17.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">September 4, 2013</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">108</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 9.05pt">77.8%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 9.05pt">100.0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">15,126</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 21.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cypress Court<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">St. Cloud, MN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 17.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">November 1, 2013</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">132</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 9.05pt">59.1%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 9.05pt">78.8%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13,564</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">River Ridge<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Bismarck, ND</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 17.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">December 2, 2103</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">146</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 9.05pt">81.5%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 9.05pt">100.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">24,857</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 21.61%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.36%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 17.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total Units</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">386</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">53,547</div>
</td>
</tr>
</table>

<div style="MARGIN-TOP: 10pt"><br>
</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="BACKGROUND-COLOR: #ffffff; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><font style="BACKGROUND-COLOR: #ffffff">Development </font>projects that are placed in service in phases are excluded from this table until the entire project has been placed in service. See Development In Progress Summary for additional information on the Renaissance Heights I project, which was partially placed in service during the three months ended April 30, 2014.</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'', Times, serif; FONT-SIZE: 10pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Development property placed in service September 4, 2013. Costs paid in fiscal year 2013 totaled $6.3 million. Additional costs paid in fiscal year 2014 totaled $8.8 million, for a total project cost at April 20, 2014 of $15.1 million. The project is owned by a joint venture entity in which the Company has an approximately 51% interest.</div>
</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'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(3)</td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Development property placed in service November 1, 2013. Costs paid in fiscal year 2013 totaled $5.8 million. Additional costs paid in fiscal year 2014 totaled $7.8 million, for a total project cost at April 30, 2014 of $13.6 million. The project is owned by a joint venture entity in which the Company has an approximately 86.1% interest.</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'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(4)</td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Development property placed in service December 2, 2013. Costs paid in fiscal year 2013 totaled $10.1 million, including the land acquired in fiscal year 2009. Additional costs paid in fiscal year 2014 totaled $14.8 million, for a total project cost at April 30, 2014 of $24.9 million.</td>
</tr>
</table>
</div>

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

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<div style="MARGIN-TOP: 7.5pt; MARGIN-BOTTOM: 10.5pt"><br>
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<div><br>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">FISCAL 2014 DEVELOPMENT IN PROGESS SUMMARY</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">as of April 30, 2014</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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: 21.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Project Name and Location</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 18.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Planned Segment</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Square Feet</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">or Number of Units</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Percentage</div>

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

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">or Committed</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.66%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Anticipated</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Cost</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.5%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Costs as of</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">April 30, 2014<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Anticipated Construction Completion</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Dakota Commons - Williston, ND</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">44 units</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">10,736</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">9,013</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2015 Q1</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 21.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Commons at Southgate - Minot, ND<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 18.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">233 units</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">37,201</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">28,065</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2015 Q2</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cypress Court II &#8211; St. Cloud, MN<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">66 units</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">7,028</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,580</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2015 Q3</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 21.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Arcata - Golden Valley, MN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 18.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">165 units</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">33,448</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13,018</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2015 Q3</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Red 20 - Minneapolis, MN<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential and Commercial</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">130 units and 10,625 sq ft</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">29,462</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13,980</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2015 Q3</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 21.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Renaissance Heights I - Williston, ND<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 18.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">288 units</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13.2%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">62,362</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">39,017</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2015 Q4</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Chateau II - Minot, ND<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">72 units</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">14,711</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2,098</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2015 Q4</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 21.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cardinal Point - Grand Forks, ND</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 18.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">251 units</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">40,042</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6,829</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2016 Q1</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 21.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 18.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2,496</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">n/a</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 21.14%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 18.02%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.34%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">234,990</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">116,096</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</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'', Times, serif; FONT-SIZE: 10pt">(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'', Times, serif; FONT-SIZE: 10pt">Includes costs related to development projects that are placed in service in phases (Renaissance Heights I - $11.5 million).</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'', Times, serif; FONT-SIZE: 10pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The Company is an approximately 51% partner in the joint venture entity constructing this project; 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'', Times, serif; FONT-SIZE: 10pt">(3)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The Company is an approximately 86.1% partner in the joint venture entity constructing this project; 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'', Times, serif; FONT-SIZE: 10pt">(4)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The Company is an approximately 58.6% partner in the joint venture entity constructing this project; 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'', Times, serif; FONT-SIZE: 10pt">(5)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The Company is an approximately 70% partner in the joint venture entity constructing this project; 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; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">(6)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">On December 5, 2013, this development project was destroyed by fire. See Note 2 of the Notes to Condensed Consolidated Financial Statements in this report for additional information.</div>
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</table>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"></div>

<div><br>
 &#160;</div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">April 30, 2014</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Adjusted EBITDA</font><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</font>is earnings before interest, taxes, depreciation, amortization, gain/loss on sale of real estate and other investments, impairment of real estate investments, gain/loss on extinguishment of debt and gain/loss from involuntary conversion. We consider Adjusted EBITDA to be an appropriate supplemental performance measure because it permits investors to view income from operations without the effect of depreciation, the cost of debt, or non-operating gains and losses. Adjusted EBITDA is a non-GAAP measure. Adjusted EBITDA as calculated by us is not comparable to Adjusted EBITDA reported by other REITs that do not define Adjusted EBITDA exactly as we do.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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 same-store 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. Our calculation subtracts from FFO leasing commissions and tenant improvements at same-store properties only, since we consider tenant improvement and leasing cost levels at non-same-store properties unrepresentative of expected levels at same-store properties. Previously-reported AFFO amounts are not revised for changes in the composition of the same-store 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.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Debt service coverage ratio</font> is computed by dividing Adjusted EBITDA by interest expense and principal amortization.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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 classified as same-store (i.e., excluding capital expenditures on non-same-store 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'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Same-store 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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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>image1.jpg
<DESCRIPTION>SPRING CREEK FRUITLAND PHOTO
<TEXT>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>image2.jpg
<DESCRIPTION>PROPERTY COST BY SEGMENT PIE CHART
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>image3new.jpg
<DESCRIPTION>TOTAL MORTGAGE DEBT BAR CHART
<TEXT>
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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>image4.jpg
<DESCRIPTION>SAME-STORE PHYSICAL OCCUPANCY LEVEL BY SEGMENT BAR CHART
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
