<SUBMISSION>
<ACCESSION-NUMBER>0000910612-06-000197
<TYPE>10-Q
<PUBLIC-DOCUMENT-COUNT>6
<PERIOD>20060930
<FILING-DATE>20061109
<DATE-OF-FILING-DATE-CHANGE>20061109
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CBL & ASSOCIATES PROPERTIES INC
<CIK>0000910612
<ASSIGNED-SIC>6798
<IRS-NUMBER>621545718
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>10-Q
<ACT>34
<FILE-NUMBER>001-12494
<FILM-NUMBER>061202001
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>2030 HAMILTON PLACE BVLD, SUITE 500
<STREET2>CBL CENTER
<CITY>CHATTANOOGA
<STATE>TN
<ZIP>37421
<PHONE>4238550001
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>2030 HAMILTON PLACE BVLD, SUITE 500
<STREET2>CBL CENTER
<CITY>CHATTANOOGA
<STATE>TN
<ZIP>37421
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>form10qfinal.htm
<DESCRIPTION>FORM 10-Q ENDED SEPTEMBER 30, 2006
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<p>&nbsp;</p></div></div><BR>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=4>SECURITIES AND EXCHANGE COMMISSION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Washington, D.C</font><font size=2>. </font><font size=2>20549</font></b></p>


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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><B><font SIZE=4>FORM 10-Q</font></B></p>


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<p style=' margin-bottom:0pt; margin-top:12pt; text-align:center;'><b><font size=2>QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><B><font SIZE=2>FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2006</font></B></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><B><font SIZE=2>COMMISSION FILE NO. 1-12494</font></B></p>


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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font size=5>CBL &amp; ASSOCIATES PROPERTIES, INC.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=1>(Exact Name of registrant as specified in its charter)</font></b></p>


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


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            <p style='margin-left:0pt;border-color:gray;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>DELAWARE</font></B></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>62-1545718</font></b></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(State or other jurisdiction of incorporation</font></b></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(I.R.S. Employer Identification Number)</font></b></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=2>or organization)</font></b></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font size=2>2030 Hamilton Place Blvd., Suite 500, Chattanooga,  TN  37421-6000</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>(Address of principal executive office, including zip code)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Registrant&#146;s telephone number, including area code  (423) 855-0001</font></b></p>

<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font SIZE=2>N/A</font></B></p>

<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><b><font size=2>(Former name, former address and former fiscal year, if changed since last report)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve (12) months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past ninety (90) days.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Yes </font><font face=Wingdings>x</font><font size=2> </font><font size=1></font><font size=2>No </font><font face=Wingdings>o</font></p>

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


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            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:3pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="172" valign=top style='padding:3.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Large accelerated filer &nbsp;</font><font face=Wingdings>x</font></p> </td>
        <td width="129" valign=top style='padding:3.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Accelerated filer </font><font face=Wingdings>o</font></p> </td>
        <td width="142" valign=top style='padding:3.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Non-accelerated filer </font><font face=Wingdings>o</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2).</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Yes </font><font face=Wingdings>o</font><font size=2> </font><font size=1></font><font size=2>No </font><font face=Wingdings>x</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>As of November 6, 2006, there were 65,357,649 shares of common stock, par value $0.01 per share, outstanding.</font></p>

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

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

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>CBL &amp; Associates Properties, Inc.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>

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

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>PART I &#150; FINANCIAL INFORMATION</font></b></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>3</font></u></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>ITEM 1:   Financial Statements</font></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>3</font></u></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Condensed Consolidated Balance Sheets</font></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>3</font></u></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Condensed Consolidated Statements of Operations</font></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>4</font></u></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Condensed Consolidated Statements of Cash Flows</font></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>5</font></u></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Notes to Unaudited Condensed Consolidated Financial Statements</font></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>6</font></u></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>ITEM 2:  Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</font></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>18</font></u></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>ITEM 3:  Quantitative and Qualitative Disclosures About Market Risk</font></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>35</font></u></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>ITEM 4:  Controls and Procedures</font></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>36</font></u></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><U><B><font SIZE=2>PART II - OTHER INFORMATION</font></B></U></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>36</font></u></p> </td> </tr>
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        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>ITEM 1:    Legal Proceedings</font></u></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>36</font></u></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>ITEM 1A. Risk Factors</font></u></p> </td>
        <td width="40" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>36</font></u></p> </td> </tr>
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        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>ITEM 2:    Unregistered Sales of Equity Securities and Use of Proceeds</font></u></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>45</font></u></p> </td> </tr>
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        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>ITEM 3:    Defaults Upon Senior Securities</font></u></p> </td>
        <td width="40" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>46</font></u></p> </td> </tr>
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        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>ITEM 4:    Submission of Matters to a Vote of Security Holders</font></u></p> </td>
        <td width="40" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>46</font></u></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>ITEM 5:    Other Information</font></u></p> </td>
        <td width="40" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>46</font></u></p> </td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>ITEM 6:    Exhibits</font></u></p> </td>
        <td width="40" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>46</font></u></p> </td> </tr>
    <tr>
        <td width="374" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="233" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="374" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="233" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="374" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><U><B><font SIZE=2>SIGNATURE</font></B></U></p> </td>
        <td width="233" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>47</font></u></p> </td> </tr></table>

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

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

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

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

<p style='page-break-before:always'></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>PART I &#150; FINANCIAL INFORMATION</font></b></p>

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


<table border="0" cellspacing=0 cellpadding=0 width="235" style=' border-collapse:collapse'>
    <tr>
        <td width="72" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 1:  </font></B></p> </td>
        <td width="163" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Financial Statements</font></b></p> </td> </tr></table>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>CBL &amp; Associates Properties, Inc.</font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>(In thousands, except share data)</font></b></p>

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

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

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


<table border="0" cellspacing=0 cellpadding=0 width="648" style=' margin-left:6.0pt;border-collapse:collapse'>
    <tr>
        <td width="384" valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="136" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>September 30,</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2006</font></b></p> </div> </td>
        <td width="128" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>December 31,</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>2005</font></p> </div> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ASSETS</font></B></p> </td>
        <td width="136" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="128" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Real estate assets:</font></p> </td>
        <td width="136" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="128" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Land</font></p> </td>
        <td width="136" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>$</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=2>769,655</font></b></p> </td>
        <td width="128" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776,989</font></p> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Buildings and improvements</font></p> </td>
        <td width="136" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>5,781,710</font></b></p> </div> </td>
        <td width="128" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,698,669</font></p> </div> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="136" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>6,551,365</font></b></p> </td>
        <td width="128" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,475,658</font></p> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Less accumulated depreciation</font></p> </td>
        <td width="136" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(872,048)</font></b></p> </div> </td>
        <td width="128" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(727,907)</font></p> </div> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="136" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>5,679,317</font></b></p> </td>
        <td width="128" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,747,751</font></p> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Real estate assets held for sale, net</font></p> </td>
        <td width="136" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>--</font></b></p> </td>
        <td width="128" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>63,168</font></p> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Developments in progress</font></p> </td>
        <td width="136" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>318,033</font></b></p> </div> </td>
        <td width="128" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>133,509</font></p> </div> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net investment in real estate assets</font></p> </td>
        <td width="136" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>5,997,350</font></b></p> </td>
        <td width="128" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,944,428</font></p> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Cash and cash equivalents</font></p> </td>
        <td width="136" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>33,560</font></b></p> </td>
        <td width="128" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>28,838</font></p> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Receivables:</font></p> </td>
        <td width="136" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="128" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Tenant, net of allowance for doubtful accounts of $1,128 in </font></p>
<p style='margin-left:0pt;text-indent:11.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2006 and $3,439 in 2005</font></p> </td>
        <td width="136" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>61,068</font></b></p> </td>
        <td width="128" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>55,056</font></p> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Other</font></p> </td>
        <td width="136" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>9,304</font></b></p> </td>
        <td width="128" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,235</font></p> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Mortgage and other notes receivable</font></p> </td>
        <td width="136" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>19,373</font></b></p> </td>
        <td width="128" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>18,117</font></p> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Investments in unconsolidated affiliates</font></p> </td>
        <td width="136" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>87,819</font></b></p> </td>
        <td width="128" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>84,138</font></p> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Intangible lease assets and other assets</font></p> </td>
        <td width="136" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>207,737</font></b></p> </div> </td>
        <td width="128" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>215,510</font></p> </div> </td> </tr>
    <tr style='height:18.15pt'>
        <td width="384" nowrap valign=top style='padding:0in 6.0pt 0in 6.0pt; height:18.15pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="136" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:18.15pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>$</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=2>6,416,211</font></b></p> </div> </td>
        <td width="128" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:18.15pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,352,322</font></p> </div> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>LIABILITIES AND SHAREHOLDERS&#146; EQUITY</font></b></p> </td>
        <td width="136" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="128" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Mortgage and other notes payable</font></p> </td>
        <td width="136" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>$</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=2>4,464,416</font></b></p> </td>
        <td width="128" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,341,055</font></p> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Accounts payable and accrued liabilities</font></p> </td>
        <td width="136" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>314,054</font></b></p> </div> </td>
        <td width="128" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>320,270</font></p> </div> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Total liabilities</font></p> </td>
        <td width="136" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>4,778,470</font></b></p> </div> </td>
        <td width="128" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,661,325</font></p> </div> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Commitments and contingencies (Notes 3 and 8) </font></p> </td>
        <td width="136" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="128" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Minority interests</font></p> </td>
        <td width="136" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>562,722</font></b></p> </div> </td>
        <td width="128" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>609,475</font></p> </div> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Shareholders&#146; equity:</font></p> </td>
        <td width="136" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="128" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Preferred stock, $.01 par value, 15,000,000 shares authorized:</font></p>
<p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>8.75% Series B cumulative redeemable preferred stock,</font></p>
<p style='margin-left:0pt;text-indent:.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2,000,000 shares outstanding in 2006 and 2005</font></p> </td>
        <td width="136" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>20</font></b></p> </td>
        <td width="128" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>20</font></p> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>7.75% Series C cumulative redeemable preferred stock,</font></p>
<p style='margin-left:0pt;text-indent:20.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>460,000 shares outstanding in 2006 and 2005</font></p> </td>
        <td width="136" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>5</font></b></p> </td>
        <td width="128" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5</font></p> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>7.375% Series D cumulative redeemable preferred stock,</font></p>
<p style='margin-left:0pt;text-indent:20.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>700,000 shares outstanding in 2006 and 2005</font></p> </td>
        <td width="136" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>7</font></b></p> </td>
        <td width="128" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>7</font></p> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Common stock, $.01 par value, 180,000,000 shares authorized,</font></p>
<p style='margin-left:0pt;text-indent:20.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>64,778,624 and 62,512,816 shares issued and outstanding</font></p>
<p style='margin-left:0pt;text-indent:20.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>in 2006 and 2005, respectively</font></p> </td>
        <td width="136" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>648</font></b></p> </td>
        <td width="128" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>625</font></p> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Additional paid - in capital</font></p> </td>
        <td width="136" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>1,054,487</font></b></p> </td>
        <td width="128" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,037,764</font></p> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Deferred compensation</font></p> </td>
        <td width="136" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>--</font></b></p> </td>
        <td width="128" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(8,895)</font></p> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Accumulated other comprehensive income</font></p> </td>
        <td width="136" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>907</font></b></p> </td>
        <td width="128" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>288</font></p> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Retained earnings</font></p> </td>
        <td width="136" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>18,945</font></b></p> </div> </td>
        <td width="128" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>51,708</font></p> </div> </td> </tr>
    <tr>
        <td width="384" nowrap valign=top style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Total shareholders&#146; equity</font></p> </td>
        <td width="136" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>1,075,019</font></b></p> </div> </td>
        <td width="128" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,081,522</font></p> </div> </td> </tr>
    <tr>
        <td width="384" valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="136" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>$</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=2>6,416,211</font></b></p> </div> </td>
        <td width="128" valign=bottom style='padding:0in 6.0pt 0in 6.0pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,352,322</font></p> </div> </td> </tr></table>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>The accompanying notes are an integral part of these balance sheets.</font></p>

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

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

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

<p style='page-break-before:always'></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>
<b><font size=3>CBL &amp; Associates Properties, Inc.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Condensed Consolidated Statements of Operations</font></b></p>

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

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

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


<table width="600" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr style='height:17.05pt'>
        <td width="328" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:17.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:17.05pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Three Months Ended</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>September 30,</font></p> </div> </td>
        <td  colspan="2" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:17.05pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Nine Months Ended</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>September 30,</font></p> </div> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="79" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2006</font></b></p> </div> </td>
        <td width="89" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>2005</font></p> </div> </td>
        <td width="89" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2006</font></b></p> </div> </td>
        <td width="79" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>2005</font></p> </div> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>REVENUES:</font></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Minimum rents</font></p> </td>
        <td width="79" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>$</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=2>156,136</font></b></p> </td>
        <td width="89" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135,645</font></p> </td>
        <td width="89" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>$</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=2>457,746</font></b></p> </td>
        <td width="79" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393,191</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Percentage rents</font></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>3,413</font></b></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,114</font></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>11,716</font></b></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>12,963</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Other rents</font></p> </td>
        <td width="79" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>3,094</font></b></p> </td>
        <td width="89" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,400</font></p> </td>
        <td width="89" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>10,547</font></b></p> </td>
        <td width="79" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>8,320</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Tenant reimbursements</font></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>77,046</font></b></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>70,820</font></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>227,786</font></b></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>199,650</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Management, development and leasing fees</font></p> </td>
        <td width="79" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>1,181</font></b></p> </td>
        <td width="89" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>11,109</font></p> </td>
        <td width="89" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>3,945</font></b></p> </td>
        <td width="79" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>17,927</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Other</font></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>5,679</font></b></p> </div> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,692</font></p> </div> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>17,109</font></b></p> </div> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>13,474</font></p> </div> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Total revenues</font></p> </td>
        <td width="79" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>246,549</font></b></p> </div> </td>
        <td width="89" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>227,780</font></p> </div> </td>
        <td width="89" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>728,849</font></b></p> </div> </td>
        <td width="79" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>645,525</font></p> </div> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>EXPENSES:</font></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Property operating</font></p> </td>
        <td width="79" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>41,389</font></b></p> </td>
        <td width="89" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>40,306</font></p> </td>
        <td width="89" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>119,113</font></b></p> </td>
        <td width="79" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>108,473</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Depreciation and amortization</font></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>62,604</font></b></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>45,453</font></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>171,841</font></b></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>130,048</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Real estate taxes</font></p> </td>
        <td width="79" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>20,266</font></b></p> </td>
        <td width="89" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>16,020</font></p> </td>
        <td width="89" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>60,059</font></b></p> </td>
        <td width="79" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>47,332</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Maintenance and repairs</font></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>13,846</font></b></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>12,373</font></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>40,112</font></b></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>36,607</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>General and administrative</font></p> </td>
        <td width="79" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>9,402</font></b></p> </td>
        <td width="89" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10,221</font></p> </td>
        <td width="89" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>28,051</font></b></p> </td>
        <td width="79" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>28,641</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Loss on impairment of real estate assets</font></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>--</font></b></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>--</font></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>274</font></b></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>262</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Other</font></p> </td>
        <td width="79" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>5,127</font></b></p> </div> </td>
        <td width="89" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,769</font></p> </div> </td>
        <td width="89" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>13,815</font></b></p> </div> </td>
        <td width="79" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10,256</font></p> </div> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Total expenses</font></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>152,634</font></b></p> </div> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>128,142</font></p> </div> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>433,265</font></b></p> </div> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>361,619</font></p> </div> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Income from operations</font></p> </td>
        <td width="79" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>93,915</font></b></p> </td>
        <td width="89" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>99,638</font></p> </td>
        <td width="89" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>295,584</font></b></p> </td>
        <td width="79" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>283,906</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Interest income</font></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2,009</font></b></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,937</font></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>5,687</font></b></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,214</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Interest expense</font></p> </td>
        <td width="79" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(63,884)</font></b></p> </td>
        <td width="89" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(52,646)</font></p> </td>
        <td width="89" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(191,474)</font></b></p> </td>
        <td width="79" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(151,822)</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Loss on extinguishment of debt</font></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(935)</font></b></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(44)</font></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(935)</font></b></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(928)</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Gain on sales of real estate assets</font></p> </td>
        <td width="79" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>3,901</font></b></p> </td>
        <td width="89" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>46,485</font></p> </td>
        <td width="89" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>6,831</font></b></p> </td>
        <td width="79" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>53,581</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Gain on sale of management contracts</font></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>-</font></b></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>21,619</font></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>-</font></b></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>21,619</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:white; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Equity in earnings of unconsolidated affiliates</font></p> </td>
        <td width="79" valign=bottom style='background:white;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>621</font></b></p> </td>
        <td width="89" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>995</font></p> </td>
        <td width="89" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>3,807</font></b></p> </td>
        <td width="79" valign=bottom style='background:white;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,769</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Minority interest in earnings:</font></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:white; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Operating partnership</font></p> </td>
        <td width="79" valign=bottom style='background:white;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(12,075)</font></b></p> </td>
        <td width="89" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(49,455)</font></p> </td>
        <td width="89" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(47,930)</font></b></p> </td>
        <td width="79" valign=bottom style='background:white;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(87,176)</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Shopping center properties</font></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(1,402)</font></b></p> </div> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,086)</font></p> </div> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(2,663)</font></b></p> </div> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(3,661)</font></p> </div> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:white; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Income before discontinued operations</font></p> </td>
        <td width="79" valign=bottom style='background:white;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>22,150</font></b></p> </td>
        <td width="89" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>67,443</font></p> </td>
        <td width="89" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>68,907</font></b></p> </td>
        <td width="79" valign=bottom style='background:white;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>128,502</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Operating income (loss) of discontinued operations</font></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(173)</font></b></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>290</font></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2,680</font></b></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>755</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:white; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Gain (loss) on discontinued operations</font></p> </td>
        <td width="79" valign=bottom style='background:white;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2</font></b></p> </div> </td>
        <td width="89" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2</font></p> </div> </td>
        <td width="89" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>7,217</font></b></p> </div> </td>
        <td width="79" valign=bottom style='background:white;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(84)</font></p> </div> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income</font></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>21,979</font></b></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>67,735</font></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>78,804</font></b></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>129,173</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:white; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Preferred dividends</font></p> </td>
        <td width="79" valign=bottom style='background:white;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(7,642)</font></b></p> </div> </td>
        <td width="89" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(7,642)</font></p> </div> </td>
        <td width="89" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(22,926)</font></b></p> </div> </td>
        <td width="79" valign=bottom style='background:white;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:solid black .75pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(22,926)</font></p> </div> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income available to common shareholders</font></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>$</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=2>14,337</font></b></p> </div> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,093</font></p> </div> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>$</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=2>55,878</font></b></p> </div> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106,247</font></p> </div> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:white; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Basic per share data:</font></p> </td>
        <td width="79" valign=bottom style='background:white;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="89" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="89" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="79" valign=bottom style='background:white;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Income before discontinued operations, </font></p>
<p style='margin-left:0pt;text-indent:.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>net of preferred dividends</font></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>$</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=2>0.23</font></b></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95</font></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>$</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=2>0.72</font></b></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:white; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Discontinued operations</font></p> </td>
        <td width="79" valign=bottom style='background:white;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(0.01)</font></b></p> </div> </td>
        <td width="89" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>--</font></p> </div> </td>
        <td width="89" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>0.16</font></b></p> </div> </td>
        <td width="79" valign=bottom style='background:white;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.01</font></p> </div> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income available to common shareholders</font></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>$</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=2>0.22</font></b></p> </div> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95</font></p> </div> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>$</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=2>0.88</font></b></p> </div> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69</font></p> </div> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:white; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Weighted average common shares outstanding</font></p> </td>
        <td width="79" valign=bottom style='background:white;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>64,174</font></b></p> </td>
        <td width="89" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>62,940</font></p> </td>
        <td width="89" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>63,616</font></b></p> </td>
        <td width="79" valign=bottom style='background:white;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>62,693</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Diluted per share data:</font></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:white; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Income before discontinued operations, </font></p>
<p style='margin-left:0pt;text-indent:15.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>net of preferred dividends</font></p> </td>
        <td width="79" valign=bottom style='background:white;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>$</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=2>0.22</font></b></p> </td>
        <td width="89" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92</font></p> </td>
        <td width="89" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>$</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=2>0.71</font></b></p> </td>
        <td width="79" valign=bottom style='background:white;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Discontinued operations</font></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>--</font></p> </div> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>--</font></p> </div> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>0.15</font></b></p> </div> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.02</font></p> </div> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:white; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income available to common shareholders</font></p> </td>
        <td width="79" valign=bottom style='background:white;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>$</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=2>0.22</font></b></p> </div> </td>
        <td width="89" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92</font></p> </div> </td>
        <td width="89" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>$</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=2>0.86</font></b></p> </div> </td>
        <td width="79" valign=bottom style='background:white;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64</font></p> </div> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Weighted average common and potential </font></p>
<p style='margin-left:0pt;text-indent:15.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>dilutive common shares outstanding</font></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>65,496</font></b></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>65,253</font></p> </td>
        <td width="89" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>65,086</font></b></p> </td>
        <td width="79" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>64,973</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:white; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="79" valign=bottom style='background:white;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="89" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="89" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="79" valign=bottom style='background:white;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="328" nowrap valign=bottom style='background:white; padding:0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Dividends declared per common share</font></p> </td>
        <td width="79" valign=bottom style='background:white;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>$</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=2>0.4575</font></b></p> </td>
        <td width="89" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40625</font></p> </td>
        <td width="89" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>$</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=2>1.3725</font></b></p> </td>
        <td width="79" valign=bottom style='background:white;padding: 0in 6.0pt 0in 6.0pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21875</font></p> </td> </tr></table>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>The accompanying notes are an integral part of these statements.</font></p>

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

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

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

<p style='page-break-before:always'></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>CBL &amp; Associates Properties, Inc.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Condensed Consolidated Statements of Cash Flows</font></b></p>

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

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


<table border="0" cellspacing=0 cellpadding=0 width="648" style=' margin-left:0pt;border-collapse:collapse'>
    <tr style='height:19.65pt'>
        <td width="448" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:19.65pt'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:19.65pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;line-height:86.4%'><font size=2>Nine Months Ended</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;line-height:86.4%'><font size=2>September 30,</font></p> </div> </td> </tr>
    <tr style='height:10.1pt'>
        <td width="448" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:10.1pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="104" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:10.1pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;line-height:86.4%'><b><font size=2>2006</font></b></p> </div> </td>
        <td width="96" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:10.1pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;line-height:86.4%'><font size=2>2005</font></p> </div> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>CASH FLOWS FROM OPERATING ACTIVITIES:</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income</font></p> </td>
        <td width="104" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>$</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=2>78,804</font></b></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129,173</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:115.02%'><font size=2>Adjustments to reconcile net income to net cash provided by operating activities:</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:115.02%'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:115.02%'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Depreciation</font></p> </td>
        <td width="104" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>104,610</font></b></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>85,836</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Amortization</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>73,212</font></b></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>50,522</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Amortization of debt premiums</font></p> </td>
        <td width="104" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(5,599)</font></b></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(5,506)</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net amortization of above and below market leases</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(9,739)</font></b></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(4,551)</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin:0in;text-indent:4.5pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt'><font size=2>Gain on sales of real estate assets</font></p> </td>
        <td width="104" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(6,831)</font></b></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(53,581)</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Gain on sale of management contracts</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>-</font></b></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(21,619)</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:white; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(Gain) loss on disposal of discontinued operations</font></p> </td>
        <td width="104" valign=bottom style='background:white;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(7,217)</font></b></p> </td>
        <td width="96" valign=bottom style='background:white;padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>84</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Abandoned development projects</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>294</font></b></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>474</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:white; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Share-based compensation expense</font></p> </td>
        <td width="104" valign=bottom style='background:white;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>4,934</font></b></p> </td>
        <td width="96" valign=bottom style='background:white;padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,520</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:5.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Loss on extinguishment of debt</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>935</font></b></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>928</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:white; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:5.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Equity in earnings of unconsolidated affiliates</font></p> </td>
        <td width="104" valign=bottom style='background:white;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(3,807)</font></b></p> </td>
        <td width="96" valign=bottom style='background:white;padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(6,769)</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Distributions of earnings from unconsolidated affiliates</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>6,517</font></b></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,637</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:white; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:5.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Loss on impairment of real estate assets</font></p> </td>
        <td width="104" valign=bottom style='background:white;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>274</font></b></p> </td>
        <td width="96" valign=bottom style='background:white;padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>262</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Minority interest in earnings</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>50,593</font></b></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>90,837</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:white; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Changes in:</font></p> </td>
        <td width="104" valign=bottom style='background:white;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=bottom style='background:white;padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Tenant and other receivables</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(9,226)</font></b></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,247</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:white; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Other assets</font></p> </td>
        <td width="104" valign=bottom style='background:white;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(4,682)</font></b></p> </td>
        <td width="96" valign=bottom style='background:white;padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(4,549)</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Accounts payable and accrued liabilities</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(4,423)</font></b></p> </div> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(6,419)</font></p> </div> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:white; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:25.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net cash provided by operating activities</font></p> </td>
        <td width="104" valign=bottom style='background:white;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>268,649</font></b></p> </div> </td>
        <td width="96" valign=bottom style='background:white;padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>270,526</font></p> </div> </td> </tr>
    <tr style='height:6.85pt'>
        <td width="448" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:6.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:6.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.75pt 0in 5.75pt;height:6.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:white; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>CASH FLOWS FROM INVESTING ACTIVITIES:</font></p> </td>
        <td width="104" valign=bottom style='background:white;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=bottom style='background:white;padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Additions to real estate assets</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(279,287)</font></b></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(244,778)</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:white; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Acquisitions of real estate assets and other assets</font></p> </td>
        <td width="104" valign=bottom style='background:white;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>-</font></b></p> </td>
        <td width="96" valign=bottom style='background:white;padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(178,993)</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Capitalized interest</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(8,618)</font></b></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(4,620)</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:white; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Reduction of cash in escrow</font></p> </td>
        <td width="104" valign=bottom style='background:white;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(664)</font></b></p> </td>
        <td width="96" valign=bottom style='background:white;padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Changes in other assets</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(8,975)</font></b></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(4,805)</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:white; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Proceeds from sales of real estate assets</font></p> </td>
        <td width="104" valign=bottom style='background:white;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>113,834</font></b></p> </td>
        <td width="96" valign=bottom style='background:white;padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>62,871</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Proceeds from sale of management contracts</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>-</font></b></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>21,619</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:white; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Additions to mortgage notes receivable</font></p> </td>
        <td width="104" valign=bottom style='background:white;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(300)</font></b></p> </td>
        <td width="96" valign=bottom style='background:white;padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(859)</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Payments received on mortgage notes receivable</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>155</font></b></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>13,186</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Additional investments in and advances to unconsolidated affiliates</font></p> </td>
        <td width="104" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(14,524)</font></b></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(19,203)</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Distributions in excess of equity in earnings of unconsolidated affiliates</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>8,132</font></b></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>12,047</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Purchase of minority interest in the Operating Partnership</font></p> </td>
        <td width="104" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(3,610)</font></b></p> </div> </td>
        <td width="96" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,137)</font></p> </div> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:25.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net cash used in investing activities</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(193,857)</font></b></p> </div> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(344,672)</font></p> </div> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="104" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>CASH FLOWS FROM FINANCING ACTIVITIES:</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Proceeds from mortgage and other notes payable</font></p> </td>
        <td width="104" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>742,082</font></b></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>395,460</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Principal payments on mortgage and other notes payable</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(613,122)</font></b></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(145,644)</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Additions to deferred financing costs</font></p> </td>
        <td width="104" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(5,365)</font></b></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(3,175)</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Proceeds from issuance of common stock</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>291</font></b></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>415</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Costs related to issuance of preferred stock</font></p> </td>
        <td width="104" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>-</font></b></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(193)</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Proceeds from exercises of stock options</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>6,987</font></b></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>8,006</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Prepayment fees on extinguishment of debt</font></p> </td>
        <td width="104" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(557)</font></b></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,977)</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Distributions to minority interests</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(84,187)</font></b></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(67,433)</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Dividends paid to holders of preferred stock</font></p> </td>
        <td width="104" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(22,927)</font></b></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(23,572)</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Dividends paid to common shareholders</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(93,272)</font></b></p> </div> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(76,705)</font></p> </div> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:25.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net cash (used in) provided by financing activities</font></p> </td>
        <td width="104" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(70,070)</font></b></p> </div> </td>
        <td width="96" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>85,182</font></p> </div> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>NET CHANGE IN CASH AND CASH EQUIVALENTS</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>4,722</font></b></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>11,036</font></p> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>CASH AND CASH EQUIVALENTS, beginning of period</font>       </p> </td>
        <td width="104" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>28,838</font></b></p> </div> </td>
        <td width="96" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>25,766</font></p> </div> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>CASH AND CASH EQUIVALENTS, end of period</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>$</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=2>33,560</font></b></p> </div> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.75pt 0in 5.75pt;height:1.45pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36,802</font></p> </div> </td> </tr>
    <tr style='height:1.45pt'>
        <td width="448" nowrap valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>SUPPLEMENTAL INFORMATION:</font></p> </td>
        <td width="104" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:1.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:9.95pt'>
        <td width="448" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:9.95pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Cash paid for interest, net of amounts capitalized</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 5.75pt 0in 5.75pt;height:9.95pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>$</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=2>189,512</font></b></p> </div> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.75pt 0in 5.75pt;height:9.95pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138,035</font></p> </div> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>The accompanying notes are an integral part of these statements.</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>


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

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

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

<p style='page-break-before:always'></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>CBL &amp; Associates Properties, Inc.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Notes to Unaudited Condensed Consolidated Financial Statements</font></b></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Note 1 &#150; Organization and Basis of Presentation</font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>CBL &amp; Associates Properties, Inc. (&#147;CBL&#148;), a Delaware corporation, is a self-managed, self-administered, fully integrated real estate investment trust (&#147;REIT&#148;) that is engaged in the ownership, development, acquisition, leasing, management and operation of regional shopping malls, open-air centers and community centers. CBL&#146;s shopping center properties are located in 26 states, but primarily in the southeastern and midwestern United States.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>CBL conducts substantially all of its business through CBL &amp; Associates Limited Partnership (the &#147;Operating Partnership&#148;). </font><font size=2>&nbsp;</font><font size=2>At September 30, 2006, the Operating Partnership owned controlling interests in 72 regional malls, 27 associated centers (each adjacent to a regional shopping mall), two community centers and one office building. The Operating Partnership consolidates the financial statements of all entities in which it has a controlling financial interest or where it is the primary beneficiary of a variable interest entity.  The Operating Partnership owned non-controlling interests in seven regional malls and three associated centers. Because one or more of the other partners have substantive participating rights, the Operating Partnership does not control these partnerships and, accordingly, accounts for these investments
using the equity method. The Operating Partnership had two mall/lifestyle expansions, one open-air shopping center expansion, four associated/lifestyle centers and five community centers (two of which are owned in joint ventures) under construction at September 30, 2006. The Operating Partnership also holds options to acquire certain development properties owned by third parties.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>CBL is the 100% owner of two qualified REIT subsidiaries, CBL Holdings I, Inc. and CBL Holdings II, Inc. At September 30, 2006, CBL Holdings I, Inc., the sole general partner of the Operating Partnership, owned a 1.6% general partner interest in the Operating Partnership and CBL Holdings II, Inc. owned a 54.2% limited partner interest for a combined interest held by CBL of 55.8%.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The minority interest in the Operating Partnership is held primarily by CBL &amp; Associates, Inc. and its affiliates (collectively &#147;CBL&#146;s Predecessor&#148;) and by affiliates of The Richard E. Jacobs Group, Inc. (&#147;Jacobs&#148;). CBL&#146;s Predecessor contributed their interests in certain real estate properties and joint ventures to the Operating Partnership in exchange for a limited partner interest when the Operating Partnership was formed in November 1993. Jacobs contributed their interests in certain real estate properties and joint ventures to the Operating Partnership in exchange for limited partner interests when the Operating Partnership acquired the majority of Jacobs&#146; interests in 23 properties in January 2001 and the balance of such interests in February 2002. At September 30, 2006, CBL&#146;s Predecessor owned a 15.1% limited partner interest, Jacobs owned a
19.9% limited partner interest and third parties owned a 9.2% limited partner interest in the Operating Partnership.  CBL&#146;s Predecessor also owned 6.2 million shares of CBL&#146;s common stock at September 30, 2006, for a total combined effective interest of 20.4% in the Operating Partnership.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Operating Partnership conducts CBL&#146;s property management and development activities through CBL &amp; Associates Management, Inc. (the &#147;Management Company&#148;) to comply with certain requirements of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;). The Operating Partnership owns 100% of the Management Company&#146;s preferred stock and common stock.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>CBL, the Operating Partnership and the Management Company are collectively referred to herein as &#147;the Company&#148;.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The accompanying condensed consolidated financial statements are unaudited; however, they have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in conjunction with the rules and regulations of the Securities and </font></p>

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

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

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

<p style='page-break-before:always'></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Exchange Commission. Accordingly, they do not include all of the disclosures required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements for these interim periods have been included. The results for the interim periods ended September 30, 2006, are not necessarily indicative of the results to be obtained for the full fiscal year.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>These condensed consolidated financial statements should be read in conjunction with CBL &amp; Associates Properties, Inc.&#146;s audited consolidated financial statements and notes thereto included in the CBL &amp; Associates Properties, Inc. Annual Report on Form 10-K for the year ended December 31, 2005.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Note 2 &#150; Joint Ventures</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><i><font size=2>Investment in Unconsolidated Affiliates</font></i></u></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>At September 30, 2006, the Company had investments in the following 14 partnerships and joint ventures, which are accounted for using the equity method of accounting:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="456" style=' margin-left:47.4pt;border-collapse:collapse'>
    <tr style='height:18.2pt'>
        <td width="184" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:18.2pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Joint Venture</font></p> </div> </td>
        <td width="208" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:18.2pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Property Name</font></p> </div> </td>
        <td width="64" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:18.2pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Company&#146;s Interest</font></p> </div> </td> </tr>
    <tr style='height:1.05pt'>
        <td width="184" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:1.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Governor&#146;s Square IB</font>                                                </p> </td>
        <td width="208" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:1.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Governor&#146;s Plaza</font></p> </td>
        <td width="64" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:1.05pt'>
            <p style='margin:0in;text-indent:4.5pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt'><font size=1>50.0%</font></p> </td> </tr>
    <tr style='height:1.05pt'>
        <td width="184" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:1.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Governor&#146;s Square Company</font></p> </td>
        <td width="208" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:1.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Governor&#146;s Square</font></p> </td>
        <td width="64" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:1.05pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>47.5%</font></p> </td> </tr>
    <tr style='height:1.05pt'>
        <td width="184" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:1.05pt'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt'><font size=1>High Pointe Commons, LP</font></p> </td>
        <td width="208" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:1.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>High Pointe Commons</font></p> </td>
        <td width="64" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:1.05pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>50.0%</font></p> </td> </tr>
    <tr style='height:1.05pt'>
        <td width="184" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:1.05pt'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt'><font size=1>Imperial Valley Mall L.P.</font></p> </td>
        <td width="208" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:1.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Imperial Valley Mall</font></p> </td>
        <td width="64" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:1.05pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>60.0%</font></p> </td> </tr>
    <tr style='height:1.05pt'>
        <td width="184" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:1.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Imperial Valley Peripheral L.P.</font></p> </td>
        <td width="208" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:1.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Imperial Valley Mall&nbsp;&nbsp;(vacant land)</font></p> </td>
        <td width="64" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:1.05pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>60.0%</font></p> </td> </tr>
    <tr style='height:1.05pt'>
        <td width="184" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:1.05pt'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt'><font size=1>Imperial Valley Commons L.P.</font></p> </td>
        <td width="208" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:1.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Imperial Valley Commons</font></p> </td>
        <td width="64" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:1.05pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>60.0%</font></p> </td> </tr>
    <tr style='height:1.05pt'>
        <td width="184" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:1.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Kentucky Oaks Mall Company</font></p> </td>
        <td width="208" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:1.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Kentucky Oaks Mall</font></p> </td>
        <td width="64" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:1.05pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>50.0%</font></p> </td> </tr>
    <tr style='height:1.05pt'>
        <td width="184" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:1.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Mall of South Carolina L.P.</font></p> </td>
        <td width="208" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:1.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Coastal Grand-Myrtle Beach</font></p> </td>
        <td width="64" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:1.05pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>50.0%</font></p> </td> </tr>
    <tr style='height:1.05pt'>
        <td width="184" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:1.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Mall of South Outparcel L.P.</font></p> </td>
        <td width="208" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:1.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Coastal Grand-Myrtle Beach (vacant land)</font></p> </td>
        <td width="64" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:1.05pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>50.0%</font></p> </td> </tr>
    <tr style='height:1.05pt'>
        <td width="184" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:1.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Mall Shopping Center Company</font></p> </td>
        <td width="208" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:1.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Plaza del Sol</font></p> </td>
        <td width="64" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:1.05pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>50.6%</font></p> </td> </tr>
    <tr style='height:1.05pt'>
        <td width="184" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:1.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>N. Dalton Bypass, LLC</font></p> </td>
        <td width="208" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:1.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Hammond Creek Commons</font></p> </td>
        <td width="64" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:1.05pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>51.0%</font></p> </td> </tr>
    <tr style='height:1.05pt'>
        <td width="184" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:1.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Parkway Place L.P.</font></p> </td>
        <td width="208" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:1.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Parkway Place</font></p> </td>
        <td width="64" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:1.05pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>45.0%</font></p> </td> </tr>
    <tr style='height:1.05pt'>
        <td width="184" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:1.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Triangle Town Member LLC </font></p> </td>
        <td width="208" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:1.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Triangle Town Center, Triangle Town </font></p>
<p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Commons and Triangle Town Place</font></p> </td>
        <td width="64" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:1.05pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>50.0%</font></p> </td> </tr>
    <tr style='height:1.05pt'>
        <td width="184" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:1.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>York Town Center, LP</font></p> </td>
        <td width="208" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:1.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>York Town Center</font></p> </td>
        <td width="64" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:1.05pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>50.0%</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Condensed combined financial statement information for the unconsolidated affiliates is as follows:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="584" style=' margin-left:35.4pt;border-collapse:collapse'>
    <tr>
        <td width="218" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Total for the Three Months</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Ended September 30,</font></p> </div> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Company&#146;s Share for the </font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Three Months</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Ended September 30,</font></p> </div> </td> </tr>
    <tr>
        <td width="218" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2006</font></p> </div> </td>
        <td width="90" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2005</font></p> </div> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2006</font></p> </div> </td>
        <td width="84" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2005</font></p> </div> </td> </tr>
    <tr>
        <td width="218" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="90" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="84" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="218" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Revenues</font></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$</font></b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>22,578</font></b></p> </td>
        <td width="90" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,656</font></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$</font></b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>11,429</font></b></p> </td>
        <td width="84" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,638</font></p> </td> </tr>
    <tr>
        <td width="218" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Depreciation and amortization expense</font></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(6,684)</font></b></p> </td>
        <td width="90" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(7,127)</font></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(3,377)</font></b></p> </td>
        <td width="84" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(2,207)</font></p> </td> </tr>
    <tr>
        <td width="218" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Interest expense</font></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(8,880)</font></b></p> </td>
        <td width="90" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(7,164)</font></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(4,485)</font></b></p> </td>
        <td width="84" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(3,009)</font></p> </td> </tr>
    <tr>
        <td width="218" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Other operating expenses</font></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(7,332)</font></b></p> </td>
        <td width="90" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(7,686)</font></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(3,741)</font></b></p> </td>
        <td width="84" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(2,686)</font></p> </td> </tr>
    <tr>
        <td width="218" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Discontinued operations</font></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>-</font></b></p> </td>
        <td width="90" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>69</font></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>-</font></b></p> </td>
        <td width="84" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>6</font></p> </td> </tr>
    <tr>
        <td width="218" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Gain on sales of real estate assets</font></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1,470</font></b></p> </div> </td>
        <td width="90" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>188</font></p> </div> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>795</font></b></p> </div> </td>
        <td width="84" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>253</font></p> </div> </td> </tr>
    <tr style='height:13.45pt'>
        <td width="218" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:13.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Net income</font></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:13.45pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$</font></b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>1,152</font></b></p> </div> </td>
        <td width="90" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:13.45pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,936</font></p> </div> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:13.45pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$</font></b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>621</font></b></p> </div> </td>
        <td width="84" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:13.45pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995</font></p> </div> </td> </tr></table>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>8</font></p>

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

<p style='page-break-before:always'></p>

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

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


<table border="0" cellspacing=0 cellpadding=0 width="584" style=' margin-left:35.4pt;border-collapse:collapse'>
    <tr>
        <td width="218" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Total for the Nine Months</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Ended September 30,</font></p> </div> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Company&#146;s Share for the </font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Nine Months</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Ended September 30,</font></p> </div> </td> </tr>
    <tr>
        <td width="218" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2006</font></p> </div> </td>
        <td width="90" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2005</font></p> </div> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2006</font></p> </div> </td>
        <td width="84" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2005</font></p> </div> </td> </tr>
    <tr>
        <td width="218" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="90" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="84" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="218" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Revenues</font></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$</font></b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>69,573</font></b></p> </td>
        <td width="90" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99,597</font></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$</font></b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>35,075</font></b></p> </td>
        <td width="84" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,385</font></p> </td> </tr>
    <tr>
        <td width="218" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Depreciation and amortization expense</font></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(19,807)</font></b></p> </td>
        <td width="90" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(24,935)</font></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(10,020)</font></b></p> </td>
        <td width="84" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(6,127)</font></p> </td> </tr>
    <tr>
        <td width="218" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Interest expense</font></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(25,987)</font></b></p> </td>
        <td width="90" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(28,273)</font></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(13,154)</font></b></p> </td>
        <td width="84" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(9,069)</font></p> </td> </tr>
    <tr>
        <td width="218" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Other operating expenses</font></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(20,456)</font></b></p> </td>
        <td width="90" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(27,794)</font></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(10,396)</font></b></p> </td>
        <td width="84" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(8,267)</font></p> </td> </tr>
    <tr>
        <td width="218" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Discontinued operations</font></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>-</font></b></p> </td>
        <td width="90" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>499</font></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>-</font></b></p> </td>
        <td width="84" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>42</font></p> </td> </tr>
    <tr>
        <td width="218" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Gain on sales of real estate assets</font></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>4,283</font></b></p> </div> </td>
        <td width="90" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4,674</font></p> </div> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>2,302</font></b></p> </div> </td>
        <td width="84" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2,805</font></p> </div> </td> </tr>
    <tr style='height:13.45pt'>
        <td width="218" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:13.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Net income</font></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:13.45pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$</font></b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>7,606</font></b></p> </div> </td>
        <td width="90" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:13.45pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,768</font></p> </div> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:13.45pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$</font></b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>3,807</font></b></p> </div> </td>
        <td width="84" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:13.45pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,769</font></p> </div> </td> </tr></table>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Note 3 &#150; Mortgage and Other Notes Payable</font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Mortgage and other notes payable consisted of the following at September 30, 2006 and December 31, 2005, respectively:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="608" style=' margin-left:17.4pt;border-collapse:collapse'>
    <tr style='height:18.05pt'>
        <td width="240" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:18.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:18.05pt'>
            <div style='border-bottom:solid #333333 .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>September 30, 2006</font></b></p> </div> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:18.05pt'>
            <div style='border-bottom:solid #333333 .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>December 31, 2005</font></p> </div> </td> </tr>
    <tr>
        <td width="240" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid #333333 .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Amount</font></b></p> </div> </td>
        <td width="96" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid #333333 .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Weighted </font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Average Interest </font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Rate(1)</font></b></p> </div> </td>
        <td width="88" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid #333333 .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Amount</font></p> </div> </td>
        <td width="88" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid #333333 .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Weighted Average Interest Rate(1)</font></p> </div> </td> </tr>
    <tr>
        <td width="240" valign=top style='background:#CCFFFF;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Fixed-rate debt:</font></p> </td>
        <td width="96" valign=top style='background:#CCFFFF;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='background:#CCFFFF;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=top style='background:#CCFFFF;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=top style='background:#CCFFFF;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="240" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:6.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Non-recourse loans on operating properties</font></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$</font></b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>3,488,207</font></b></p> </div> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>6.00%</font></b></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,281,939</font></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>6.02%</font></p> </td> </tr>
    <tr>
        <td width="240" valign=top style='background:#CCFFFF;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Variable-rate debt:</font></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="240" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:6.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Recourse term loans on operating properties</font></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>-</font></b></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>-</font></b></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>292,000</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>5.33%</font></p> </td> </tr>
    <tr>
        <td width="240" valign=top style='background:#CCFFFF;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:6.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Construction loans</font></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>207,777</font></b></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>6.58%</font></b></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>76,831</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>5.76%</font></p> </td> </tr>
    <tr>
        <td width="240" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:6.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Lines of credit</font></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>768,432</font></b></p> </div> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>6.17%</font></b></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>690,285</font></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>5.29%</font></p> </td> </tr>
    <tr style='height:12.8pt'>
        <td width="240" valign=top style='background:#CCFFFF;padding:0in 5.4pt 0in 5.4pt; height:12.8pt'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Total variable-rate debt</font></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:12.8pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>976,209</font></b></p> </div> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:12.8pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>6.25%</font></b></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:12.8pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,059,116</font></p> </div> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:12.8pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>5.33%</font></p> </td> </tr>
    <tr>
        <td width="240" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Total</font></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$</font></b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>4,464,416</font></b></p> </div> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>6.06%</font></b></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,341,055</font></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>5.85%</font></p> </td> </tr></table>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.25in;text-align:justify;'><font size=1>(1) Weighted-average interest rate including the effect of debt premiums, but excluding amortization of deferred financing costs.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>In July 2006, the Company obtained four separate ten-year, non-recourse loans totaling $317,000 that bear interest at fixed rates ranging from 5.86% to 6.10%, with a weighted average of 5.96%. The proceeds were used to retire $249,752 of mortgage notes payable that were scheduled to mature during the next twelve months and to pay outstanding balances on the Company&#146;s credit facilities. The mortgage notes payable that were retired consisted of three variable rate term loans totaling $189,150 and one fixed rate loan of $60,602. The Company recorded a loss on extinguishment of debt of $935 in the three months ended September 30, 2006 related to prepayment fees and the write-off of unamortized deferred financing costs associated with the loans that were retired.</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.49in;text-align:left;'><font size=2>On August 22, 2006, the Company amended its unsecured credit facility with Wells Fargo Bank to increase the availability from $500,000 to $560,000, extend the maturity date from August 27, 2006 to August 27, 2008 plus three one-year extension options, amend certain financial covenants to provide the Company with enhanced borrowing flexibility, increase the limit on the maximum availability that the Company may request from $600,000 to $700,000 and add a letter of credit feature to the credit facility.  The credit facility bears interest at the London Interbank Offered Rate (&#147;LIBOR&#148;) plus a margin of 0.75% to 1.20% based on the Company&#146;s leverage, as defined in the agreement. At September 30, 2006, the outstanding borrowings of $233,000 under the unsecured credit facility had a weighted average interest rate of 6.23%. Additionally, the Company pays an annual fee of 0.1% of the
amount of total availability under the unsecured credit facility.</font></p>

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

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

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

<p style='page-break-before:always'></p>

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

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>The Company has four secured lines of credit that are used for construction, acquisition, and working capital purposes, as well as issuances of letters of credit. Each of these lines is secured by mortgages on certain of the Company&#146;s operating properties. Borrowings under the secured lines of credit had a weighted average interest rate of 6.14% at September 30, 2006. The Company also pays a fee based on the  amount of unused availability under its largest secured credit facility at a rate of 0.125% or 0.250%, depending on the level of unused availability. The following summarizes certain information about the secured lines of credit as of September 30, 2006: </font></p>

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


<table border="0" cellspacing=0 cellpadding=0 width="277" style=' margin-left:136.95pt;border-collapse:collapse'>
    <tr style='height:18.6pt'>
        <td width="79" nowrap valign=bottom style=' border-bottom:solid black .5pt;padding:.75pt .75pt 0in .75pt;height: 18.6pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Total</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Available</font></p> </td>
        <td width="91" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:18.6pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Total</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Outstanding</font></p> </td>
        <td width="108" nowrap valign=bottom style=' border-bottom:solid black .5pt;padding:.75pt .75pt 0in .75pt;height: 18.6pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Maturity</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Date</font></p> </td> </tr>
    <tr style='height:11.85pt'>
        <td width="79" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.85pt'>
            <p style='margin:0in;text-indent:0pt;text-align: right;margin-top:5pt;margin-bottom:.0001pt'><font size=1>$  476,000</font></p> </td>
        <td width="91" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$ 475,232</font></p> </td>
        <td width="108" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>February 2009</font></p> </td> </tr>
    <tr style='height:10.95pt'>
        <td width="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:10.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>100,000</font></p> </td>
        <td width="91" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:10.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>42,000</font></p> </td>
        <td width="108" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:10.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>June 2008</font></p> </td> </tr>
    <tr style='height:12.75pt'>
        <td width="79" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>20,000</font></p> </td>
        <td width="91" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,000</font></p> </td>
        <td width="108" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>March 2007</font></p> </td> </tr>
    <tr style='height:12.75pt'>
        <td width="79" nowrap valign=bottom style=' border-bottom:solid black .5pt;padding:.75pt .75pt 0in .75pt;height: 12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>17,200</font></p> </td>
        <td width="91" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>17,200</font></p> </td>
        <td width="108" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>April 2008</font></p> </td> </tr>
    <tr style='height:13.5pt'>
        <td width="79" nowrap valign=bottom style=' border-bottom:double black 2.25pt; background:#CCFFFF;padding:.75pt .75pt 0in .75pt;height:13.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$  613,200</font></p> </td>
        <td width="91" nowrap valign=bottom style='border-bottom: double black 2.25pt;background: #CCFFFF;padding:.75pt .75pt 0in .75pt;height:13.5pt'>
            <p style='margin:0in;text-indent:0pt;text-align: right;margin-top:5pt;margin-bottom:.0001pt'><font size=1>$ 535,432</font></p> </td>
        <td width="108" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:13.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In addition to the borrowings outstanding on the secured lines of credit, there were letters of credit totaling $2,071 that were also outstanding as of September 30, 2006.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In February 2006, the Company amended one of the secured credit facilities to increase the maximum availability from $373,000 to $476,000, extend the maturity date from February 26, 2006 to February 26, 2009 plus a one-year extension option, increase the minimum tangible net worth requirement, as defined, from $1,000,000 to $1,370,000 and increase the limit on the maximum availability that the Company may request from $500,000 to $650,000. In August 2006, the Company amended this secured credit facility to reduce the interest rate from LIBOR plus 0.90% to LIBOR plus 0.80% and to amend certain financial covenants to provide the Company with enhanced borrowing flexibility.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In June 2006, the Company amended its $100,000 secured credit facility to change the maturity date from June 1, 2007 to June 1, 2008 and to substitute certain collateral under the facility.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In August 2006, the Company amended one of its secured credit facilities to increase the availability from $10,000 to the greater of  $17,200 or the borrowing base (as defined), to reduce the interest rate from LIBOR plus 1.00% to LIBOR plus 0.80%, to extend the maturity date from April 1, 2007 to April 1, 2008 and to amend certain financial covenants to provide the Company with enhanced borrowing flexibility.</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>At September 30, 2006, the Company had additional secured lines of credit with a total commitment of $37,345 that can only be used for issuing letters of credit. The letters of credit outstanding under these lines of credit totaled $27,036 at September 30, 2006.</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>Twenty-seven malls, five associated centers, two community centers and the corporate office building are owned by special purpose entities that are included in the Company&#146;s consolidated financial statements. The sole business purpose of the special purpose entities is to own and operate these properties, each of which is encumbered by a commercial-mortgage-backed-securities loan. The real estate and other assets owned by these special purpose entities are restricted under the loan agreements in that they are not available to settle other debts of the Company. However, so long as the loans are not </font></p>

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

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

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

<p style='page-break-before:always'></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>under an event of default, as defined in the loan agreements, the cash flows from these properties, after payments of debt service, operating expenses and reserves, are available for distribution to the Company.</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The weighted average remaining term of the Company&#146;s consolidated debt was 5.0 years at September 30, 2006 and 4.7 years at December 31, 2005. The Company has debt of $119,834 that is scheduled to mature before September 30, 2007.  The Company has extension options that will extend the maturity date of $79,730 of debt beyond September 30, 2007. The mortgage notes payable comprising the remaining $40,104 are expected to be retired or refinanced.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Note 4 &#150; Shareholders&#146; Equity And Minority Interests</font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>In January 2006, holders of 1,480,066 common units of limited partnership interest in the Operating Partnership and holders of 27,582 Series J special common units (&#147;J-SCUs&#148;) of limited partnership interest in the Operating Partnership exercised their conversion rights. The Company elected to issue 1,480,066 shares of common stock in exchange for the common units and to pay cash of  $1,112 in exchange for the J-SCUs.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Holders of 63,881 J-SCUs and 4,000 J-SCUs exercised their conversion rights in June 2006 and August 2006, respectively. The Company elected to pay cash of  $2,498 in exchange for these J-SCUs.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>A holder of 499,578 J-SCUs exercised its conversion rights in September 2006.  The Company has elected to exchange shares of common stock for these J-SCUs, which will be completed subsequent to September 30, 2006.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Note 5 - Segment Information</font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>The Company measures performance and allocates resources according to property type, which is determined based on certain criteria such as type of tenants, capital requirements, economic risks, leasing terms, and short- and long-term returns on capital. Rental income and tenant reimbursements from tenant leases provide the majority of revenues from all segments. Information on the Company&#146;s reportable segments is presented as follows:</font></p>

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


<table width="600" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr style='height:.3in'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.3in'>
            <div style='border-bottom:solid black .5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Three Months Ended September 30, 2006</font></p> </div> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.3in'>
            <div style='border-bottom:solid black .5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Malls</font></p> </div> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.3in'>
            <div style='border-bottom:solid black .5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Associated Centers</font></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.3in'>
            <div style='border-bottom:solid black .5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Community Centers</font></p> </div> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.3in'>
            <div style='border-bottom:solid black .5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>All Other</font></p> </div> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.3in'>
            <div style='border-bottom:solid black .5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Total</font></p> </div> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Revenues</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227,799</font></p> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,719</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,896</font></p> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,135</font></p> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246,549</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Property operating expenses (1)</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(78,178)</font></p> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(2,347)</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(774)</font></p> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>5,798</font></p> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(75,501)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Interest expense</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(53,526)</font></p> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(1,121)</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(711)</font></p> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(8,526)</font></p> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(63,884)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Other expense</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>-</font></p> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>-</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>-</font></p> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(5,127)</font></p> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(5,127)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Gain (loss) on sales of real estate assets</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>2,228</font></p> </div> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(5)</font></p> </div> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(15)</font></p> </div> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>1,693</font></p> </div> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>3,901</font></p> </div> </td> </tr>
    <tr style='height:18.5pt'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:18.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Segment profit and loss</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:18.5pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98,323</font></p> </div> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:18.5pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,246</font></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:18.5pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396</font></p> </div> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:18.5pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973</font></p> </div> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:18.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>105,938</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Depreciation and amortization expense</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(62,604)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>General and administrative expense</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(9,402)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Loss on extinguishment of debt</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(935)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Interest income</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>2,009</font></p> </td> </tr>
    <tr style='height:21.55pt'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:21.55pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>Equity in earnings of unconsolidated</font></p>
<p style='margin-left:0pt;text-indent:12.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>affiliates</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:21.55pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:21.55pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:21.55pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:21.55pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:21.55pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>621</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>Minority interest in earnings</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>(13,477)</font></p> </div> </td> </tr>
    <tr style='height:16.25pt'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:16.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>Income before discontinued operations</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:16.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:16.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:16.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:16.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:16.25pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,150</font></p> </div> </td> </tr>
    <tr style='height:12.85pt'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:12.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Capital expenditures (2)</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:12.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100,566</font></p> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:12.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,015</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:12.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,110</font></p> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:12.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36,305</font></p> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:12.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151,996</font></p> </td> </tr></table>

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

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

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

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

<p style='page-break-before:always'></p>

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

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


<table width="600" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr style='height:20.9pt'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:20.9pt'>
            <div style='border-bottom:solid black .5pt'>
<p style='margin-left:0pt;text-indent:136.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Three Months Ended September 30, 2005</font></p> </div> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:20.9pt'>
            <div style='border-bottom:solid black .5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Malls</font></p> </div> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:20.9pt'>
            <div style='border-bottom:solid black .5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Associated Centers</font></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:20.9pt'>
            <div style='border-bottom:solid black .5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Community Centers</font></p> </div> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:20.9pt'>
            <div style='border-bottom:solid black .5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>All Other</font></p> </div> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:20.9pt'>
            <div style='border-bottom:solid black .5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Total</font></p> </div> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Revenues</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203,246</font></p> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,379</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,312</font></p> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,843</font></p> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227,780</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Property operating expenses (1)</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(70,029)</font></p> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(1,988)</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(745)</font></p> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>4,063</font></p> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(68,699)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Interest expense</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(45,201)</font></p> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(1,168)</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(738)</font></p> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(5,539)</font></p> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(52,646)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Other expense</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>-</font></p> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>-</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>-</font></p> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(3,769)</font></p> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(3,769)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Gain on sales of real estate assets</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>1,180</font></p> </div> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>-</font></p> </div> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>2,408</font></p> </div> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>42,897</font></p> </div> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>46,485</font></p> </div> </td> </tr>
    <tr style='height:10.95pt'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:10.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Segment profit and loss</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:10.95pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89,196</font></p> </div> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:10.95pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,223</font></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:10.95pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,237</font></p> </div> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:10.95pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51,495</font></p> </div> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:10.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>149,151</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Depreciation and amortization expense</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(45,453)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>General and administrative expense</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(10,221)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Loss on extinguishment of debt</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(44)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Gain on sale of management contracts</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>21,619</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Interest income</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>1,937</font></p> </td> </tr>
    <tr style='height:20.45pt'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:20.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>Equity in earnings of unconsolidated</font></p>
<p style='margin-left:0pt;text-indent:6.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>affiliates</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:20.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:20.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:20.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:20.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:20.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>995</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>Minority interest in earnings</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>(50,541)</font></p> </div> </td> </tr>
    <tr style='height:15.15pt'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:15.15pt'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt;line-height:97.2%'><font size=1>Income before discontinued operations</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:15.15pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:15.15pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:15.15pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:15.15pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:15.15pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67,443</font></p> </div> </td> </tr>
    <tr style='height:13.45pt'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:13.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Capital expenditures (2)</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:13.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247,596</font></p> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:13.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,002</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:13.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73,070</font></p> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:13.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41,222</font></p> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:13.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366,890</font></p> </td> </tr>
    <tr style='height:32.55pt'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:32.55pt'>
            <div style='border-bottom:solid black .5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Nine Months Ended September 30, 2006</font></p> </div> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:32.55pt'>
            <div style='border-bottom:solid black .5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Malls</font></p> </div> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:32.55pt'>
            <div style='border-bottom:solid black .5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Associated Centers</font></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:32.55pt'>
            <div style='border-bottom:solid black .5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Community Centers</font></p> </div> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:32.55pt'>
            <div style='border-bottom:solid black .5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>All Other</font></p> </div> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:32.55pt'>
            <div style='border-bottom:solid black .5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Total</font></p> </div> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Revenues</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674,430</font></p> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,109</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,772</font></p> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,538</font></p> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728,849</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Property operating expenses (1)</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(228,941)</font></p> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(6,718)</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(2,033)</font></p> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>18,408</font></p> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(219,284)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Interest expense</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(161,435)</font></p> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(3,425)</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(2,117)</font></p> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(24,497)</font></p> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(191,474)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Other expense</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>-</font></p> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>-</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>-</font></p> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(13,815)</font></p> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(13,815)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Gain on sales of real estate assets</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>2,224</font></p> </div> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>1,054</font></p> </div> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>33</font></p> </div> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>3,520</font></p> </div> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>6,831</font></p> </div> </td> </tr>
    <tr style='height:14.15pt'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:14.15pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Segment profit and loss</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:14.15pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286,278</font></p> </div> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:14.15pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,020</font></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:14.15pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,655</font></p> </div> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:14.15pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,154</font></p> </div> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:14.15pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>311,107</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Depreciation and amortization expense</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(171,841)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>General and administrative expense</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(28,051)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Loss on impairment of real estate assets</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(274)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Loss on extinguishment of debt</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(935)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Interest income</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>5,687</font></p> </td> </tr>
    <tr style='height:20.35pt'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:20.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>Equity in earnings of unconsolidated </font><br> <font size=1>   affiliates</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:20.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:20.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:20.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:20.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:20.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>3,807</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>Minority interest in earnings</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>(50,593)</font></p> </div> </td> </tr>
    <tr style='height:13.85pt'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:13.85pt'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt;line-height:97.2%'><font size=1>Income before discontinued operations</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:13.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:13.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:13.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:13.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:13.85pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68,907</font></p> </div> </td> </tr>
    <tr style='height:12.95pt'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Total assets</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;5,805,546</font></p> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279,228</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54,670</font></p> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276,767</font></p> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,416,211</font></p> </td> </tr>
    <tr style='height:11.2pt'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:11.2pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Capital expenditures (2)</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:11.2pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198,165</font></p> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:11.2pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,862</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:11.2pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,632</font></p> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:11.2pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88,838</font></p> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:11.2pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326,497</font></p> </td> </tr>
    <tr style='height:28.95pt'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:28.95pt'>
            <div style='border-bottom:solid black .5pt'>
<p style='margin-left:0pt;text-indent:136.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:136.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Nine Months Ended September 30, 2005</font></p> </div> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:28.95pt'>
            <div style='border-bottom:solid black .5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Malls</font></p> </div> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:28.95pt'>
            <div style='border-bottom:solid black .5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Associated Centers</font></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:28.95pt'>
            <div style='border-bottom:solid black .5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Community Centers</font></p> </div> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:28.95pt'>
            <div style='border-bottom:solid black .5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>All Other</font></p> </div> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:28.95pt'>
            <div style='border-bottom:solid black .5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Total</font></p> </div> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Revenues</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588,876</font></p> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,173</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,231</font></p> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,245</font></p> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645,525</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Property operating expenses (1)</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(200,466)</font></p> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(5,966)</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(1,703)</font></p> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>15,723</font></p> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(192,412)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Interest expense</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(133,538)</font></p> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(3,517)</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(2,155)</font></p> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(12,612)</font></p> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(151,822)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Other expense</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>-</font></p> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:2.9pt;line-height:97.2%'><font size=1>-</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>-</font></p> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(10,256)</font></p> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(10,256)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Gain on sales of real estate assets</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>1,200</font></p> </div> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:2.9pt;line-height:97.2%'><font size=1>-</font></p> </div> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>4,084</font></p> </div> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>48,297</font></p> </div> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>53,581</font></p> </div> </td> </tr>
    <tr style='height:12.3pt'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:12.3pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Segment profit and loss</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:12.3pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256,072</font></p> </div> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:12.3pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,690</font></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:12.3pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,457</font></p> </div> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:12.3pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66,397</font></p> </div> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:12.3pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>344,616</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Depreciation and amortization expense</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(130,048)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>General and administrative expense</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(28,641)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Loss on impairment of real estate assets</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>(262)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Loss on extinguishment of debt</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>(928)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Gain on sale of management contracts</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>21,619</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Interest income</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>6,214</font></p> </td> </tr>
    <tr style='height:20.05pt'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:20.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>Equity in earnings of unconsolidated </font><br> <font size=1>   affiliates</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:20.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:20.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:20.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:20.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:20.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>6,769</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>Minority interest in earnings</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>(90,837)</font></p> </div> </td> </tr>
    <tr style='height:12.7pt'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:12.7pt'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt;line-height:97.2%'><font size=1>Income before discontinued operations</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:12.7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:12.7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:12.7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:12.7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:12.7pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128,502</font></p> </div> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Total assets</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;4,938,584</font></p> </td>
        <td width="81" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270,593</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145,346</font></p> </td>
        <td width="95" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267,566</font></p> </td>
        <td width="82" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,622,089</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>Capital expenditures (2)</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428,586</font></p> </td>
        <td width="81" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,127</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74,177</font></p> </td>
        <td width="95" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121,453</font></p> </td>
        <td width="82" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:2.9pt;line-height:97.2%'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639,343</font></p> </td> </tr></table>

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

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

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

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

<p style='page-break-before:always'></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
<font size=1>(1)</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=1>Property operating expenses include property operating expenses, real estate taxes and maintenance and repairs.</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(2)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Amounts include acquisitions of real estate assets and investments in unconsolidated affiliates. Developments in progress are included in the All Other category.</font></p> </td> </tr></table>


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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Note 6&#150; Earnings Per Share</font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>Basic earnings per share (&#147;EPS&#148;) is computed by dividing net income available to common shareholders by the weighted-average number of unrestricted common shares outstanding for the period. Diluted EPS assumes the issuance of common stock for all potential dilutive common shares outstanding. The limited partners&#146; rights to convert their minority interest in the Operating Partnership into shares of common stock are not dilutive. The following summarizes the impact of potential dilutive common shares on the denominator used to compute earnings per share:</font></p>

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


<table border="0" cellspacing=0 cellpadding=0 width="652" style=' border-collapse:collapse'>
    <tr>
        <td width="300" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Three Months Ended September 30,</font></p> </div> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Nine Months Ended September 30,</font></p> </div> </td> </tr>
    <tr>
        <td width="300" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2006</font></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2005</font></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2006</font></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2005</font></p> </div> </td> </tr>
    <tr>
        <td width="300" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Weighted average shares outstanding</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.6pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>64,656</font></b></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.6pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>63,423</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.6pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>63,968</font></b></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>62,994</font></p> </td> </tr>
    <tr>
        <td width="300" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Effect of nonvested stock awards</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:.6pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(482)</font></b></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:.6pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(483)</font></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:.6pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(352)</font></b></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(301)</font></p> </div> </td> </tr>
    <tr>
        <td width="300" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Denominator &#150; basic earnings per share</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.6pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>64,174</font></b></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.6pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>62,940</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.6pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>63,616</font></b></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>62,693</font></p> </td> </tr>
    <tr>
        <td width="300" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:12.0pt;text-indent:-12.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Dilutive effect of:</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.6pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.6pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.6pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.6pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="300" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Stock options</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.6pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1,136</font></b></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.6pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,722</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.6pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1,245</font></b></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.6pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,819</font></p> </td> </tr>
    <tr>
        <td width="300" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Nonvested stock awards</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.6pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>138</font></b></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.6pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>357</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.6pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>165</font></b></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.6pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>239</font></p> </td> </tr>
    <tr>
        <td width="300" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Deemed shares related to deferred compensation arrangements</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:.6pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>48</font></b></p> </div> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:.6pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>234</font></p> </div> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:.6pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>60</font></b></p> </div> </td>
        <td width="88" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:.6pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>222</font></p> </div> </td> </tr>
    <tr style='height:13.65pt'>
        <td width="300" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.65pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Denominator &#150; diluted earnings per share</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.65pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:.6pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>65,496</font></b></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.65pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>65,253</font></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.65pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:.6pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>65,086</font></b></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:13.65pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>64,973</font></p> </div> </td> </tr></table>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Note 7&#150; Comprehensive Income</font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>Comprehensive income includes all changes in shareholders&#146; equity during a period, except those resulting from investments by shareholders and distributions to shareholders. Comprehensive income includes other comprehensive income of $458 and $310 in the three months ended September 30, 2006 and 2005, respectively, and $619 and $310 in the nine months ended September 30, 2006 and 2005, respectively. Other comprehensive income in all periods presented represents unrealized gain on marketable securities that are classified as available for sale. Comprehensive income was $22,437 and $68,045 for the three months ended September 30, 2006 and 2005, respectively, and $79,423 and $129,483 for the nine months ended September 30, 2006 and 2005, respectively.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font color="#FF0000"><font size=1>&nbsp;</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Note 8- Contingencies</font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Company is currently involved in certain litigation that arises in the ordinary course of business. It is management&#146;s opinion that the pending litigation will not materially affect the financial position or results of operations of the Company. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Company has guaranteed 50% of the debt of Parkway Place L.P., an unconsolidated affiliate in which the Company owns a 45% interest, which owns Parkway Place in Huntsville, AL. The total amount outstanding at September 30, 2006, was $53,200 of which the Company has guaranteed $26,600. The guaranty will expire when the related debt matures in June 2008. The Company has not recorded an obligation for this guaranty because it has determined that the fair value of the guaranty is not material.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Company has guaranteed the performance of York Town Center, LP (&#147;YTC&#148;), an unconsolidated affiliate in which the Company owns a 50% interest, under the terms of an agreement with a third party that will own property adjacent to the shopping center property YTC is currently developing. Under the terms of that agreement, YTC is obligated to cause performance of the third party&#146;s obligations as landlord under its lease with its sole tenant, including, but not limited to, provisions such as co-tenancy and exclusivity requirements. Should YTC fail to cause performance, then the tenant under the third party landlord&#146;s lease may pursue certain remedies ranging from rights to terminate its lease to receiving reductions in rent. The Company has guaranteed YTC&#146;s performance under this agreement up to a maximum of $22,000, which decreases by $800 annually until the
guaranteed amount is reduced to </font></p>

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

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

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

<p style='page-break-before:always'></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>$10,000. The Company has entered into an agreement with its joint venture partner under which the joint venture partner has agreed to reimburse the Company 50% of any amounts the Company is obligated to fund under the guaranty.  The Company has not recorded an obligation for this guaranty because it has determined that the fair value of the guaranty is not material.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Company has issued various bonds that it would have to satisfy in the event of non-performance. At September 30, 2006, the total amount outstanding on these bonds was $21,205. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Note 9 - Share-Based Compensation</font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>The Company maintains the CBL &amp; Associates Properties, Inc. Amended and Restated Stock Incentive Plan, as amended, which permits the Company to issue stock options and common stock to selected officers, employees and directors of the Company up to a total of 10,400,000 shares. The compensation committee of the board of directors (the &#147;Committee&#148;) administers the plan. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Historically, the Company accounted for its stock-based compensation plans under the recognition and measurement principles of Accounting Principles Board Opinion No. 25, </font><i><font size=2>Accounting for Stock Issued to Employees</font></i><font size=2> (&#147;APB No. 25&#148;), and related interpretations. Effective January 1, 2003, the Company elected to begin recording the expense associated with stock options granted after January 1, 2003, on a prospective basis in accordance with the fair value and transition provisions of Statement of Financial Accounting Standards (&#147;SFAS&#148;) No. 123, </font><i><font size=2>Accounting for Stock-Based Compensation</font></i><font size=2>, as amended by SFAS No. 148, </font><i><font size=2>Accounting for Stock-Based Compensation &#150; Transition and Disclosure &#150; An Amendment of FASB Statement No. 123</font></i><font size=2>. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>Effective January 1, 2006, the Company adopted the fair value recognition provisions of SFAS No. 123(R), </font><i><font size=2>Share-Based Payment</font></i><font size=2>, using the modified-prospective-transition method. Under that transition method, compensation cost recognized during the nine months ended September 30, 2006 includes: (a) compensation cost for all share-based payments granted prior to, but not yet vested as of January 1, 2006, based on the grant date fair value estimated in accordance with the original provisions of SFAS No. 123 and (b) compensation cost for all share-based payments granted subsequent to January 1, 2006, based on the grant-date fair value estimated in accordance with the provisions of SFAS No. 123(R). Under SFAS No. 123(R), share-based payments are not recorded as shareholders&#146; equity until the related compensation expense is recognized.
Accordingly, the Company reclassified $8,895 from the deferred compensation line item in shareholders&#146; equity to additional-paid in capital as of January 1, 2006.  Results for prior periods have not been restated.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>As a result of adopting SFAS No. 123(R) on January 1, 2006, the Company&#146;s net income available to common shareholders for the three months and nine months ended September 30, 2006 is $67 and $238 lower, respectively, than if it had continued to account for share-based compensation under SFAS No. 123. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.49in;text-align:left;'><font size=2>The compensation cost that has been charged against income for the plan was $1,470 and $1,936 for the three months ended September 30, 2006 and 2005, and $5,235 and $3,872 for the nine months ended September 30, 2006 and 2005, respectively. Compensation cost resulting from share-based awards is recorded at the Management Company. The Management Company is a taxable entity; however, as a result of its recurring losses, a full valuation allowance has been recorded against its net deferred tax asset. Accordingly, the recognition of compensation cost or the tax deduction received upon the exercise or vesting of share-based awards, resulted in no tax benefits to the Company. Compensation cost capitalized as part of real estate assets was $248 and $126 for the three months ended September 30, 2006 and 2005, respectively, and $461 and $272 for the nine months ended September 30, 2006 and 2005, respectively.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

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

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

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

<p style='page-break-before:always'></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Stock options issued under the plan allow for the purchase of common stock at the fair market value of the stock on the date of grant. Stock options granted to officers and employees vest and become exercisable in equal installments on each of the first five anniversaries of the date of grant and expire 10 years after the date of grant. Stock options granted to independent directors are fully vested upon grant; however, the independent directors may not sell, pledge or otherwise transfer their stock options during their board term or for one year thereafter. No stock options have been granted since 2002.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>No stock-based compensation expense related to stock options granted prior to January 1, 2003, has been reflected in net income of periods ended prior to January 1, 2006, since these awards are being accounted for under APB No. 25 and all options granted had an exercise price equal to the fair value of the Company&#146;s common stock on the date of grant. For SFAS No. 123 pro forma disclosure purposes, the fair value of stock options was determined as of the date of grant using the Black-Scholes option-pricing model. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>The following table illustrates the effect on net income and earnings per share if the Company had applied the fair value recognition provisions of SFAS No. 123(R) to all outstanding and unvested awards in the three months and the nine months ended September 30, 2005:</font></p>

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


<table border="0" cellspacing=0 cellpadding=0 width="492" style=' margin-left:70.75pt;border-collapse:collapse'>
    <tr>
        <td width="292" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="100" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Three</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Months Ended</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>September 30, 2005</font></p> </div> </td>
        <td width="100" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Nine</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Months Ended</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>September 30, 2005</font></p> </div> </td> </tr>
    <tr>
        <td width="292" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Net income available to common shareholders, as reported</font></p> </td>
        <td width="100" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,093</font></p> </td>
        <td width="100" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106,247</font></p> </td> </tr>
    <tr>
        <td width="292" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Add:  Stock-based compensation expense included in </font></p>
<p style='margin-left:0pt;text-indent:20.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>reported net income available to common shareholders</font></p> </td>
        <td width="100" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,936</font></p> </td>
        <td width="100" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3,872</font></p> </td> </tr>
    <tr style='height:11.75pt'>
        <td width="292" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:11.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Less: Total stock-based compensation expense determined under </font></p>
<p style='margin-left:0pt;text-indent:20.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>fair value method</font></p> </td>
        <td width="100" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:11.75pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(2,033)</font></p> </div> </td>
        <td width="100" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:11.75pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(4,194)</font></p> </div> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="292" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Pro forma net income available to common shareholders</font></p> </td>
        <td width="100" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59,996</font></p> </div> </td>
        <td width="100" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105,925</font></p> </div> </td> </tr>
    <tr>
        <td width="292" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Earnings per share:</font></p> </td>
        <td width="100" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="100" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="292" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Basic, as reported</font></p> </td>
        <td width="100" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95</font></p> </div> </td>
        <td width="100" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69</font></p> </div> </td> </tr>
    <tr>
        <td width="292" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Basic, pro forma</font></p> </td>
        <td width="100" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95</font></p> </div> </td>
        <td width="100" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69</font></p> </div> </td> </tr>
    <tr>
        <td width="292" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Diluted, as reported</font></p> </td>
        <td width="100" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92</font></p> </div> </td>
        <td width="100" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64</font></p> </div> </td> </tr>
    <tr>
        <td width="292" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Diluted, pro forma</font></p> </td>
        <td width="100" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92</font></p> </div> </td>
        <td width="100" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63</font></p> </div> </td> </tr></table>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.49in;text-align:left;'><font size=2>The Company&#146;s stock option activity for the nine months ended September 30, 2006 is summarized as follows:</font></p>

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


<table border="0" cellspacing=0 cellpadding=0 width="550" style=' margin-left:0pt;border-collapse:collapse'>
    <tr style='height:47.75pt'>
        <td width="234" nowrap valign=bottom style=' height:47.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="69" nowrap valign=bottom style=' border-bottom:solid black .5pt;height:47.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Shares</font></p> </td>
        <td width="5" nowrap valign=bottom style=' height:47.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="67" nowrap valign=bottom style='border-bottom: solid black .5pt;height:47.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Weighted</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Average</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Exercise </font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Price</font></p> </td>
        <td width="100" valign=bottom style='border-bottom: solid black .5pt;height:47.75pt'>
            <p style='margin:0in;text-indent:0pt;text-align:center;margin-top:5pt;margin-bottom:.0001pt'><font size=1>Weighted</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Average</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Remaining </font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Contractual</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Term</font></p> </td>
        <td width="75" valign=bottom style='border-bottom: solid black .5pt;height:47.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Aggregate</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Intrinsic</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Value</font></p> </td> </tr>
    <tr style='height:12.25pt'>
        <td width="234" nowrap valign=bottom style='background:#CCFFFF; height:12.25pt'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt'><font size=1>Outstanding at January 1, 2006</font></p> </td>
        <td width="69" nowrap valign=bottom style='background:#CCFFFF; height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2,208,440</font></p> </td>
        <td width="5" nowrap valign=bottom style='background:#CCFFFF; height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="67" nowrap valign=bottom style='background:#CCFFFF; height:12.25pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0.5pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.89</font></p> </td>
        <td width="100" valign=bottom style='background:#CCFFFF; height:12.25pt'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt'><font size=1>&nbsp;</font></p> </td>
        <td width="75" valign=bottom style='background:#CCFFFF; height:12.25pt'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:12.25pt'>
        <td width="234" nowrap valign=bottom style=' height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Exercised</font></p> </td>
        <td width="69" nowrap valign=bottom style=' height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(558,860)</font></p> </td>
        <td width="5" nowrap valign=bottom style=' height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="67" nowrap valign=bottom style=' height:12.25pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0.5pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.50</font></p> </td>
        <td width="100" valign=bottom style=' height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="75" valign=bottom style=' height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:12.25pt'>
        <td width="234" nowrap valign=bottom style='background:#CCFFFF; height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Cancelled</font></p> </td>
        <td width="69" nowrap valign=bottom style='background:#CCFFFF; height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(4,400)</font></p> </td>
        <td width="5" nowrap valign=bottom style='background:#CCFFFF; height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="67" nowrap valign=bottom style='background:#CCFFFF; height:12.25pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0.5pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.27</font></p> </td>
        <td width="100" valign=bottom style='background:#CCFFFF; height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="75" valign=bottom style='background:#CCFFFF; height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.7pt'>
        <td width="234" nowrap valign=bottom style=' height:15.7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Outstanding at September 30, 2006</font></p> </td>
        <td width="69" nowrap valign=bottom style=' height:15.7pt'>
            <div style='border-top:solid black .5pt;border-left:none;border-bottom: double black 2.25pt;border-right:none;padding:1.0pt 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,645,180</font></p> </div> </td>
        <td width="5" nowrap valign=bottom style=' height:15.7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="67" nowrap valign=bottom style=' height:15.7pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0.5pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.35</font></p> </td>
        <td width="100" valign=bottom style=' height:15.7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3.8 years</font></p> </td>
        <td width="75" valign=bottom style=' height:15.7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45,348</font></p> </td> </tr>
    <tr style='height:16.25pt'>
        <td width="234" nowrap valign=bottom style='background:#CCFFFF; height:16.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Vested or expected to vest at September 30, 2006</font></p> </td>
        <td width="69" nowrap valign=bottom style='background:#CCFFFF; height:16.25pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,645,180</font></p> </div> </td>
        <td width="5" nowrap valign=bottom style='background:#CCFFFF; height:16.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="67" nowrap valign=bottom style='background:#CCFFFF; height:16.25pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0.5pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.35</font></p> </td>
        <td width="100" valign=bottom style='background:#CCFFFF; height:16.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3.8 years</font></p> </td>
        <td width="75" valign=bottom style='background:#CCFFFF; height:16.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45,348</font></p> </td> </tr>
    <tr style='height:12.25pt'>
        <td width="234" nowrap valign=bottom style=' height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>Options exercisable at September 30, 2006</font></p> </td>
        <td width="69" nowrap valign=bottom style=' border-bottom:double black 2.25pt;height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,499,180</font></p> </td>
        <td width="5" nowrap valign=bottom style=' height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="67" nowrap valign=bottom style=' height:12.25pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.96</font></p> </td>
        <td width="100" valign=bottom style=' height:12.25pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>3.7 years</font></p> </td>
        <td width="75" valign=bottom style=' height:12.25pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41,896</font></p> </td> </tr></table>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>No stock options have been granted since the adoption of SFAS No. 123 on January 1, 2003. The total intrinsic value of options exercised during the three months ended September 30, 2006 and 2005, was $4,387 and $6,869, respectively, and during the nine months ended September 30, 2006 and 2005, was $15,923 and $18,215, respectively.</font></p>

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

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

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

<p style='page-break-before:always'></p>

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

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>Under the plan, common stock may be awarded either alone, in addition to, or in tandem with other stock awards granted under the plan. The Committee has the authority to determine eligible persons to whom common stock will be awarded, the number of shares to be awarded and the duration of the vesting period, as defined. Generally, an award of common stock vests either immediately at grant, in equal installments over a period of five years or in one installment at the end of periods up to five years. The Committee may also provide for the issuance of common stock under the plan on a deferred basis pursuant to deferred compensation arrangements. The fair value of common stock awarded under the plan is determined based on the market price of the Company&#146;s common stock on the grant date and the related compensation expense is recognized over the vesting period on a straight-line basis.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.49in;text-align:left;'><font size=2>A summary of the status of the Company&#146;s stock awards as of September 30, 2006, and changes during the nine months ended September 30, 2006, is presented below:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="318" style=' margin-left:0pt;border-collapse:collapse'>
    <tr style='height:12.75pt'>
        <td width="191" nowrap valign=bottom style=' height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style=' height:12.75pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Shares</font></p> </div> </td>
        <td width="3" nowrap valign=bottom style=' height:12.75pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </div> </td>
        <td width="59" nowrap valign=bottom style=' height:12.75pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Weighted Average Grant-Date Fair Value</font></p> </div> </td> </tr>
    <tr style='height:12.25pt'>
        <td width="191" nowrap valign=bottom style='background:#CCFFFF; height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Nonvested at January 1, 2006</font></p> </td>
        <td width="64" nowrap valign=bottom style='background:#CCFFFF; height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>387,506</font></p> </td>
        <td width="3" nowrap valign=bottom style='background:#CCFFFF; height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="59" nowrap valign=bottom style='background:#CCFFFF; height:12.25pt'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.06</font></p> </td> </tr>
    <tr style='height:12.25pt'>
        <td width="191" nowrap valign=bottom style=' height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Granted</font></p> </td>
        <td width="64" nowrap valign=bottom style=' height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>245,989</font></p> </td>
        <td width="3" nowrap valign=bottom style=' height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="59" nowrap valign=bottom style=' height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.70</font></p> </td> </tr>
    <tr style='height:12.25pt'>
        <td width="191" nowrap valign=bottom style='background:#CCFFFF; height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Vested</font></p> </td>
        <td width="64" nowrap valign=bottom style='background:#CCFFFF; height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(157,004)</font></p> </td>
        <td width="3" nowrap valign=bottom style='background:#CCFFFF; height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="59" nowrap valign=bottom style='background:#CCFFFF; height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.94</font></p> </td> </tr>
    <tr style='height:12.25pt'>
        <td width="191" nowrap valign=bottom style=' height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Forfeited</font></p> </td>
        <td width="64" nowrap valign=bottom style=' height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(8,620)</font></p> </td>
        <td width="3" nowrap valign=bottom style=' height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="59" nowrap valign=bottom style=' height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.21</font></p> </td> </tr>
    <tr style='height:12.25pt'>
        <td width="191" nowrap valign=bottom style='background:#CCFFFF; height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Nonvested at September 30, 2006</font></p> </td>
        <td width="64" nowrap valign=bottom style='background:#CCFFFF; height:12.25pt'>
            <div style='border-top:solid black .5pt;border-left:none;border-bottom:double black 2.25pt; border-right:none;padding:1.0pt 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>467,871</font></p> </div> </td>
        <td width="3" nowrap valign=bottom style='background:#CCFFFF; height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="59" nowrap valign=bottom style='background:#CCFFFF; height:12.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.06</font></p> </td> </tr></table>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The weighted average grant-date fair value of shares granted during the nine months ended September 30, 2006 and 2005 was $39.70 and $39.00, respectively. The total fair value of shares vested during the nine months ended September 30, 2006 and 2005 was $6,270 and $3,442, respectively.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>As of September 30, 2006, there was $13,244 of total unrecognized compensation cost related to nonvested stock options and stock awards granted under the plan, which is expected to be recognized over a weighted average period of 3.9 years.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Note 10 &#150; Noncash Investing and Financing Activities</font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>The Company&#146;s noncash investing and financing activities were as follows for the nine months ended September 30, 2006 and 2005:</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="450" style=' margin-left:0pt;border-collapse:collapse'>
    <tr style='height:22.65pt'>
        <td width="318" nowrap valign=bottom style='padding:.9pt .9pt 0in .9pt; height:22.65pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-bottom:solid black .5pt;padding:.9pt .9pt 0in .9pt;height:22.65pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Nine Months Ended</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>September 30,</font></p> </td> </tr>
    <tr style='height:12.75pt'>
        <td width="318" nowrap valign=bottom style='padding:.9pt .9pt 0in .9pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="69" nowrap valign=bottom style='padding:.9pt .9pt 0in .9pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>2006</font></b></p> </td>
        <td width="63" nowrap valign=bottom style='padding:.9pt .9pt 0in .9pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2005</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="318" nowrap valign=bottom style='background:#CCFFFF; padding:.9pt .9pt 0in .9pt;height:.1in'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt'><font size=1>Additions to real estate assets accrued but not yet paid</font></p> </td>
        <td width="69" nowrap valign=bottom style='background:#CCFFFF; padding:.9pt .9pt 0in .9pt;height:.1in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$</font></b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>40,637</font></b></p> </div> </td>
        <td width="63" nowrap valign=bottom style='background:#CCFFFF; padding:.9pt .9pt 0in .9pt;height:.1in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;25,253</font></p> </div> </td> </tr>
    <tr style='height:.1in'>
        <td width="318" nowrap valign=bottom style='padding:.9pt .9pt 0in .9pt; height:.1in'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt'><font size=1>Conversion of minority interest into common stock</font></p> </td>
        <td width="69" nowrap valign=bottom style='padding:.9pt .9pt 0in .9pt; height:.1in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$</font></b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>16,486</font></b></p> </div> </td>
        <td width="63" nowrap valign=bottom style='padding:.9pt .9pt 0in .9pt; height:.1in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</font></p> </div> </td> </tr>
    <tr style='height:.1in'>
        <td width="318" nowrap valign=bottom style='background:#CCFFFF; padding:.9pt .9pt 0in .9pt;height:.1in'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt'><font size=1>Note receivable received on sale of land</font></p> </td>
        <td width="69" nowrap valign=bottom style='background:#CCFFFF; padding:.9pt .9pt 0in .9pt;height:.1in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$</font></b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>1,110</font></b></p> </div> </td>
        <td width="63" nowrap valign=bottom style='background:#CCFFFF; padding:.9pt .9pt 0in .9pt;height:.1in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</font></p> </div> </td> </tr>
    <tr style='height:.1in'>
        <td width="318" nowrap valign=bottom style='padding:.9pt .9pt 0in .9pt; height:.1in'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt'><font size=1>Debt assumed to acquire property interests, including premiums</font></p> </td>
        <td width="69" nowrap valign=bottom style='padding:.9pt .9pt 0in .9pt; height:.1in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$</font></b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>-</font></b></p> </div> </td>
        <td width="63" nowrap valign=bottom style='padding:.9pt .9pt 0in .9pt; height:.1in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;61,206</font></p> </div> </td> </tr>
    <tr style='height:.1in'>
        <td width="318" nowrap valign=bottom style='background:#CCFFFF; padding:.9pt .9pt 0in .9pt;height:.1in'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt'><font size=1>Minority interest issued in acquisition of real estate assets</font></p> </td>
        <td width="69" nowrap valign=bottom style='background:#CCFFFF; padding:.9pt .9pt 0in .9pt;height:.1in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$</font></b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>-</font></b></p> </div> </td>
        <td width="63" nowrap valign=bottom style='background:#CCFFFF; padding:.9pt .9pt 0in .9pt;height:.1in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;40,881</font></p> </div> </td> </tr>
    <tr style='height:13.3pt'>
        <td width="318" nowrap valign=bottom style='padding:.9pt .9pt 0in .9pt; height:13.3pt'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt'><font size=1>Debt assumed by buyer on sales of real estate assets</font></p> </td>
        <td width="69" nowrap valign=bottom style='padding:.9pt .9pt 0in .9pt; height:13.3pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$</font></b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>-</font></b></p> </div> </td>
        <td width="63" nowrap valign=bottom style='padding:.9pt .9pt 0in .9pt; height:13.3pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;12,141</font></p> </div> </td> </tr></table>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Note 11 &#150; Discontinued Operations</font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>During May 2006, the Company sold three community centers for an aggregate sales price of $42,280 and recognized a gain of $7,215. The Company also sold two community centers in May 2006 for an aggregate sales price of $63,000 and recognized a loss on impairment of real estate assets of $274. Total revenues for these community centers were $61 and $1,251 for the three months ended September </font></p>

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

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

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

<p style='page-break-before:always'></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>30, 2006 and 2005, respectively. Total revenues for these community centers were $5,045 and $1,776 for the nine months ended September 30, 2006 and 2005, respectively. All prior periods presented have been restated to reflect the operations of these community centers as discontinued operations.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>All five of these community centers were sold to Galileo America LLC (&#147;Galileo America&#148;) in connection with a put right the Company had previously entered into with Galileo America. The Company, as tenant, entered into separate master lease agreements with Galileo America, as landlord, covering a total of three spaces in the properties sold to Galileo America. Under each master lease agreement, the Company is obligated to pay Galileo America an agreed-upon minimum annual rent, plus a pro rata share of common area maintenance expenses and real estate taxes, for each designated space for a term of two years from the closing date. The Company had a liability of $610 at September 30, 2006 for the amounts to be paid over the remaining terms of the master lease obligations. To the extent the Company is relieved of its obligations under the master lease agreements as a result of leasing
the spaces to third parties, the Company will recognize additional gain on sale of real estate assets.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Note 12 &#150; Recent Accounting Pronouncements</font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In June&nbsp;2005, the Financial Accounting Standards Board (&#147;FASB&#148;) issued Emerging Issues Task Force (&#147;EITF&#148;) Issue No.&nbsp;04-5, </font><i><font size=2>Determining Whether a General Partner, or the General Partners as a Group, Controls a Limited Partnership or Similar Entity When the Limited Partners Have Certain Rights</font></i><font size=2>. EITF Issue No.&nbsp;04-5 provides a framework for determining whether a general partner controls, and should consolidate, a limited partnership or a similar entity. EITF Issue No.&nbsp;04-5 is effective after June&nbsp;29, 2005, for all newly formed limited partnerships and for any pre-existing limited partnerships that modify their partnership agreements after that date. General partners of all other limited partnerships are required to apply the consensus no later than the beginning of the first reporting period in fiscal
years beginning after December&nbsp;15, 2005. The adoption of EITF Issue No.&nbsp;04-5 did not result in any changes to the manner in which the Company accounts for its joint ventures.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In June&nbsp;2005, the FASB issued FSP 78-9-1, </font><i><font size=2>Interaction of AICPA Statement of Position 78-9 and EITF Issue No.</font></i><font size=2>&nbsp;</font><i><font size=2>04-5</font></i><font size=2>. The EITF acknowledged that the consensus in EITF Issue No.&nbsp;04-5 conflicts with certain aspects of Statement of Position (&#147;SOP&#148;) 78-9, &#147;Accounting for Investments in Real Estate Ventures.&#148;&nbsp; The EITF agreed that the assessment of whether a general partner, or the general partners as a group, controls a limited partnership should be consistent for all limited partnerships, irrespective of the industry within which the limited partnership operates. Accordingly, the guidance in SOP 78-9 was amended in FSP 78-9-1 to be consistent with the guidance in EITF Issue No.&nbsp;04-5. The effective dates for this FSP are the same as those mentioned above in EITF
Issue No.&nbsp;04-5. The adoption of FSP 78-9-1 did not result in any changes to the manner in which the Company accounts for its joint ventures.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>On July 13, 2006, the FASB issued Interpretation No. 48, </font><i><font size=2>Accounting for Uncertainty in Income Taxes</font></i><font size=2> (&#147;FIN 48&#148;), which is effective for fiscal years beginning after December 15, 2006. FIN&nbsp;48 clarifies the accounting for uncertainty in income taxes recognized in the financial statements in accordance with FASB Statement No.109, </font><i><font size=2>Accounting for Income Taxes</font></i><font size=2>, by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. FIN 48 also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company is currently evaluating the impact that the adoption of FIN 48 will have on its financial statements.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In September&nbsp;2006, the FASB issued Statement of Financial Accounting Standards (&#147;SFAS&#148;) No.&nbsp;157, </font><i><font size=2>Fair Value Measurements</font></i><font size=2>. SFAS No. 157 defines fair value, establishes a framework for measuring fair value under generally accepted accounting principles, and expands disclosures about fair value measurements. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November&nbsp;15, 2007, and interim periods within those fiscal years. The transition adjustment, which is measured as the difference between the carrying amount and the fair value of those financial </font></p>

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

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

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

<p style='page-break-before:always'></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>instruments at the date SFAS No. 157 is initially applied, should be recognized as a cumulative effect adjustment to the opening balance of retained earnings for the fiscal year in which SFAS No. 157 is initially applied. The provisions of SFAS No.&nbsp;157 are effective for the Company beginning January&nbsp;1, 2008. The Company is currently evaluating the impact of adopting SFAS No.&nbsp;157 on its consolidated financial statements.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In September&nbsp;2006, the SEC issued Staff Accounting Bulletin (&#147;SAB&#148;) No.&nbsp;108,</font><i><font size=2> Considering the Effects of Prior Year Misstatements when quantifying Misstatements in Current Year Financial Statements</font></i><font size=2>. SAB No. 108 requires companies to evaluate the materiality of identified unadjusted errors on each financial statement and related financial statement disclosure using both the rollover approach and the iron curtain approach, as those terms are defined in SAB No. 108. The rollover approach quantifies misstatements based on the amount of the error in the current year financial statement, whereas the iron curtain approach quantifies misstatements based on the effects of correcting the misstatement existing in the balance sheet at the end of the current year, irrespective of the misstatement&#146;s year(s) of origin. Financial
statements would require adjustment when either approach results in quantifying a misstatement that is material. Correcting prior year financial statements for immaterial errors would not require previously filed reports to be amended. If a Company determines that an adjustment to prior year financial statements is required upon adoption of SAB No. 108 and does not elect to restate its previous financial statements, then it must recognize the cumulative effect of applying SAB No. 108 in fiscal 2006 beginning balances of the affected assets and liabilities with a corresponding adjustment to the fiscal 2006 opening balance in retained earnings. SAB No. 108 is effective for interim periods of the first fiscal year ending after November&nbsp;15, 2006. The Company is currently evaluating the impact of SAB No. 108 on its consolidated financial statements.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>ITEM 2:  Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations </font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>The following discussion and analysis of financial condition and results of operations should be read in conjunction with the consolidated financial statements and accompanying notes that are included in this Form 10-Q. In this discussion, the terms &#147;we&#148;, &#147;us&#148;, &#147;our&#148;, and the &#147;Company&#148; refer to CBL &amp; Associates Properties, Inc. and its subsidiaries.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>Certain statements made in this section or elsewhere in this report may be deemed &#147;forward looking statements&#148; within the meaning of the federal securities laws. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that these expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. In addition to the risk factors described in Part II, Item 1A. of this report, such risks and uncertainties include, without limitation, general industry, economic and business conditions, interest rate fluctuations, costs of capital and capital requirements, availability of real estate properties, inability to consummate acquisition opportunities, competition from other companies
and retail formats, changes in retail rental rates in the Company&#146;s markets, shifts in customer demands, tenant bankruptcies or store closings, changes in vacancy rates at our properties, changes in operating expenses, changes in applicable laws, rules and regulations, the ability to obtain suitable equity and/or debt financing and the continued availability of financing in the amounts and on the terms necessary to support our future business. We disclaim any obligation to update or revise any forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking information.</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>We are a self-managed, self-administered, fully integrated real estate investment trust (&#147;REIT&#148;) that is engaged in the ownership, development, acquisition, leasing, management and operation of regional shopping malls, open-air centers and community centers. Our shopping center properties are located in 26 states, but primarily in the southeastern and midwestern United States.</font></p>

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

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

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

<p style='page-break-before:always'></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>As of September 30, 2006, we owned controlling interests in 72 regional malls, 27 associated centers (each adjacent to a regional shopping mall), two community centers and our office building. We consolidate the financial statements of all entities in which we have a controlling financial interest or where we are the primary beneficiary of a variable interest entity. As of September 30, 2006, we owned non-controlling interests in seven regional malls and three associated centers. Because one or more of the other partners have substantive participating rights we do not control these partnerships and joint ventures and, accordingly, account for these investments using the equity method.  We had two mall/lifestyle expansions, one open-air shopping center expansion,</font><font size=2>&nbsp;&nbsp;</font><font size=2>four associated/lifestyle centers and five community centers (two of which are
owned in joint ventures) under construction at September 30, 2006. We also hold options to acquire certain development properties owned by third parties. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>The majority of our revenues is derived from leases with retail tenants and generally includes base minimum rents, percentage rents based on tenants&#146; sales volumes and reimbursements from tenants for expenditures, including property operating expenses, real estate taxes and maintenance and repairs, as well as certain capital expenditures. We also generate revenues from sales of outparcel land at the properties and from sales of operating real estate assets when it is determined that we can realize the maximum value of the assets. Proceeds from such sales are generally used to reduce borrowings on our credit facilities.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font SIZE=2>RESULTS OF OPERATIONS</font></B></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>The following significant transactions impact the comparison of the results of operations for the three months and nine months ended September 30, 2006 to the results of operations for the comparable periods ended September 30, 2005:</font></p>

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


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>We have acquired or opened eight malls, two open-air centers and two associated centers since January 1, 2005 (collectively referred to as the &#147;New Properties&#148;). We do not consider a property to be one of the Comparable Properties (defined below) until the property has been owned or open for one complete calendar year. The New Properties are as follows:</font></p> </td> </tr></table>


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


<table border="0" cellspacing=0 cellpadding=0 width="570" style=' margin-left:41.4pt;border-collapse:collapse'>
    <tr>
        <td width="240" valign=bottom style='border-bottom: solid black .5pt;padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Project Name</font></p> </div> </td>
        <td width="194" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>Location</font></p> </div> </td>
        <td width="136" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>Date Acquired / Opened</font></p> </div> </td> </tr>
    <tr>
        <td width="240" valign=top style='background:#CCFFFF;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><i><font size=1>Acquisitions:</font></i></u><i><u></u></i></p> </td>
        <td width="194" valign=top style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="136" valign=top style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="240" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Laurel Park Place</font></p> </td>
        <td width="194" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Livonia, MI</font></p> </td>
        <td width="136" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>June 2005</font></p> </td> </tr>
    <tr>
        <td width="240" valign=top style='background:#CCFFFF;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>The Mall of Acadiana</font></p> </td>
        <td width="194" valign=top style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Lafayette, LA</font></p> </td>
        <td width="136" valign=top style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>July 2005</font></p> </td> </tr>
    <tr>
        <td width="240" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Layton Hills Mall</font></p> </td>
        <td width="194" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Layton, UT</font></p> </td>
        <td width="136" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>November 2005</font></p> </td> </tr>
    <tr>
        <td width="240" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Layton Hills Convenience Center</font></p> </td>
        <td width="194" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Layton, UT</font></p> </td>
        <td width="136" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>November 2005</font></p> </td> </tr>
    <tr>
        <td width="240" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Oak Park Mall</font></p> </td>
        <td width="194" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Overland Park, KS</font></p> </td>
        <td width="136" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>November 2005</font></p> </td> </tr>
    <tr>
        <td width="240" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Eastland Mall</font></p> </td>
        <td width="194" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Bloomington, IL</font></p> </td>
        <td width="136" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>November 2005</font></p> </td> </tr>
    <tr>
        <td width="240" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Hickory Point Mall</font></p> </td>
        <td width="194" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Forsyth, IL</font></p> </td>
        <td width="136" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>November 2005</font></p> </td> </tr>
    <tr>
        <td width="240" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Triangle Town Center (50/50 joint venture)</font></p> </td>
        <td width="194" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Raleigh, NC</font></p> </td>
        <td width="136" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>November 2005</font></p> </td> </tr>
    <tr>
        <td width="240" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Triangle Town Place (50/50 joint venture)</font></p> </td>
        <td width="194" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Raleigh, NC</font></p> </td>
        <td width="136" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>November 2005</font></p> </td> </tr>
    <tr>
        <td width="240" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="194" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="136" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="240" valign=top style='background:#CCFFFF;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><i><font size=1>Developments:</font></i></u><i><u></u></i></p> </td>
        <td width="194" valign=top style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="136" valign=top style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="240" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Imperial Valley Mall (60/40 joint venture)</font></p> </td>
        <td width="194" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>El Centro, CA</font></p> </td>
        <td width="136" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>March 2005</font></p> </td> </tr>
    <tr>
        <td width="240" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Southaven Towne Center</font></p> </td>
        <td width="194" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Southaven, MS</font></p> </td>
        <td width="136" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>October 2005</font></p> </td> </tr>
    <tr>
        <td width="240" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Gulf Coast Town Center &#150; Phase I (50/50 joint venture)</font></p> </td>
        <td width="194" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Ft. Myers, FL</font></p> </td>
        <td width="136" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>November 2005</font></p> </td> </tr></table>

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


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Properties that were in operation as of January 1, 2005 and September 30, 2006 are referred to as the &#147;Comparable Properties.&#148;</font></p> </td> </tr></table>


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

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

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

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

<p style='page-break-before:always'></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
<b><font size=2>Comparison of the Three Months Ended September 30, 2006 to the Three Months Ended September 30, 2005</font></b></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The $18.8 million increase in revenues resulted from an increase of $24.5 million attributable to the revenues from the New Properties, an increase of $3.0 million in revenues from the Comparable Properties, a decrease in management, development and leasing fees of $9.9 million resulting primarily from the sale of our management contracts with Galileo America, LLC (&#147;Galileo America&#148;)in August 2005, and an increase in other revenues of $1.2 million due to growth in our subsidiary that provides security and maintenance services to third parties.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Revenue growth of the Comparable Properties was negatively impacted by the continued loss of rental income from the store closures and bankruptcies that occurred in the first quarter of 2006. As discussed in the section Operational Review, this impacted our occupancy, and as a result, our cost recovery ratio decreased to 102.0% for the three months ended September 30, 2006, compared to 103.1% for the three months ended September 30, 2005. </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The $6.8 million increase in property operating expenses, including real estate taxes and maintenance and repairs, resulted from an increase of $7.2 million from the New Properties offset by a reduction of $0.3 million attributable to the Comparable Properties. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The $17.2 million increase in depreciation and amortization expense resulted from increases of $13.6 million from the New Properties, of which $6.3 million is related to revisions that we made to the estimated useful lives of certain acquired assets and liabilities. The increase attributable to the Comparable Properties is $3.6 million and is due to ongoing capital expenditures for renovations, expansions, tenant allowances and deferred maintenance.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>General and administrative expenses decreased $0.8 million due to reductions in personnel as a result of the sale of our interest in Galileo America in August 2005. During the three months ended September 30, 2005, we recorded a one-time charge of $1.3 million related to the severance packages for individuals affected by the sale of our management and advisory contracts with Galileo America. Additionally, we have increased the number of developments in progress compared to the same period a year ago, which has resulted in a larger amount of overhead expense being capitalized than compared to the same period a year ago. These decreases were partially offset by annual increases in salaries and benefits of existing personnel and the addition of new personnel to support our growth.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.54in;text-align:left;'><font size=2>Other expense increased $1.4 million due to an increase in the operating expenses of our subsidiary that provides security and maintenance services to third parties.</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.54in;text-align:left;'><font size=2>Interest expense increased by $11.2 million due to the additional debt associated with the New Properties, the higher level of debt associated with the refinancing of four loans in July 2006 and an increase in the weighted average interest rate of our variable-rate debt as compared to the comparable period of the prior year.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.49in;text-align:left;'><font size=2>We recorded a loss on extinguishment of debt of $0.9 million as a result of retiring two loans prior to their scheduled maturity dates.  The loss on extinguishment consisted of prepayment fees of $0.6 million and the write-off of unamortized deferred financing costs of $0.3 million.</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>20</font></p>

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

<p style='page-break-before:always'></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.54in;text-align:left;'><font size=2>Gain on sales of real estate assets of $3.9 million in the three months ended September 30, 2006 relates to the sale of three outparcels. Gain on sales of real estate assets of $46.5 million in the three months ended September 30, 2005 included $42.9 million of gains related to the redemption of our ownership interest in Galileo America, $1.3 million from the recognition of deferred gain related to properties that were previously sold to Galileo America and $2.3 million of gains on the sales of three outparcels.  </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><font size=2>Equity in Earnings of Unconsolidated Affiliates</font></i></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Equity in earnings of unconsolidated affiliates decreased $0.4 million due to several factors.  First, we recognized our share of the losses generated by Triangle Town Center, in which our ownership interest was not acquired until November 2005.  Second, there was an increase in our share of the losses of Parkway Place primarily due to an increase in the interest rate on its variable rate debt as compared to the prior year.  Third, our share of the earnings of Kentucky Oaks Mall decreased as a result of a new state income tax that became effective.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>These decreases were offset by our share of the earnings of Triangle Town Place, an associated center adjacent to Triangle Town Center in which we acquired an ownership interest in November 2005, an increase in our share of the earnings of Coastal Grand-Myrtle Beach due to its continued growth, an increase in our share of the earnings of Imperial Valley Mall attributable to gains on sales of outparcels and an increase from our share of gains on sales at High Pointe Commons. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>Discontinued operations in the three months ended September 30, 2006 reflect the true up of estimated expenses to actual amounts for properties sold during previous periods. Discontinued operations in the three months ended September 30, 2005 represent the true up of estimated expenses to actual amounts for properties sold during previous periods, as well as the operations of community centers that were sold subsequent to September 30, 2005.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Comparison of the Nine Months Ended September 30, 2006 to the Nine Months Ended September 30, 2005</font></b></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The $83.3 million increase in revenues resulted from an increase of $74.5 million attributable to the New Properties, an increase in revenues of $19.3 million from the Comparable Properties, a decrease in management, development and leasing fees of $14.0 million resulting from the sale of our management contracts with Galileo America in August 2005, and an increase in other revenues of $3.6 million due to growth in our subsidiary that provides security and maintenance services to third parties. Our cost recovery ratio increased slightly to 103.9% for the nine months ended September 30, 2006, compared to 103.8% for the nine months ended September 30, 2005.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Revenue growth of the Comparable Properties was partially offset by the continued loss of rental income from the store closures and bankruptcies that occurred in the first quarter of 2006. </font></p>

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

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

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

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

<p style='page-break-before:always'></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The $26.9 million increase in property operating expenses, including real estate taxes and maintenance and repairs, resulted from an increase of $22.2 million attributable to the New Properties and $4.7 million from the Comparable Properties. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The $41.8 million increase in depreciation and amortization expense resulted from increases of $33.7 million from the New Properties, of which $6.3 million is related to revisions that we made to the estimated useful lives of certain acquired assets and liabilities. The increase of $8.1 million attributable to the Comparable Properties is due to ongoing capital expenditures for renovations, expansions, tenant allowances and deferred maintenance.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>General and administrative expenses decreased $0.6 million primarily as a result of reductions in personnel due to the sale of our interest in Galileo America in August 2005. During the nine months ended September 30, 2005, we recorded a one-time charge of $1.3 million related to the severance packages for individuals affected by the sale of our management and advisory contracts with Galileo America. Additionally, we have increased the number of developments in progress compared to the same period a year ago, which has resulted in a larger amount of overhead expense being capitalized than compared to the same period a year ago. These decreases were partially offset by annual increases in salaries and benefits of existing personnel and the addition of new personnel to support our growth.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.54in;text-align:justify;'><font size=2>Other expense increased $3.6 million due to an increase of $3.7 million in the operating expenses of our subsidiary that provides security and maintenance services to third parties and a decrease of $0.1 million in write-offs of abandoned development projects.</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.54in;text-align:left;'><font size=2>Interest expense increased by $39.7 million primarily due to the additional debt associated with the New Properties and an increase in the weighted average interest rate of our variable-rate debt as compared to the same period of the prior year.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.49in;text-align:left;'><font size=2>We recorded a loss on extinguishment of debt of $0.9 million as a result of retiring two loans prior to their scheduled maturity dates.  The loss on extinguishment consisted of prepayment fees of $0.6 million and the write-off of unamortized deferred financing costs of $0.3 million.</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.54in;text-align:left;'><font size=2>Gain on sales of real estate assets of $6.8 million in the nine months ended September 30, 2006 relates to the sale of six outparcels. Gain on sales of real estate assets of $53.6 million in the nine months ended September 30, 2005 includes $44.2 million of gains related to the redemption of our ownership interest in Galileo America, $1.0 million from the recognition of deferred gain related to properties that were previously sold to Galileo America and $8.4 million of gains on the sales of ten outparcels.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><font size=2>Equity in Earnings of Unconsolidated Affiliates</font></i></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Equity in earnings of unconsolidated affiliates decreased $3.0 million because of the disposition of our ownership interest in Galileo America in August 2005, losses incurred at Triangle Town Center, in which our ownership interest was not acquired until November 2005, an increase in interest expense of Parkway Place due to a rise in the interest rate on its variable rate debt as compared to the prior year and a decrease in gains from outparcel sales at Imperial Valley Mall as compared to the prior year period. These decreases were partially offset by increases in earnings of our other unconsolidated affiliates.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

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

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

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

<p style='page-break-before:always'></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>Discontinued operations in the nine months ended September 30, 2006 reflects the results of operations of five community centers that were sold during May 2006. Discontinued operations in the nine months ended September 30, 2005 are related to five community centers located throughout Michigan that were sold in March 2005, as well as the operations of community centers that were sold subsequent to September 30, 2005.</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>The shopping center business is, to some extent, seasonal in nature with tenants achieving the highest levels of sales during the fourth quarter because of the holiday season. Additionally, the malls earn most of their &#147;temporary&#148; rents (rents from short-term tenants), during the holiday period. Thus, occupancy levels and revenue production are generally the highest in the fourth quarter of each year. Results of operations realized in any one quarter may not be indicative of the results likely to be experienced over the course of the fiscal year.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>We classify our regional malls into two categories &#150; malls that have completed their initial lease-up are referred to as stabilized malls and malls that are in their initial lease-up phase and have not been open for three calendar years are referred to as non-stabilized malls. The non-stabilized malls currently include Coastal Grand-Myrtle Beach in Myrtle Beach, SC, which opened in March 2004; Imperial Valley Mall in El Centro, CA, which opened in March 2005; Southaven Towne Center in Southaven, MS, which opened in October 2005; and Gulf Coast Town Center - Phase I in Ft. Myers, FL, which opened in November 2005.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>We derive a significant amount of our revenues from the mall properties. The sources of our revenues by property type were as follows:</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="434" style=' margin-left:78.0pt;border-collapse:collapse'>
    <tr style='height:.15in'>
        <td width="248" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style=' border-bottom:solid black .5pt;padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Nine Months Ended September 30,</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="248" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=bottom style='padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2006</font></p> </div> </td>
        <td width="90" valign=bottom style='border-top:solid black .5pt; padding:0in 6.0pt 0in 6.0pt;height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2005</font></p> </div> </td> </tr>
    <tr style='height:.1in'>
        <td width="248" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Malls</font>                       </p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>92.5%</font></p> </td>
        <td width="90" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>91.2%</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="248" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Associated centers</font>           </p> </td>
        <td width="96" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3.9%</font></p> </td>
        <td width="90" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3.9%</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="248" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Community centers </font></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0.7%</font></p> </td>
        <td width="90" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1.0%</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="248" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Mortgages, office building and other</font></p> </td>
        <td width="96" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2.9%</font></p> </td>
        <td width="90" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3.9%</font></p> </td> </tr></table>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>Mall store sales (for those tenants who occupy 10,000 square feet or less and have reported sales) increased by 4.5% on a comparable per square foot basis for the nine months ended September 30, 2006.   Mall store sales also increased 4.5% (we previously reported 5.8% in our earnings release and the investor conference call script attached as exhibits to our Current Report on Form 8-K dated November 3, 2006) on a comparable per square foot basis to $340 per square foot for the trailing twelve months ended September 30, 2006.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Occupancy costs as a percentage of sales for the stabilized malls were 13.4% for the nine months ended September 30, 2006 and 2005.</font></p>

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

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

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

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

<p style='page-break-before:always'></p>

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

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

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


<table border="0" cellspacing=0 cellpadding=0 width="545" style=' border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="3" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The occupancy of the portfolio was as follows:</font></p> </td>
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.1in'>
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="240" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="3" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>At September 30,</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="240" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style=' border-top:solid black .5pt;padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2006</font></p> </div> </td>
        <td width="104" valign=bottom style='border-top:solid black .5pt; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2005</font></p> </div> </td> </tr>
    <tr style='height:.1in'>
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="240" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Total portfolio occupancy</font></p> </td>
        <td  colspan="2" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>92.6%</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>93.3%</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="240" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Total mall portfolio</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>92.3%</font></p> </td>
        <td width="104" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>93.2%</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="240" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Stabilized malls</font></p> </td>
        <td  colspan="2" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>92.4%</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>93.4%</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="240" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Non-stabilized malls </font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>90.7%</font></p> </td>
        <td width="104" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>88.0%</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="240" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Associated centers</font></p> </td>
        <td  colspan="2" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>94.9%</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>94.5%</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="240" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Community centers</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>88.3%</font></p> </td>
        <td width="104" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>92.8%</font></p> </td> </tr>
    <tr>
        <td width="48" ></td>

        <td width="49" ></td>

        <td width="240" ></td>

        <td width="6" ></td>

        <td width="98" ></td>

        <td width="104" ></td> </tr> </table>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Stabilized mall occupancy, and as a result, total portfolio occupancy, were negatively impacted by the vacancies that have occurred related to Casual Corner and Musicland. In the first quarter of 2006, 26 Casual Corner/Petite Sophisticate stores with 147,000 square feet terminated their leases early. We have made significant progress on re-leasing the vacant Casual Corner spaces and have over 56% of the space leased and committed at base rents that are 20% higher. Musicland closed 32 stores during the first quarter of 2006 totaling 114,000 square feet.  We are also making significant progress on the Musicland space as we have nearly 50% of the space leased or committed. There can be no assurance, however, as to how soon the vacant stores will be fully re-leased. The occupancy numbers are still negatively impacted by the Casual Corner and Musicland vacancies, as over 92,000 square feet of the
leased and committed space was not yet open at September 30, 2006.  The periods of vacancy will continue to have an impact on 2006 operating results.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In addition to the Casual Corner and Musicland spaces, timing issues and relocations at several of the malls have impacted our occupancy.  For example, Turtle Creek Mall in Hattiesburg, MS, which has historically maintained 100% occupancy, had a 15% decline in occupancy from the prior year.  The principal reason for this was that three stores elected not to reopen after Hurricane Katrina.  We have successfully re-leased these spaces to Hollister, S&amp;K, Forever 21 and Man Alive with openings occurring in October 2006 and November 2006.  These timing delays at Turtle Creek accounted for 10 basis points of the decline in mall occupancy this quarter.  Several other malls experienced similar issues that impacted occupancy on a temporary basis.  </font></p>

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

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

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


<table border="0" cellspacing=0 cellpadding=0 width="547" style=' border-collapse:collapse'>
    <tr>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="499" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Average annual base rents per square foot were as follows for each property type:</font></p> </td> </tr></table>

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


<table border="0" cellspacing=0 cellpadding=0 width="448" style=' margin-left:78.0pt;border-collapse:collapse'>
    <tr style='height:.1in'>
        <td width="240" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style=' border-bottom:solid black .5pt;padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>At September 30,</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="240" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="104" valign=bottom style='padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2006</font></p> </div> </td>
        <td width="104" valign=bottom style='border-top:solid black .5pt; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2005</font></p> </div> </td> </tr>
    <tr style='height:.1in'>
        <td width="240" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Stabilized malls</font>                          </p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.74</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.85</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="240" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Non-stabilized malls</font></p> </td>
        <td width="104" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.80</font></p> </td>
        <td width="104" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.46</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="240" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Associated centers</font>           </p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.78</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.16</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="240" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Community centers </font></p> </td>
        <td width="104" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.68</font></p> </td>
        <td width="104" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="240" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Office</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.47</font></p> </td>
        <td width="104" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.33</font></p> </td> </tr></table>

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

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

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

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

<p style='page-break-before:always'></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'>
<font size=2>The following table presents the results we achieved in new and renewal leasing during the three months and nine months ended September 30, 2006 for small shop spaces less than 20,000 square feet that were previously occupied, excluding junior anchors:</font></p>

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


<table border="0" cellspacing=0 cellpadding=0 width="619" style=' margin-left:33.8pt;border-collapse:collapse'>
    <tr style='height:.2in'>
        <td width="115" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.2in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.2in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Square Feet</font></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.2in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Base Rent</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Per </font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Square Foot</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Prior Lease (1)<sup> </sup></font></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.2in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Initial Base</font></p>
<p style='margin-left:0pt;text-indent:2.25pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Rent Per Square Foot </font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>New Lease (2)</font></p> </div> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.2in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>% Change</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Initial</font></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.2in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Average Base</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Rent Per</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Square Foot</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>New Lease (3)</font></p> </div> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.2in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>% Change</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Average</font></p> </div> </td> </tr>
    <tr style='height:11.8pt'>
        <td width="115" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:11.8pt'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt'><b><font size=1>Quarter:</font></b></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:11.8pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:11.8pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:11.8pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:11.8pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:11.8pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:11.8pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="115" valign=bottom style='background:white;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt'><font size=1>Stabilized Malls</font></p> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>623,853</font></p> </td>
        <td width="88" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.99</font></p> </td>
        <td width="88" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.78</font></p> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>7.5%</font></p> </td>
        <td width="88" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.59</font></p> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>10.8%</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="115" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Associated centers</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>32,163</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>12.20</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>12.39</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1.6%</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>12.53</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2.7%</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="115" valign=bottom style='background:white;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Community centers</font></p> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4,500</font></p> </div> </td>
        <td width="88" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>21.67</font></p> </div> </td>
        <td width="88" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>21.67</font></p> </div> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0.0%</font></p> </div> </td>
        <td width="88" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>21.67</font></p> </div> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0.0%</font></p> </div> </td> </tr>
    <tr style='height:.1in'>
        <td width="115" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>660,516</font></p> </div> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.40</font></p> </div> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.10</font></p> </div> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>7.3%</font></p> </div> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.87</font></p> </div> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>10.6%</font></p> </div> </td> </tr>
    <tr style='height:.1in'>
        <td width="115" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="115" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt'><b><font size=1>Year To Date:</font></b></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="115" valign=bottom style='background:white;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt'><font size=1>Stabilized Malls</font></p> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,891,754</font></p> </td>
        <td width="88" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.23</font></p> </td>
        <td width="88" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.28</font></p> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4.1%</font></p> </td>
        <td width="88" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.02</font></p> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>7.1%</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="115" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Associated centers</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>66,075</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>14.47</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>15.10</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4.3%</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>15.22</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5.2%</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="115" valign=bottom style='background:white;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Community centers</font></p> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>16,802</font></p> </div> </td>
        <td width="88" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>21.22</font></p> </div> </td>
        <td width="88" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>22.10</font></p> </div> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4.1%</font></p> </div> </td>
        <td width="88" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>22.35</font></p> </div> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5.3%</font></p> </div> </td> </tr>
    <tr style='height:.1in'>
        <td width="115" valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,974,631</font></p> </div> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.84</font></p> </div> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.87</font></p> </div> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4.1%</font></p> </div> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.59</font></p> </div> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>7.1%</font></p> </div> </td> </tr>
    <tr style='height:.1in'>
        <td width="115" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="47" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="26" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(1)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>Represents the rent that was in place at the end of the lease term.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="47" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="26" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(2)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>Represents the rent in place at beginning of the lease term.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="47" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="26" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(3)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>Average base rent over the term of the new lease.</font></p> </td> </tr></table>


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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font SIZE=2>LIQUIDITY AND CAPITAL RESOURCES</font></B></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>There was $33.6 million of cash and cash equivalents as of September 30, 2006, an increase of  $4.7 million from December 31, 2005. Cash flows from operations are used to fund short-term liquidity and capital needs such as tenant construction allowances, capital expenditures and payments of dividends and distributions. For longer-term liquidity needs such as acquisitions, new developments, renovations and expansions, we typically rely on property specific mortgages (which are generally non-recourse), construction and term loans, revolving lines of credit, common stock, preferred stock, joint venture investments and a minority interest in the Operating Partnership.</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>Cash provided by operating activities during the nine months ended September 30, 2006, decreased by $1.9 million to $268.6 million from $270.5 million during the nine months ended September 30, 2005. This decrease is primarily due to an increase of $51.5 million in the amount of cash that was paid for interest on outstanding borrowings, excluding cash interest payments that were capitalized, as a result of higher debt levels and a higher weighted average interest rate on our debt portfolio.  These decreases were mostly offset by increases related to the operations of the New Properties as well as improvements in the operations of the Comparable Properties.</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>During the nine months ended September 30, 2006, we borrowed $742.1 million under mortgage and other notes payable and paid $613.1 million to reduce outstanding borrowings under mortgage and other notes payable. We paid $5.3 million of costs directly related to borrowings and our credit facilities, as well as $0.6 million in prepayment fees related to the retirement of a loan before its schedule maturity date.</font></p>

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

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

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

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

<p style='page-break-before:always'></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
<font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>The following tables summarize debt based on our pro rata ownership share (including our pro rata share of unconsolidated affiliates and excluding minority investors&#146; share of shopping center properties) because we believe this provides investors a clearer understanding of our total debt obligations and liquidity (in thousands):</font></p>


<table width="600" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr style='height:.1in'>
        <td width="231" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Consolidated</font></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Minority Interests</font></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Unconsolidated Affiliates</font></p> </div> </td>
        <td width="80" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Total</font></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Weighted</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Average</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Interest Rate(1)</font></p> </div> </td> </tr>
    <tr style='height:.1in'>
        <td width="231" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>September 30, 2006:</font></b></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="231" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Fixed-rate debt:</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="231" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Non-recourse loans on operating properties</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,488,207</font></p> </div> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <div style='border-bottom:solid #333333 .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56,862)</font></p> </div> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <div style='border-bottom:solid #333333 .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217,585</font></p> </div> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <div style='border-bottom:solid #333333 .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin:0in;text-indent:0pt;text-align: right;margin-top:5pt;margin-bottom:.0001pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,648,930</font></p> </div> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>5.97%</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="231" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Variable-rate debt:</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="231" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Recourse term loans on operating properties</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>-</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>-</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>26,600</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>26,600</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>6.33%</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="231" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Construction loans</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>207,777</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>-</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>-</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>207,777</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>6.58%</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="231" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Lines of credit</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>768,432</font></p> </div> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <div style='border-bottom:solid #333333 .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>-</font></p> </div> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <div style='border-bottom:solid #333333 .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>-</font></p> </div> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <div style='border-bottom:solid #333333 .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>768,432</font></p> </div> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>6.17%</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="231" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Total variable-rate debt</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>976,209</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <div style='border-bottom:solid #333333 .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>-</font></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <div style='border-bottom:solid #333333 .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>26,600</font></p> </div> </td>
        <td width="80" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <div style='border-bottom:solid #333333 .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,002,809</font></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>6.26%</font></p> </td> </tr>
    <tr style='height:11.4pt'>
        <td width="231" nowrap valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:11.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Total</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:11.4pt'>
            <div style='border-top:solid black .5pt;border-left:none;border-bottom: double black 2.25pt;border-right:none;padding:1.0pt 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,464,416</font></p> </div> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:11.4pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56,862)</font></p> </div> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:11.4pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244,185</font></p> </div> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:11.4pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,651,739</font></p> </div> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:11.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>6.03%</font></p> </td> </tr></table>

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

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


<table width="600" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr style='height:.1in'>
        <td  colspan="3" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Consolidated</font></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Minority Interests</font></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Unconsolidated Affiliates</font></p> </div> </td>
        <td width="80" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Total</font></p> </div> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Weighted Average</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Interest Rate(1)</font></p> </div> </td> </tr>
    <tr style='height:.1in'>
        <td  nowrap colspan="3" valign=bottom style='background: #CCFFFF;padding:0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>December 31, 2005:</font></b></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:12.6pt'>
        <td  nowrap colspan="3" valign=bottom style='padding: 0in 5.4pt 0in 5.4pt;height:12.6pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Fixed-rate debt:</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.6pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.6pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.6pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.6pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.6pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td  nowrap colspan="3" valign=bottom style='background: #CCFFFF;padding:0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Non-recourse loans on operating properties</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,281,939</font></p> </div> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <div style='border-bottom:solid #333333 .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51,950)</font></p> </div> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <div style='border-bottom:solid #333333 .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216,026</font></p> </div> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <div style='border-bottom:solid #333333 .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin:0in;text-indent:0pt;text-align: right;margin-top:5pt;margin-bottom:.0001pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,446,015</font></p> </div> </td>
        <td  colspan="2" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>5.99%</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td  nowrap colspan="3" valign=bottom style='padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Variable-rate debt:</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td  nowrap colspan="3" valign=bottom style='background: #CCFFFF;padding:0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Recourse term loans on operating properties</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>292,000</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>-</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>26,600</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>318,600</font></p> </td>
        <td  colspan="2" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>5.33%</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td  nowrap colspan="3" valign=bottom style='padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Construction loans</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>76,831</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>-</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>-</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>76,831</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>5.76%</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td  nowrap colspan="3" valign=bottom style='background: #CCFFFF;padding:0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Lines of credit</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>690,285</font></p> </div> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <div style='border-bottom:solid #333333 .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>-</font></p> </div> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <div style='border-bottom:solid #333333 .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>-</font></p> </div> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <div style='border-bottom:solid #333333 .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>690,285</font></p> </div> </td>
        <td  colspan="2" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>5.29%</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td  nowrap colspan="3" valign=bottom style='padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Total variable-rate debt</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,059,116</font></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <div style='border-bottom:solid #333333 .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>-</font></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <div style='border-bottom:solid #333333 .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>26,600</font></p> </div> </td>
        <td width="80" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <div style='border-bottom:solid #333333 .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,085,716</font></p> </div> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>5.33%</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td  nowrap colspan="3" valign=bottom style='background: #CCFFFF;padding:0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Total</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,341,055</font></p> </div> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51,950)</font></p> </div> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242,626</font></p> </div> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.1in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,531,731</font></p> </div> </td>
        <td  colspan="2" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>5.83%</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td  colspan="3" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td  width="7">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>(1) Weighted average interest rate including the effect of debt premiums, but excluding amortization of deferred financing costs.</font></p> </td>
        <td  width="32">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="7" ></td>

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

        <td width="177" ></td>

        <td width="80" ></td>

        <td width="88" ></td>

        <td width="88" ></td>

        <td width="80" ></td>

        <td width="56" ></td>

        <td width="32" ></td> </tr> </table>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.6in;text-align:left;'><font size=2>We have four secured credit facilities with total availability of $613.2 million, of which $537.5 million was outstanding as of September 30, 2006. The secured credit facilities bear interest at a rate of LIBOR plus a margin ranging from 0.80% to 1.00%. We also pay a fee based on the amount of unused availability under our secured credit facility that has total availability of $476.0 million at a rate of 0.125% or 0.250%, depending on the level of unused availability.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.56in;text-align:left;'><font size=2>In August 2006, we amended our $476.0 million secured credit facility to reduce the interest rate from LIBOR plus 0.90% to LIBOR plus 0.80% and to amend certain financial covenants to provide us with enhanced borrowing flexibility.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In August 2006, we amended our $10.0 million secured credit facility to increase the availability from $10.0 million to the greater of  $17.2 million or the borrowing base (as defined), to reduce the interest rate from LIBOR plus 1.00% to LIBOR plus 0.80%, to extend the maturity date from April 1, 2007 to April 1, 2008 and to amend certain financial covenants to provide us with enhanced borrowing flexibility.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>We have an unsecured credit facility with total availability of $560.0 million, of which $233.0 million was outstanding as of September 30, 2006. The unsecured credit facility bears interest at LIBOR plus a margin of 0.75% to 1.20% based on our leverage. In August 2006, we amended our unsecured credit facility to increase the availability from $500.0 million to $560.0 million, extend the maturity date from August 27, 2006 to August 27, 2008 plus three one-year extension options, amend certain financial covenants to provide us with enhanced borrowing flexibility, increase the limit on the maximum availability that we may request from $600.0 million to $700.0 million and add a letter of credit feature to the credit facility. Additionally, we pay an annual fee of 0.1% of the amount of total availability under the unsecured credit facility.</font></p>

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

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

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

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

<p style='page-break-before:always'></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>We also have secured and unsecured lines of credit with total availability of $37.3 million that can only be used to issue letters of credit. There was $27.0 million outstanding under these lines at September 30, 2006.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In July 2006, we obtained four separate ten-year, non-recourse loans totaling $317.0 million that bear interest at fixed rates ranging from 5.86% to 6.10%, with a weighted average of 5.96%. The proceeds of these loans were used to retire $249.8 million of mortgage notes payable that were scheduled to mature during the next twelve months and to pay outstanding balances on the Company&#146;s credit facilities. The loans that were retired consisted of three variable rate term loans of $189.2 million and one fixed rate loan of $60.6. The Company recorded a loss on extinguishment of debt of $0.9 million in July 2006 related to prepayment fees and the write-off of unamortized deferred financings costs.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>The secured and unsecured credit facilities contain, among other restrictions, certain financial covenants including the maintenance of certain coverage ratios, minimum net worth requirements, and limitations on cash flow distributions. We were in compliance with all financial covenants and restrictions under our credit facilities at September 30, 2006 </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>We expect to refinance the majority of mortgage and other notes payable maturing over the next five years with replacement loans. Based on our pro rata share of total debt, there is $134.8 million of debt that is scheduled to mature before September 30, 2007. There are extension options in place that will extend the maturity of $79.7 million of this debt beyond September 30, 2007. The remaining $54.1 million of debt that is maturing before September 30, 2007 is expected to be retired or refinanced.</font></p>

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


<table border="0" cellspacing=0 cellpadding=0 width="62" style=' border-collapse:collapse'>
    <tr>
        <td width="62" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Equity</font></b></p> </td> </tr></table>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>In January 2006, holders of 1,480,066 common units of limited partnership interest in the Operating Partnership and holders of 27,582 Series J special common units (&#147;J-SCUs&#148;) of limited partnership interest in the Operating Partnership exercised their conversion rights. We elected to issue 1,480,066 shares of common stock in exchange for the common units and to pay cash of  $1.1 million in exchange for the J-SCUs.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In June 2006, holders of 63,881 J-SCUs exercised their conversion rights and we elected to pay cash of  $2.4 million in exchange for the J-SCUs.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Holders of 63,881 J-SCUs and 4,000 J-SCUs exercised their conversion rights in June 2006 and August 2006, respectively. The Company elected to pay cash of  $2,498 in exchange for these J-SCUs.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>A holder of 499,578 J-SCUs exercised its conversion rights in September 2006.  The Company has elected to exchange shares of common stock for these J-SCUs, which will be completed subsequent to September 30, 2006.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.49in;text-align:left;'><font size=2>During the nine months ended September 30, 2006, we received $7.3 million in proceeds from issuances of common stock related to exercises of employee stock options and from our dividend reinvestment plan.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>During the nine months ended September 30, 2006, we paid dividends of $116.2 million to holders of our common stock and our preferred stock, as well as $84.2 million in distributions to the minority interest investors in our Operating Partnership and certain shopping center properties.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>As a publicly traded company, we have access to capital through both the public equity and debt markets. In January 2006, we filed a shelf registration statement with the Securities and Exchange Commission authorizing us to publicly issue shares of preferred stock, common stock and </font></p>

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

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

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

<p style='page-break-before:always'></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>warrants to purchase shares of common stock. There is no limit to the offering price or number of shares that we may issue under this shelf registration statement.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>We anticipate that the combination of equity and debt sources will, for the foreseeable future, provide adequate liquidity to continue our capital programs substantially as in the past and make distributions to our shareholders in accordance with the requirements applicable to real estate investment trusts. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>Our strategy is to maintain a conservative debt-to-total-market capitalization ratio in order to enhance our access to the broadest range of capital markets, both public and private. Based on our share of total consolidated and unconsolidated debt and the market value of equity, our debt-to-total-market capitalization (debt plus market value equity) ratio was as follows at September 30, 2006 (in thousands, except stock prices):</font></p>

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


<table width="600" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr style='height:.1in'>
        <td width="282" nowrap valign=bottom style=' height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="94" nowrap valign=bottom style=' height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Shares</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Outstanding</font></p> </div> </td>
        <td width="15" nowrap valign=bottom style=' height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </div> </td>
        <td width="90" nowrap valign=bottom style=' height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Stock Price <sup>(1)</sup></font></p> </div> </td>
        <td width="18" nowrap valign=bottom style=' height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </div> </td>
        <td  nowrap colspan="2" valign=bottom style=' height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Value</font></p> </div> </td>
        <td style='height:.1in;border:none' width="0" height=10></td>  </tr>
                <tr style='height:.1in'>
        <td width="282" nowrap valign=bottom style='background:#CCFFFF; height:.1in'>
            <p style='margin-left:0pt;border-color:gray;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Common stock and operating partnership units</font></p> </td>
        <td width="94" nowrap valign=bottom style='background:#CCFFFF; height:.1in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0.5pt'><font size=1>116,137</font></p> </td>
        <td width="15" nowrap valign=bottom style='background:#CCFFFF; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="90" nowrap valign=bottom style='background:#CCFFFF; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$ 41.91</font></p> </td>
        <td width="18" nowrap valign=bottom style='background:#CCFFFF; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='background: #CCFFFF;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,867,302</font></p> </td>
        <td style='height:.1in;border:none' width="0" height=10></td>  </tr>
                <tr style='height:.1in'>
        <td width="282" nowrap valign=bottom style=' height:.1in'>
            <p style='margin-left:0pt;border-color:gray;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>8.75% Series B Cumulative Redeemable Preferred Stock</font></p> </td>
        <td width="94" nowrap valign=bottom style=' height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2,000</font></p> </td>
        <td width="15" nowrap valign=bottom style=' height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="90" nowrap valign=bottom style=' height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>50.00</font></p> </td>
        <td width="18" nowrap valign=bottom style=' height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>100,000</font></p> </td>
        <td style='height:.1in;border:none' width="0" height=10></td>  </tr>
                <tr style='height:.1in'>
        <td width="282" nowrap valign=bottom style='background:#CCFFFF; height:.1in'>
            <p style='margin-left:0pt;border-color:gray;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>7.75% Series C Cumulative Redeemable Preferred Stock</font></p> </td>
        <td width="94" nowrap valign=bottom style='background:#CCFFFF; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>460</font></p> </td>
        <td width="15" nowrap valign=bottom style='background:#CCFFFF; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="90" nowrap valign=bottom style='background:#CCFFFF; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>250.00</font></p> </td>
        <td width="18" nowrap valign=bottom style='background:#CCFFFF; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='background: #CCFFFF;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>115,000</font></p> </td>
        <td style='height:.1in;border:none' width="0" height=10></td>  </tr>
                <tr style='height:.1in'>
        <td width="282" nowrap valign=bottom style=' height:.1in'>
            <p style='margin-left:0pt;border-color:gray;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>7.375% Series D Cumulative Redeemable Preferred Stock</font></p> </td>
        <td width="94" nowrap valign=bottom style=' height:.1in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>700</font></p> </td>
        <td width="15" nowrap valign=bottom style=' height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="90" nowrap valign=bottom style=' height:.1in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>250.00</font></p> </td>
        <td width="18" nowrap valign=bottom style=' height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-bottom:solid black .5pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>175,000</font></p> </td>
        <td style='height:.1in;border:none' width="0" height=10></td>  </tr>
                <tr style='height:.1in'>
        <td width="282" nowrap valign=bottom style='background:#CCFFFF; height:.1in'>
            <p style='margin:0in;text-indent:0pt;border-color:gray;text-align:left;margin-top:5pt;margin-bottom:.0001pt'><font size=1>Total market equity</font></p> </td>
        <td width="94" nowrap valign=bottom style='background:#CCFFFF; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" nowrap valign=bottom style='background:#CCFFFF; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="90" nowrap valign=bottom style='background:#CCFFFF; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="18" nowrap valign=bottom style='background:#CCFFFF; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' background:#CCFFFF; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5,257,302</font></p> </td>
        <td style='height:.1in;border:none' width="0" height=10></td>  </tr>
                <tr style='height:.1in'>
        <td width="282" nowrap valign=bottom style=' height:.1in'>
            <p style='margin-left:0pt;border-color:gray;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>Company&#146;s share of total debt</font></p> </td>
        <td width="94" nowrap valign=bottom style=' height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" nowrap valign=bottom style=' height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="90" nowrap valign=bottom style=' height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="18" nowrap valign=bottom style=' height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-bottom:solid black .5pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4,651,739</font></p> </td>
        <td style='height:.1in;border:none' width="0" height=10></td>  </tr>
                <tr style='height:.1in'>
        <td width="282" nowrap valign=bottom style='background:#CCFFFF; height:.1in'>
            <p style='margin-left:0pt;border-color:gray;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>Total market capitalization</font></p> </td>
        <td width="94" nowrap valign=bottom style='background:#CCFFFF; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" nowrap valign=bottom style='background:#CCFFFF; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="90" nowrap valign=bottom style='background:#CCFFFF; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="18" nowrap valign=bottom style='background:#CCFFFF; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-bottom:double black 2.25pt; background:#CCFFFF;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,909,041</font></p> </td>
        <td style='height:.1in;border:none' width="0" height=10></td>  </tr>
                <tr style='height:.1in'>
        <td width="282" nowrap valign=bottom style=' height:.1in'>
            <p style='margin-left:0pt;border-color:gray;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>Debt-to-total-market capitalization ratio</font></p> </td>
        <td width="94" nowrap valign=bottom style=' height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" nowrap valign=bottom style=' height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="90" nowrap valign=bottom style=' height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="18" nowrap valign=bottom style=' height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-bottom:double black 2.25pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>46.9%</font></p> </td>
        <td style='height:.1in;border:none' width="0" height=10></td>  </tr>
                <tr style='height:.1in'>
        <td width="282" nowrap valign=bottom style=' height:.1in'>
            <p style='margin-left:0pt;border-color:gray;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="94" nowrap valign=bottom style=' height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15" nowrap valign=bottom style=' height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="90" nowrap valign=bottom style=' height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="18" nowrap valign=bottom style=' height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td style='height:.1in;border:none' width="0" height=10></td>  </tr>
                <tr style='height:12.75pt;border-color:gray'>
        <td  colspan="6" valign=top style=' height:12.75pt'>
            <p style='margin-left:9.0pt;text-indent:-9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1><sup>(1)</sup> Stock price for common stock and operating partnership units equals the closing price of the common stock on September 29, 2006. The stock price for the preferred stock represents the liquidation preference of each respective series of preferred stock.</font></p> </td>
        <td  width="1">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td style='height:12.75pt;border:none' width="0" height=17></td>  </tr>
                <tr>
        <td width="282" ></td>

        <td width="94" ></td>

        <td width="15" ></td>

        <td width="90" ></td>

        <td width="18" ></td>

        <td width="89" ></td>

        <td width="1" ></td>

        <td style='height:12.75pt;border-color:gray;border:none' width="0" height=17></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:-1.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.54in;text-align:left;'><font size=2>As of September 30, 2006, our share of variable rate debt of $1.0 billion represents 10.1% of our total market capitalization and 21.6% of our share of total consolidated and unconsolidated debt.</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>We expect to continue to have access to the capital resources necessary to expand and develop our business. Future development and acquisition activities will be undertaken as suitable opportunities arise. We do not expect to pursue these opportunities unless adequate sources of funding are available and a satisfactory budget with targeted returns on investment has been internally approved.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>An annual capital expenditures budget is prepared for each property that is intended to provide for all necessary recurring and non-recurring capital expenditures. We believe that property operating cash flows, which include reimbursements from tenants for certain expenses, will provide the necessary funding for these expenditures.</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>28</font></p>

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

<p style='page-break-before:always'></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
<font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>The following tables summarize our development projects as of September 30, 2006 (dollars in thousands):</font></p>

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


<table width="600" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr style='height:11.25pt;border-color:gray'>
        <td width="235" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Properties Opened Year-to-date </font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="113" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="235" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(Dollars in thousands)</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="113" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Total</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="235" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="113" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Project</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>CBL's Share</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="235" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="113" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Square </font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>of Total</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Date</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Initial</font></b></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="235" nowrap valign=bottom style=' border-bottom:solid black .5pt;padding:.75pt .75pt 0in .75pt;height: 11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Property</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="113" nowrap valign=bottom style=' border-bottom:solid black .5pt;padding:.75pt .75pt 0in .75pt;height: 11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Location</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Feet</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Cost</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Opened</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Yield</font></b></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="235" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Mall Expansions:</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="113" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="235" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Cross Creek Mall - Starbucks &amp; Salsarita's</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="113" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Fayetteville, NC</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4,900</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,036</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Apr-06</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>10.0%</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="235" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Southaven Town Center - Gordman's</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="113" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Southaven, MS</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>59,000</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>7,200 </font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Apr-06</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>8.6%</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="235" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Coastal Grand - PetSmart</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="113" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Myrtle Beach, SC</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>20,100</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2,600 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>May-06</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>8.0%</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="235" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Hanes Mall - Dick's Sporting Goods</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="113" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Winston-Salem, NC</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>66,000</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>10,200 </font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Jul-06</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>10.0%</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="235" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>Southaven Town Center - Books-A-Million</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="113" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>Southaven, MS</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:24.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>15,000 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:27.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2,530 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>Oct-06</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>10.0%</font></p> </td> </tr>
    <tr style='height:12.0pt'>
        <td width="235" valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="113" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='border-top:solid black .5pt; border-left:none;border-bottom:double black 2.25pt;border-right:none; background:#CCFFFF;padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>165,000 </font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='border-top:solid black .5pt; border-left:none;border-bottom:double black 2.25pt;border-right:none; background:#CCFFFF;padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,566</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="64" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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


<table border="0" cellspacing=0 cellpadding=0 width="447" style=' border-collapse:collapse'>
    <tr style='height:11.25pt'>
        <td  nowrap colspan="5" valign=bottom style=' padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Announced Properties in Pre-development at September 30, 2006</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="198" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(Dollars in thousands)</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="198" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Total Estimated</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="198" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Project</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Estimated</font></b></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="198" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Square </font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Opening</font></b></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="198" nowrap valign=bottom style=' border-bottom:solid black .5pt;padding:.75pt .75pt 0in .75pt;height: 11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Property</font></b></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style=' border-bottom:solid black .5pt;padding:.75pt .75pt 0in .75pt;height: 11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Location</font></b></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" nowrap valign=bottom style=' border-bottom:solid black .5pt;padding:.75pt .75pt 0in .75pt;height: 11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Feet</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Date</font></b></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>The District at CherryVale</font></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Rockford, IL</font></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>82,000</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Fall-07</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="198" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Gulf Coast Town Center - Phase III (a)</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Ft. Myers, FL</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>187,000</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Fall-07</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Alamance Crossing East</font></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Burlington, NC</font></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>194,400</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Summer-08</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="198" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>Pearland Town Center</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>Pearland, TX</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>700,000</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>Fall-08</font></p> </td> </tr>
    <tr style='height:12.0pt'>
        <td width="198" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" nowrap valign=bottom style='border-top:solid black .5pt; border-left:none;border-bottom:double black 2.25pt;border-right:none; background:#CCFFFF;padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:32.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,163,400 </font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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


<table width="600" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr style='height:11.25pt'>
        <td  nowrap colspan="4" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Announced Property Renovations and Redevelopments</font></b></p> </td>
        <td width="63" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="190" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(Dollars in thousands)</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Total</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="190" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><b><font size=1>Project</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style=' border-bottom:solid black .5pt;padding:.75pt .75pt 0in .75pt;height: 11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>CBL's Share of</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="190" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Square </font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Total</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Cost</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Opening</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Initial</font></b></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="190" nowrap valign=bottom style=' border-bottom:solid black .5pt;padding:.75pt .75pt 0in .75pt;height: 11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Property</font></b></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="93" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Location</font></b></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Feet</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Cost</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>To Date</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Date</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Yield</font></b></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="190" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Mall Renovations:</font></b></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="93" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="190" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>CoolSprings Galleria</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Nashville, TN</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,125,914 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,709</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,668</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>OPEN/May-06</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>NA</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="190" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Madison Square</font></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="93" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Huntsville, AL</font></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>932,452 </font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>11,500</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:17.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>10,409 </font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Fall-06</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>NA</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="190" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Chapel Hill Mall</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Akron, OH</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>861,653 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:25.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,700 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>854 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Fall-06</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>NA</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="190" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Harford Mall</font></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="93" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Baltimore, MD</font></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>490,458 </font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:25.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>7,400 </font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>6,372 </font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Fall-06</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>NA</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="190" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Park Plaza</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Little Rock, AR</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,371,870 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>19,434 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:17.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>16,757 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Fall-06</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>NA</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="190" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Wausau Center</font></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="93" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Wausau, WI</font></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>429,970 </font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:25.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3,300 </font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3,015 </font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Fall-06</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>NA</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="190" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Northpark Mall</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Joplin, MO</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>991,076 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>11,335 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>8,416 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Fall-06</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>NA</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="190" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Honey Creek Mall</font></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="93" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Terre Haute, IN</font></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>680,890 </font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:25.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4,600 </font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>126 </font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Spring-07</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=1>NA</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="190" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="190" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Redevelopments:</font></b></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="190" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Burnsville Center</font></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="93" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Burnsville, MN</font></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>82,900 </font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>13,000 </font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>909 </font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>OPEN/April-06</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>9.0%</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="190" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Hickory Hollow - former JCPenney</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Nashville, TN</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>138,189 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:25.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>6,705 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5,715 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>OPEN/June-06</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>8.5%</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="190" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Hamilton Crossing</font></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="93" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Chattanooga, TN</font></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>185,370 </font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:25.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4,613 </font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4,093 </font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>OPEN/Sept-06</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>10.8%</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="190" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Cary Town Center</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Cary, NC</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>21,595 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:25.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4,720 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3,225 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Nov-06</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>10.8%</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="190" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>Mall del Norte - Theater </font></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="93" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>Laredo, TX</font></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>72,000 </font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>15,628 </font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>204 </font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>Spring-07</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>7.0%</font></p> </td> </tr>
    <tr style='height:12.0pt'>
        <td width="190" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='border-top:solid black .5pt; border-left:none;border-bottom:double black 2.25pt;border-right:none; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>7,384,337 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='border-top:solid black .5pt; border-left:none;border-bottom:double black 2.25pt;border-right:none; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121,644</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" nowrap valign=bottom style='border-top:solid black .5pt; border-left:none;border-bottom:double black 2.25pt;border-right:none; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77,763</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>29</font></p>

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

<p style='page-break-before:always'></p>

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

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


<table border="0" cellspacing=0 cellpadding=0 width="669" style=' border-collapse:collapse'>
    <tr style='height:11.25pt'>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Properties Under Development at September 30, 2006</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="179" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(Dollars in thousands)</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Total</font></b></p> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="179" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><b><font size=1>Project</font></b></p> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='border: none;border-bottom:solid black .5pt;border-color:gray;padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>CBL's Share of</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="179" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Square </font></b></p> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Total</font></b></p> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Cost</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Opening</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Initial</font></b></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="179" nowrap valign=bottom style=' border-bottom:solid black .5pt;padding:.75pt .75pt 0in .75pt;height: 11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Property</font></b></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=bottom style=' border-bottom:solid black .5pt;padding:.75pt .75pt 0in .75pt;height: 11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Location</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Feet</font></b></p> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Cost</font></b></p> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>To Date</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Date</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Yield</font></b></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="179" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Mall/Lifestyle Expansions:</font></b></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="179" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>The District at Valley View</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Roanoke, VA</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin:0in;text-indent:23.25pt;text-align: right;margin-top:5pt;margin-bottom:.0001pt'><font size=1>75,576 </font></p> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,025</font></p> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,303</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Nov-06/Mar-07</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>8.1%</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="179" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Brookfield Square Restaurant Addition</font></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Brookfield, WI</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:23.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>19,500 </font></p> </td>
        <td width="19" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>6,470</font></p> </td>
        <td width="19" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:25.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2,879</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Spring/Fall 2007</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>8.6%</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="179" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="179" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Open-Air Center Expansions:</font></b></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="179" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Gulf Coast Town Center - Phase II </font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Ft. Myers, FL</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:19.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>866,117 </font></p> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:17.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>109,641 </font></p> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(b)</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>68,017 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Nov-06/Mar-07</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>9.2%</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="179" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="179" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Associated/Lifestyle Centers:</font></b></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="179" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>The Plaza at Fayette Mall</font></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Lexington, KY</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:19.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>190,309 </font></p> </td>
        <td width="19" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(c)</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>38,341 </font></p> </td>
        <td width="19" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>35,392 </font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Jul/Nov-06</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>9.0%</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="179" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>The Shoppes at St. Clair</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Fairview Heights, IL</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:23.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>84,080 </font></p> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>27,487 </font></p> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>22,073 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Mar-07</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>7.0%</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="179" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Milford Marketplace</font></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Milford, CT</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:19.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>112,038 </font></p> </td>
        <td width="19" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>25,600 </font></p> </td>
        <td width="19" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:25.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2,968 </font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>July-07</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>8.1%</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="179" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Brookfield Square</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Brookfield, WI</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>57,511</font></p> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>9,428</font></p> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4,233</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Spring/Fall 2007</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>8.6%</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="179" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="179" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Community Centers:</font></b></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="179" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Lakeview Point</font></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Stillwater, OK</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:19.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>207,300 </font></p> </td>
        <td width="19" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>21,537 </font></p> </td>
        <td width="19" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>21,397 </font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Oct-06</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>9.1%</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="179" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>High Pointe Commons (a)</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Harrisburg, PA</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:19.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>299,395 </font></p> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:25.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>8,100 </font></p> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:25.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>7,078 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Oct-06</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>11.3%</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="179" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>The Shops at Pineda Ridge</font></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Melbourne, FL</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:19.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>169,974 </font></p> </td>
        <td width="19" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:25.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>6,445 </font></p> </td>
        <td width="19" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:25.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5,811 </font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Nov-06</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>9.7%</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="179" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Alamance Crossing East</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Burlington, NC</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:19.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>622,600 </font></p> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>94,357 </font></p> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>43,145 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Aug-07</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>8.4%</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="179" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>York Town Center (a)</font></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>York, PA</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:19.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>280,645 </font></p> </div> </td>
        <td width="19" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:21.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>20,926 </font></p> </div> </td>
        <td width="19" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:25.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3,918 </font></p> </div> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Oct-07</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>9.4%</font></p> </td> </tr>
    <tr style='height:12.0pt'>
        <td width="179" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:12.0pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:13.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2,969,679 </font></p> </div> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:12.0pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390,259</font></p> </div> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:12.0pt'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217,955</font></p> </div> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:12.0pt'>
        <td width="179" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="179" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(a)  50/50 joint venture.</font></p> </td>
        <td width="4" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td  nowrap colspan="3" valign=bottom style='background: #CCFFFF;padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(b)  Amounts shown are 100% of the cost and cost to date.</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='background:#CCFFFF; padding:.75pt .75pt 0in .75pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td  nowrap colspan="6" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(c)  Includes a  59,000 square foot Cinemark Theater, which opened in June 2006.</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>There are construction loans in place for the development costs of Alamance Crossing, Gulf Coast Town Center, The Plaza at Fayette, High Pointe Commons, The Shoppes at St. Clair, Lakeview Pointe and York Town Center.  A construction loan for Milford Marketplace is expected to be put in place during the first quarter of 2007.  The remaining development costs will be funded with operating cash flows and the credit facilities.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>We have entered into a number of option agreements for the development of future regional malls, open-air centers and community centers. Except for the projects discussed under Developments and Expansions above, we do not have any other material capital commitments.</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>We received $105.3 million in net proceeds from the sales of five community centers in May 2006 and received $8.5 million in net proceeds from the sale of six outparcels during the nine months ended September 30, 2006.</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>Including our share of unconsolidated affiliates&#146; capital expenditures and excluding minority investor&#146;s share of capital expenditures, we spent $31.1 million during the nine months ended September 30, 2006 for tenant allowances, which generate increased rents from tenants over the terms of their leases. Deferred maintenance expenditures were $16.1 million for the nine months ended September 30, 2006 and included $5.6 million for roof repairs and replacements, $6.2 million for resurfacing and improved </font></p>

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

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

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

<p style='page-break-before:always'></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>lighting of parking lots and $4.3 million for other capital expenditures. Renovation expenditures were $48.2 million for the nine months ended September 30, 2006.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>Deferred maintenance expenditures are generally billed to tenants as common area maintenance expense, and most are recovered over a 5- to 15-year period. Renovation expenditures are primarily for remodeling and upgrades of malls, of which approximately 30% is recovered from tenants over a 5- to 15-year period.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font SIZE=2>CRITICAL ACCOUNTING POLICIES</font></B></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>Our significant accounting policies are disclosed in Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2005. The following discussion describes our most critical accounting policies, which are those that are both important to the presentation of our financial condition and results of operations and that require significant judgment or use of complex estimates.</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>Minimum rental revenue from operating leases is recognized on a straight-line basis over the initial terms, including rent holidays, of the related leases. Certain tenants are required to pay percentage rent if their sales volumes exceed thresholds specified in their lease agreements. Percentage rent is recognized as revenue when the thresholds are achieved and the amounts become determinable.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>We receive reimbursements from tenants for real estate taxes, insurance, common area maintenance, utilities and other recoverable operating expenses as provided in the lease agreements. Tenant reimbursements are recognized as revenue in the period the related operating expenses are incurred. Tenant reimbursements related to certain capital expenditures are billed to tenants over periods of 5 to 15 years and are recognized as revenue when billed.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>We receive management, leasing and development fees from third parties and unconsolidated affiliates. Management fees are charged as a percentage of revenues (as defined in the management agreement) and are recognized as revenue when earned. Development fees are recognized as revenue on a pro rata basis over the development period. Leasing fees are charged for newly executed leases and lease renewals and are recognized as revenue when earned. Development and leasing fees received from unconsolidated affiliates during the development period are recognized as revenue to the extent of the third-party partners&#146; ownership interest. Fees to the extent of our ownership interest are recorded as a reduction to our investment in the unconsolidated affiliate.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.54in;text-align:left;'><font size=2>Gains on sales of real estate assets are recognized when it is determined that the sale has been consummated, the buyer&#146;s initial and continuing investment is adequate, our receivable, if any, is not subject to future subordination, and the buyer has assumed the usual risks and rewards of ownership of the asset. When we have an ownership interest in the buyer, gain is recognized to the extent of the third party partner&#146;s ownership interest and the portion of the gain attributable to our ownership interest is deferred.</font></p>

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

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

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

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

<p style='page-break-before:always'></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'>
<b><font size=2>Real Estate Assets</font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>We capitalize predevelopment project costs paid to third parties. All previously capitalized predevelopment costs are expensed when it is no longer probable that the project will be completed. Once development of a project commences, all direct costs incurred to construct the project, including interest and real estate taxes, are capitalized. Additionally, certain general and administrative expenses are allocated to the projects and capitalized based on the amount of time applicable personnel work on the development project. Ordinary repairs and maintenance are expensed as incurred. Major replacements and improvements are capitalized and depreciated over their estimated useful lives.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>All acquired real estate assets are accounted for using the purchase method of accounting and accordingly, the results of operations are included in the consolidated statements of operations from the respective dates of acquisition. The purchase price is allocated to (i) tangible assets, consisting of land, buildings and improvements, and tenant improvements, (ii) and identifiable intangible assets and liabilities generally consisting of above- and below-market leases and in-place leases. We use estimates of fair value based on estimated cash flows, using appropriate discount rates, and other valuation methods to allocate the purchase price to the acquired tangible and intangible assets. Liabilities assumed generally consist of mortgage debt on the real estate assets acquired. Assumed debt with a stated interest rate that is significantly different from market interest rates is recorded at
its fair value based on estimated market interest rates at the date of acquisition.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>Depreciation is computed on a straight-line basis over estimated lives of 40 years for buildings, 10 to 20 years for certain improvements and 7 to 10 years for equipment and fixtures. Tenant improvements are capitalized and depreciated on a straight-line basis over the term of the related lease. Lease-related intangibles from acquisitions of real estate assets are amortized over the remaining terms of the related leases. Any difference between the face value of the debt assumed and its fair value is amortized to interest expense over the remaining term of the debt using the effective interest method.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Carrying Value of Long-Lived Assets</font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>We periodically evaluate long-lived assets to determine if there has been any impairment in their carrying values and record impairment losses if the undiscounted cash flows estimated to be generated by those assets are less than the assets&#146; carrying amounts or if there are other indicators of impairment. If it is determined that an impairment has occurred, the excess of the asset&#146;s carrying value over its estimated </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>fair value will be charged to operations. We recorded an impairment charge of $0.3 million during the nine months ended September 30, 2006 as a result of the true-up of certain estimated costs related to two of the community centers that were sold in May 2006. We had previously recognized an impairment loss of $1.0 million related to these community centers in the fourth quarter of 2005. We recognized an impairment charge of $0.3 million in the nine months ended September 30, 2005 related to the sale of four community centers in January 2005.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font SIZE=2>RECENT ACCOUNTING PRONOUNCEMENTS</font></B></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>In June&nbsp;2005, the Financial Accounting Standards Board (&#147;FASB&#148;) issued Emerging Issues Task Force (&#147;EITF&#148;) Issue No.&nbsp;04-5, </font><i><font size=2>Determining Whether a General Partner, or the General Partners as a Group, Controls a Limited Partnership or Similar Entity When the Limited Partners Have Certain Rights</font></i><font size=2>. EITF Issue No.&nbsp;04-5 provides a framework for determining whether a general partner controls, and should consolidate, a limited partnership or a similar entity. EITF Issue No.&nbsp;04-5 is effective after June&nbsp;29, 2005, for all newly formed limited partnerships and for any pre-existing limited partnerships that modify their partnership agreements after that date. General partners of all other limited partnerships are required to apply the consensus no later than the beginning of the first reporting period in fiscal
years beginning after December&nbsp;15, 2005. The adoption of EITF Issue No.&nbsp;04-5 did not result in any changes to the manner in which we account for our joint ventures.</font></p>

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

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

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

<p style='page-break-before:always'></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In June&nbsp;2005, the FASB issued FSP 78-9-1, </font><i><font size=2>Interaction of AICPA Statement of Position 78-9 and EITF Issue No.</font></i><font size=2>&nbsp;</font><i><font size=2>04-5</font></i><font size=2>. The EITF acknowledged that the consensus in EITF Issue No.&nbsp;04-5 conflicts with certain aspects of Statement of Position (&#147;SOP&#148;) 78-9, </font><i><font size=2>Accounting for Investments in Real Estate Ventures</font></i><font size=2>. The EITF agreed that the assessment of whether a general partner, or the general partners as a group, controls a limited partnership should be consistent for all limited partnerships, irrespective of the industry within which the limited partnership operates. Accordingly, the guidance in SOP 78-9 was amended in FSP 78-9-1 to be consistent with the guidance in EITF Issue No.&nbsp;04-5. The effective dates for this FSP are the same as
those mentioned above in EITF Issue No.&nbsp;04-5. The adoption of FSP 78-9-1 did not result in any changes to the manner in which we account for our joint ventures.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>On July 13, 2006, the FASB issued Interpretation No. 48, </font><i><font size=2>Accounting for Uncertainty in Income Taxes</font></i><font size=2> (&#147;FIN 48&#148;), which is effective for fiscal years beginning after December 15, 2006. FIN&nbsp;48 clarifies the accounting for uncertainty in income taxes recognized in the financial statements in accordance with FASB Statement No.109, </font><i><font size=2>Accounting for Income Taxes</font></i><font size=2>, by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. FIN 48 also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. We are currently evaluating the impact that the adoption of FIN 48 will have on our financial statements.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In September&nbsp;2006, the FASB issued Statement of Financial Accounting Standards (&#147;SFAS&#148;) No.&nbsp;157, </font><i><font size=2>Fair Value Measurements</font></i><font size=2>. SFAS No. 157 defines fair value, establishes a framework for measuring fair value under generally accepted accounting principles, and expands disclosures about fair value measurements. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November&nbsp;15, 2007, and interim periods within those fiscal years. The transition adjustment, which is measured as the difference between the carrying amount and the fair value of those financial instruments at the date SFAS No. 157 is initially applied, should be recognized as a cumulative effect adjustment to the opening balance of retained earnings for the fiscal year in which SFAS No. 157 is initially applied. We are currently
evaluating the impact of adopting SFAS No.&nbsp;157 on our consolidated financial statements.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In September&nbsp;2006, the SEC issued Staff Accounting Bulletin (&#147;SAB&#148;) No.&nbsp;108,</font><i><font size=2> Considering the Effects of Prior Year Misstatements when quantifying Misstatements in Current Year Financial Statements</font></i><font size=2>. SAB No. 108 requires companies to evaluate the materiality of identified unadjusted errors on each financial statement and related financial statement disclosure using both the rollover approach and the iron curtain approach, as those terms are defined in SAB No. 108. The rollover approach quantifies misstatements based on the amount of the error in the current year financial statement, whereas the iron curtain approach quantifies misstatements based on the effects of correcting the misstatement existing in the balance sheet at the end of the current year, irrespective of the misstatement&#146;s year(s) of origin. Financial
statements would require adjustment when either approach results in quantifying a misstatement that is material. Correcting prior year financial statements for immaterial errors would not require previously filed reports to be amended. If a Company determines that an adjustment to prior year financial statements is required upon adoption of SAB No. 108 and does not elect to restate its previous financial statements, then it must recognize the cumulative effect of applying SAB No. 108 in fiscal 2006 beginning balances of the affected assets and liabilities with a corresponding adjustment to the fiscal 2006 opening balance in retained earnings. SAB No. 108 is effective for interim periods of the first fiscal year ending after November&nbsp;15, 2006. We are currently evaluating the impact of SAB No. 108 on our consolidated financial statements.</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>33</font></p>

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

<p style='page-break-before:always'></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
<B><font SIZE=2>IMPACT OF INFLATION</font></B></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>In the last three years, inflation has not had a significant impact on the Company because of the relatively low inflation rate. Substantially all tenant leases do, however, contain provisions designed to protect the Company from the impact of inflation. These provisions include clauses enabling the Company to receive percentage rent based on tenant&#146;s gross sales, which generally increase as prices rise, and/or escalation clauses, which generally increase rental rates during the terms of the leases. In addition, many of the leases are for terms of less than ten years, which may enable the Company to replace existing leases with new leases at higher base and/or percentage rents if rents of the existing leases are below the then existing market rate. Most of the leases require tenants to pay their share of operating expenses, including common area maintenance, real estate taxes and
insurance, thereby reducing the Company&#146;s exposure to increases in costs and operating expenses resulting from inflation.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font SIZE=2>FUNDS FROM OPERATIONS</font></B></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>Funds From Operations (&#147;FFO&#148;) is a widely used measure of the operating performance of real estate companies that supplements net income determined in accordance with generally accepted accounting principles (&#147;GAAP&#148;). The National Association of Real Estate Investment Trusts (&#147;NAREIT&#148;) defines FFO as net income (computed in accordance with GAAP) excluding gains or losses on sales of operating properties, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures and minority interests. Adjustments for unconsolidated partnerships and joint ventures and minority interests are calculated on the same basis. We define FFO allocable to common shareholders as defined above by NAREIT less dividends on preferred stock. Our method of calculating FFO allocable to common shareholders may be different from methods used by
other REITs and, accordingly, may not be comparable to such other REITs.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.49in;text-align:left;'><font size=2>We believe that FFO provides an additional indicator of the operating performance of our properties without giving effect to real estate depreciation and amortization, which assumes the value of real estate assets declines predictably over time. Since values of well-maintained real estate assets have historically risen with market conditions, we believe that FFO enhances investors&#146; understanding of our operating performance. The use of FFO as an indicator of financial performance is influenced not only by the operations of our properties and interest rates, but also by our capital structure. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.49in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.49in;text-align:left;'><font size=2>We present both FFO of our operating partnership and FFO allocable to common shareholders, as we believe that both are useful performance measures.  We believe FFO of our operating partnership is a useful performance measure since we conduct substantially all of our business through our operating partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of our common shareholders and the minority interest in our operating partnership.  We believe FFO allocable to common shareholders is a useful performance measure because it is the performance measure that is most directly comparable to net income available to common shareholders.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.49in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.49in;text-align:left;'><font size=2>In our reconciliation of net income available to common shareholders to FFO allocable to common shareholders that is presented below, we make an adjustment to add back minority interest in earnings of our operating partnership in order to arrive at FFO of our operating partnership.  We then apply a percentage to FFO of our operating partnership to arrive at FFO allocable to common shareholders. The percentage is computed by taking the weighted average number of common shares outstanding for the period and dividing it by the sum of the weighted average number of common shares and the weighted average number of operating partnership units outstanding during the period.</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>34</font></p>

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

<p style='page-break-before:always'></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.49in;text-align:left;'>
<font size=2>FFO does not represent cash flows from operations as defined by accounting principles generally accepted in the United States, is not necessarily indicative of cash available to fund all cash flow needs and should not be considered as an alternative to net income for purposes of evaluating our operating performance or to cash flow as a measure of liquidity.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>FFO allocable to common shareholders decreased 18.9% for the three months ended September 30, 2006 to $50.9 million compared to $62.8 million for the same period in 2005. FFO allocable to common shareholders decreased 2.8% for the nine months ended September 30, 2006 to $152.6 million compared to $157.1 million for the same period in 2005. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>FFO of our operating partnership decreased 19.9% for the three months ended September 30, 2006 to $91.7 million compared to $114.4 million for the same period in 2005. FFO of our operating partnership decreased 3.3% for the nine months ended September 30, 2006 to $276.8 million compared to $286.1 million for the same period in 2005. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>FFO allocable to common shareholders and FFO of our operating partnership for the three months and nine months ended September 30, 2005 include gains of $30.7 million and $72.5 million, respectively, related to the redemption of our ownership interest in Galileo America and the sale of the related management contracts.  The New Properties generated 100% and 73% of the growth in FFO in the three-month and nine-month periods, respectively. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.49in;text-align:left;'><font size=2>The reconciliation of net income available to common shareholders to FFO allocable to common shareholders is as follows:</font></p>

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


<table border="0" cellspacing=0 cellpadding=0 width="609" style=' margin-left:0pt;border-collapse:collapse'>
    <tr style='height:.1in'>
        <td width="280" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Three Months Ended</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>September 30,</font></p> </div> </td>
        <td  colspan="3" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Nine Months Ended</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>September 30,</font></p> </div> </td> </tr>
    <tr style='height:.1in'>
        <td width="280" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2006</font></p> </div> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2005</font></p> </div> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2006</font></p> </div> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2005</font></p> </div> </td>
        <td  width="1">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.1in'>
        <td width="280" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Net income available to common shareholders</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$</font></b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>14,337</font></b></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,093</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$</font></b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>55,878</font></b></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106,247</font></p> </td>
        <td  width="1">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.1in'>
        <td width="280" nowrap valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Minority interest in earnings of operating partnership</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>12,075</font></b></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>49,455</font></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>47,930</font></b></p> </td>
        <td width="80" valign=bottom style='padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>87,176</font></p> </td>
        <td  width="1">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.1in'>
        <td width="280" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Depreciation and amortization from:</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  width="1">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.1in'>
        <td width="280" nowrap valign=bottom style='background:white; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin:0in;text-indent:9.0pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt'><font size=1>Consolidated properties</font></p> </td>
        <td width="88" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>62,604</font></b></p> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>45,453</font></p> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>171,841</font></b></p> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>130,048</font></p> </td>
        <td  width="1">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.1in'>
        <td width="280" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Unconsolidated affiliates</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>3,377</font></b></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2,207</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>10,020</font></b></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>6,127</font></p> </td>
        <td  width="1">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.1in'>
        <td width="280" nowrap valign=bottom style='background:white; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Discontinued operations</font></p> </td>
        <td width="88" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>-</font></b></p> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>585</font></p> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>515</font></b></p> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>615</font></p> </td>
        <td  width="1">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.1in'>
        <td width="280" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Non-real estate assets</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(218)</font></b></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(188)</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(623)</font></b></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(962)</font></p> </td>
        <td  width="1">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.1in'>
        <td width="280" nowrap valign=bottom style='background:white; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Minority investors&#146; share of depreciation and amortization</font></p>
<p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>in shopping center properties</font></p> </td>
        <td width="88" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(568)</font></b></p> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(311)</font></p> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(1,675)</font></b></p> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(553)</font></p> </td>
        <td  width="1">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.1in'>
        <td width="280" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(Gain) loss on:</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  width="1">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.1in'>
        <td width="280" nowrap valign=bottom style='background:white; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Sales of operating real estate assets</font></p> </td>
        <td width="88" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>49</font></b></p> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(42,882)</font></p> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>87</font></b></p> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(42,708)</font></p> </td>
        <td  width="1">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.1in'>
        <td width="280" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Discontinued operations</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(2)</font></b></p> </div> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(2)</font></p> </div> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(7,217)</font></b></p> </div> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>84</font></p> </div> </td>
        <td  width="1">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.1in'>
        <td width="280" nowrap valign=bottom style='background:white; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt'><font size=1>Funds from operations of our operating partnership</font></p> </td>
        <td width="88" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>91,654</font></b></p> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>114,410</font></p> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>276,756</font></b></p> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>286,074</font></p> </td>
        <td  width="1">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.1in'>
        <td width="280" nowrap valign=bottom style='background:#CCFFFF; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt'><font size=1>Percentage allocable to common shareholders<sup>(1)</sup></font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>55.55%</font></b></p> </div> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>54.86%</font></p> </div> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>55.14%</font></b></p> </div> </td>
        <td width="80" valign=bottom style='background:#CCFFFF;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>54.90%</font></p> </div> </td>
        <td  width="1">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.1in'>
        <td width="280" nowrap valign=bottom style='background:white; padding:0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt'><font size=1>FFO allocable to common shareholders</font></p> </td>
        <td width="88" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$</font></b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>50,910</font></b></p> </div> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62,761</font></p> </div> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$</font></b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>152,604</font></b></p> </div> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157,052</font></p> </div> </td>
        <td  width="1">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:.1in'>
        <td width="280" valign=bottom style='background:white;padding: 0in 6.0pt 0in 6.0pt;height:.1in'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=bottom style='background:white;padding:0in 6.0pt 0in 6.0pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  width="1">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1><sup>(1)</sup> Represents the weighted average number of common shares outstanding for the period divided by the sum of the weighted average</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="554" style=' border-collapse:collapse'>
    <tr>
        <td width="13" valign=top >
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt'><font size=1>&nbsp;</font></p> </td>
        <td width="540" valign=top >
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt'><font size=1>number of common shares and the weighted average number of operating partnership units outstanding during the period.</font></p> </td> </tr></table>

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

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>We are exposed to interest rate risk on our debt obligations and derivative financial instruments. We may elect to use derivative financial instruments to manage our exposure to changes in interest rates, but will not use them for speculative purposes. Our interest rate risk management policy requires that derivative instruments be used for hedging purposes only and that they be entered into only with major financial institutions based on their credit ratings and other factors. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>Based on our proportionate share of consolidated and unconsolidated variable rate debt at September 30, 2006, a 0.5% increase or decrease in interest rates on this variable-rate debt would decrease or increase annual cash flows by approximately $5.0 million and, after the effect of capitalized interest, annual earnings by approximately $4.5 million. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>35</font></p>

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

<p style='page-break-before:always'></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>Based on our proportionate share of total consolidated and unconsolidated debt at September 30, 2006, a 0.5% increase in interest rates would decrease the fair value of debt by approximately $77.3 million, while a 0.5% decrease in interest rates would increase the fair value of debt by approximately $79.9 million.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>We did not have any derivative financial instruments during the nine months ended September 30, 2006.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>ITEM 4:  Controls and Procedures</font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of its effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><font size=2>As of the end of the period covered by this quarterly report, an evaluation, under Rule 13a-15 of the Securities Exchange Act of 1934 was performed under the supervision of our Chief Executive Officer and Chief Financial Officer and with the participation of our management, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Exchange Act Rule 13a-15. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective. No change in our internal control over financial reporting occurred during the period covered by this quarterly report that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font SIZE=2>PART II - OTHER INFORMATION</font></B></p>

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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 1:</font></B></p> </td>
        <td width="136" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Legal Proceedings</font></b></p> </td> </tr></table>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:left;'><font size=2>None</font></p>

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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 1A.</font></B></p> </td>
        <td width="100" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Risk Factors</font></b></p> </td> </tr></table>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The following information updates the information disclosed in &#147;Item 1A &#150; Risk Factors&#148; of our Annual Report on Form 10-K for the year ended December 31, 2005, by providing information that is current as of September 30, 2006:</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font SIZE=2>RISKS RELATED TO REAL ESTATE INVESTMENTS</font></B></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font size=2>Real property investments are subject to various risks, many of which are beyond our control, that could cause declines in the operating revenues and/or the underlying value of one or more of our Properties. </font></b></i></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.25in;text-align:left;'><font size=2>A number of factors may decrease the income generated by a retail shopping center property, including:</font></p>

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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:4.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>National, regional and local economic climates, which may be negatively impacted by plant closings, industry slowdowns, adverse weather conditions, natural disasters, and other factors which tend to reduce consumer spending on retail goods.</font></p> </td> </tr></table>



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        <td width="24" valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:4.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Local real estate conditions, such as an oversupply of, or reduction in demand for, retail space or retail goods, and the availability and creditworthiness of current and prospective tenants.</font></p> </td> </tr></table>


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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>36</font></p>

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

<p style='page-break-before:always'></p>

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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:4.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Increased operating costs, such as increases in real property taxes, utility rates and insurance premiums.</font></p> </td> </tr></table>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:4.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Perceptions by retailers or shoppers of the safety, convenience and attractiveness of the shopping center.</font></p> </td> </tr></table>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:4.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The willingness and ability of the shopping center&#146;s owner to provide capable management and maintenance services.</font></p> </td> </tr></table>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The convenience and quality of competing retail properties and other retailing options, such as the Internet.</font></p> </td> </tr></table>


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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.25in;text-align:left;'><font size=2>In addition, other factors may adversely affect the value of our Properties without affecting their current revenues, including:</font></p>

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


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        <td width="24" valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:4.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Adverse changes in governmental regulations, such as local zoning and land use laws, environmental regulations or local tax structures that could inhibit our ability to proceed with development, expansion, or renovation activities that otherwise would be beneficial to our Properties.</font></p> </td> </tr></table>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:4.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Potential environmental or other legal liabilities that reduce the amount of funds available to us for investment in our Properties.</font></p> </td> </tr></table>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:4.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Any inability to obtain sufficient financing (including both construction financing and permanent debt), or the inability to obtain such financing on commercially favorable terms, to fund new developments, acquisitions, and property expansions and renovations which otherwise would benefit our Properties.</font></p> </td> </tr></table>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>An environment of rising interest rates, which could negatively impact both the value of commercial real estate such as retail shopping centers and the overall retail climate.</font></p> </td> </tr></table>


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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><i><b><font size=2>The loss of one or more significant tenants, due to bankruptcies or as a result of ongoing consolidations in the retail industry, could adversely affect both the operating revenues and value of our Properties.</font></b></i></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.31in;text-align:left;'><font size=2>Regional malls are typically anchored by well-known department stores and other significant tenants who generate shopping traffic at the mall. A decision by an anchor tenant or other significant tenant to cease operations at one or more Properties could have a material adverse effect on those Properties and, by extension, on our financial condition and results of operations. The closing of an anchor or other significant tenant may allow other anchors and/or tenants at an affected Property to terminate their leases, to seek rent relief and/or cease operating their stores or otherwise adversely affect occupancy at the Property. In addition, key tenants at one or more Properties might terminate their leases as a result of mergers, acquisitions, consolidations, dispositions or bankruptcies in the retail industry. The bankruptcy and/or closure of one or more significant tenants, if we are not
able to successfully re-tenant the affected space, could have a material adverse effect on both the operating revenues and underlying value of the Properties involved.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font size=2>We may incur significant costs related to compliance with environmental laws, which could have a material adverse effect on our results of operations, cash flow and the funds available to us to pay dividends.</font></b></i></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Under various federal, state and local environmental laws, ordinances and regulations, a current or previous owner or operator of real property may be liable for the costs of removal or remediation of hazardous or toxic substances on, under or in that real property. These laws often impose liability whether or not the owner or operator knew of, or was responsible for, the presence of hazardous or toxic substances. The costs of investigation, removal or remediation of hazardous or </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>37</font></p>

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

<p style='page-break-before:always'></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>toxic substances may be substantial. In addition, the presence of hazardous or toxic substances, or the failure to remedy environmental hazards properly, may adversely affect the owner&#146;s or operator&#146;s ability to sell or rent affected real property or to borrow money using affected real property as collateral.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Persons or entities that arrange for the disposal or treatment of hazardous or toxic substances may also be liable for the costs of removal or remediation of hazardous or toxic substances at the disposal or treatment facility, whether or not that facility is owned or operated by the person or entity arranging for the disposal or treatment of hazardous or toxic substances. Laws exist that impose liability for release of asbestos-containing materials into the air, and third parties may seek recovery from owners or operators of real property for personal injury associated with exposure to asbestos-containing materials. In connection with our ownership, operation, management, development and redevelopment of our Properties, or any other Properties we acquire in the future, we may be potentially liable under these laws and may incur costs in responding to these liabilities, which could have an
adverse effect on our results of operations, cash flow and the funds available to us to pay dividends.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font SIZE=2>RISKS RELATED TO OUR BUSINESS AND THE MARKET FOR OUR STOCK</font></B></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font size=2>We may elect not to proceed with certain development projects once they have been undertaken, resulting in charges that could have a material adverse effect on our results of operations for the period in which the charge is taken.</font></b></i></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>We intend to pursue development and expansion activities as opportunities arise. In connection with any development or expansion, we will incur various risks including the risk that development or expansion opportunities explored by us may be abandoned and the risk that construction costs of a project may exceed original estimates, possibly making the project not profitable. Other risks include the risk that we may not be able to refinance construction loans which are generally with full recourse to us, the risk that occupancy rates and rents at a completed project will not meet projections and will be insufficient to make the project profitable, and the risk that we will not be able to obtain anchor, mortgage lender and property partner approvals for certain expansion activities. In the event of an unsuccessful development project, our loss could exceed our investment in the project.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>We have in the past elected not to proceed with certain development projects and anticipate that we will do so again from time to time in the future. If we elect not to proceed with a development opportunity, the development costs ordinarily will be charged against income for the then-current period. Any such charge could have a material adverse effect on our results of operations for the period in which the charge is taken.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font size=2>Competition from other retail formats could adversely affect the revenues generated by our properties, resulting in a reduction in funds available for distribution to our stockholders.</font></b></i></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>There are numerous shopping facilities that compete with our Properties in attracting retailers to lease space. In addition, retailers at our Properties face competition for customers from:</font></p>

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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:4.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Discount shopping centers</font></p> </td> </tr></table>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:4.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Outlet malls</font></p> </td> </tr></table>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:4.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Wholesale clubs</font></p> </td> </tr></table>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:4.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Direct mail</font></p> </td> </tr></table>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:4.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Telemarketing</font></p> </td> </tr></table>


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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>38</font></p>

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

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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:4.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Television shopping networks</font></p> </td> </tr></table>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Shopping via the Internet</font></p> </td> </tr></table>


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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Each of these competitive factors could adversely affect the amount of rents that we are able to collect from our tenants, thereby reducing our revenues and the funds available for distribution to our stockholders.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font size=2>Since our shopping center properties are located principally in the Southeastern and Midwestern United States, our financial position, results of operations and funds available for distribution to shareholders are subject generally to economic conditions in these regions.</font></b></i></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.31in;text-align:left;'><font size=2>Our properties are located principally in the southeastern and midwestern Unites States. Our properties located in the southeastern United States accounted for approximately 51.3% of our total revenues from all properties for the nine months ended September 30, 2006 and currently include 42 malls, 19 associated centers, one community center and one office building. Our properties located in the midwestern United States accounted for approximately 25.7% of our total revenues from all properties for the nine months September 30, 2006 and currently include 21 malls and three associated centers. Our results of operations and funds available for distribution to shareholders therefore will be subject generally to economic conditions in the southeastern and midwestern United States. We will continue to look for opportunities to geographically diversify our portfolio in order to minimize
dependency on any particular region; however, the expansion of the portfolio through both acquisitions and developments is contingent on many factors including consumer demand, competition and economic conditions.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font size=2>Certain of our shopping center properties are subject to ownership interests held by third parties, whose interests may conflict with ours and thereby constrain us from taking actions concerning these properties which otherwise would be in the best interests of the Company and our stockholders.</font></b></i></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>We own partial interests in eleven malls, eight associated centers, two community centers and one office building. We manage all of these properties except for Governor&#146;s Square, Governor&#146;s Plaza and Kentucky Oaks. A property manager affiliated with the managing general partner performs the property management services for these properties and receives a fee for its services. The managing partner of each of these three Properties controls the cash flow distributions, although our approval is required for certain major decisions.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Where we serve as managing general partner of the partnerships that own our properties, we may have certain fiduciary responsibilities to the other partners in those partnerships. In certain cases, the approval or consent of the other partners is required before we may sell, finance, expand or make other significant changes in the operations of such properties. To the extent such approvals or consents are required, we may experience difficulty in, or may be prevented from, implementing our plans with respect to expansion, development, financing or other similar transactions with respect to such properties.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>With respect to Governor&#146;s Square, Governor&#146;s Plaza and Kentucky Oaks we do not have day-to-day operational control or control over certain major decisions, including the timing and amount of distributions, which could result in decisions by the managing general partner that do not fully reflect our interests. This includes decisions relating to the requirements that we must satisfy in order to maintain our status as a REIT for tax purposes. However, decisions relating to sales, expansion and disposition of all or substantially all of the assets and financings are subject to approval by the Operating Partnership.</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>39</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
<i><b><font size=2>Certain agreements with prior owners of Properties that we have acquired may inhibit our ability to enter into future sale or refinancing transactions affecting such Properties, which otherwise would be in the best interests of the Company and our stockholders.</font></b></i></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Certain Properties that we originally acquired from third parties had unrealized gain attributable to the difference between the fair market value of such Properties and the third parties&#146; adjusted tax basis in the Properties immediately prior to their contribution of such Properties to the Operating Partnership pursuant to our acquisition. For this reason, a taxable sale by us of any of such Properties, or a significant reduction in the debt encumbering such Properties, could result in adverse tax consequences to the third parties who contributed these properties in exchange for interests in the Operating Partnership. Under the terms of these transactions, we have generally agreed that we either will not sell or refinance such an acquired Property for a number of years in any transaction that would trigger adverse tax consequences for the parties from whom we acquired such Property, or
else we will reimburse such parties for all or a portion of the additional taxes they are required to pay as a result of the transaction. Accordingly, these agreements may cause us not to engage in future sale or refinancing transactions affecting such Properties which otherwise would be in the best interests of the Company and our stockholders, or may increase the costs to us of engaging in such transactions.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.31in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font size=2>Our financial position, results of operations and funds available for distribution to shareholders could be adversely affected by any economic downturn affecting the operating results at our properties in the Nashville, TN, the Pittsburgh, PA, and Kansas City, KS metropolitan areas, which are our three largest markets.</font></b></i></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.31in;text-align:left;'><font size=2>Our properties located in the Nashville, TN, Pittsburgh, PA, and Kansas City (Overland Park), KS metropolitan areas accounted for 5.7%, 5.0% and 4.0% of our revenues for the nine months ended September 30, 2006, respectively. No other market accounted for more than 3.2% of our revenues for the nine months ended September 30, 2006. Our financial position and results of operations will therefore be affected by the results experienced at properties located in these metropolitan areas.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font size=2>Rising interest rates could both increase our borrowing costs, thereby adversely affecting our cash flow and the amounts available for distributions to our stockholders, and decrease our stock price, if investors seek higher yields through other investments.</font></b></i></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.31in;text-align:left;'><font size=2>An environment of rising interest rates could lead holders of our securities to seek higher yields through other investments, which could adversely affect the market price of our stock. One of the factors that may influence the price of our stock in public markets is the annual distribution rate we pay as compared with the yields on alternative investments. Numerous other factors, such as governmental regulatory action and tax laws, could have a significant impact on the future market price of our stock. In addition, increases in market interest rates could result in increased borrowing costs for us, which may adversely affect our cash flow and the amounts available for distributions to our stockholders.</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>40</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
<i><b><font size=2>Recent changes in the U.S. federal income tax treatment of corporate dividends may make our stock less attractive to investors, thereby lowering our stock price.</font></b></i></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.31in;text-align:left;'><font size=2>The maximum U.S. federal income tax rate for dividends received by individual taxpayers recently was reduced generally from 38.6% to 15.0% (currently effective from January&nbsp;1, 2003 through 2010).  However, dividends payable by REITs are generally not eligible for such treatment.  Although this legislation did not have a directly adverse effect on the taxation of REITs or dividends paid by REITs, the more favorable treatment for non-REIT dividends could cause individual investors to consider investments in non-REIT corporations as more attractive relative to an investment in a REIT, which could have an adverse impact on the market price of our stock.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font size=2>Certain of our credit facilities, the loss of which could have a material, adverse impact on our financial condition and results of operations, are conditioned upon the Operating Partnership continuing to be managed by certain members of its current senior management and by such members of senior management continuing to own a significant direct or indirect equity interest in the Operating Partnership.</font></b></i></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.31in;text-align:left;'><font size=2>Certain of the Operating Partnership&#146;s lines of credit are conditioned upon the Operating Partnership continuing to be managed by certain members of its current senior management and by such members of senior management continuing to own a significant direct or indirect equity interest in the Operating Partnership (including any shares of our common stock owned by such members of senior management). If the failure of one or more of these conditions resulted in the loss of these credit facilities and we were unable to obtain suitable replacement financing, such loss could have a material, adverse impact on our financial position and results of operations. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font size=2>Our insurance coverage may change in the future, and may not include coverage for acts of terrorism.</font></b></i></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.31in;text-align:left;'><font size=2>The general liability and property casualty insurance policies on our Properties currently include loss resulting from acts of terrorism, whether foreign or domestic. The cost of general liability and property casualty insurance policies that include coverage for acts of terrorism has risen significantly post-September&nbsp;11, 2001. The cost of coverage for acts of terrorism is currently mitigated by the Terrorism Risk Insurance Act (&#147;TRIA&#148;). If TRIA is not extended beyond its current expiration date of December 31, 2007, we may incur higher insurance costs and greater difficulty in obtaining insurance that covers terrorist-related damages. Our tenants may also experience similar difficulties. We anticipate that we will be able to  continue our policy coverage as currently structured when our policies are up for renewal on December&nbsp;31, 2006.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font SIZE=2>RISKS RELATED TO FEDERAL INCOME TAX LAWS</font></B></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font size=2>If we fail to qualify as a REIT in any taxable year, our funds available for distribution to stockholders will be reduced.</font></b></i></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.31in;text-align:left;'><font size=2>We intend to continue to operate so as to qualify as a REIT under the Internal Revenue Code. Although we believe that we are organized and operate in such a manner, no assurance can be given that we currently qualify and in the future will continue to qualify as a REIT. Such qualification involves the application of highly technical and complex Internal Revenue Code provisions for which there are only limited judicial or administrative interpretations. The determination of various factual matters and circumstances not entirely within our control may affect our ability to qualify. In addition, no assurance can be given that legislation, new regulations, administrative interpretations or court decisions will not significantly change the tax laws with respect to qualification or its corresponding federal income tax consequences.  Any such change could have a retroactive effect.</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>41</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.31in;text-align:left;'><font size=2>If in any taxable year we were to fail to qualify as a REIT, we would not be allowed a deduction for distributions to stockholders in computing our taxable income and we would be subject to federal income tax on our taxable income at regular corporate rates. Unless entitled to relief under certain statutory provisions, we also would be disqualified from treatment as a REIT for the four taxable years following the year during which qualification was lost. As a result, the funds available for distribution to our stockholders would be reduced for each of the years involved. This would likely have a significant adverse effect on the value of our securities and our ability to raise additional capital.  In addition, we would no longer be required to make distributions to our stockholders. We currently intend to operate in a manner designed to qualify as a REIT. However, it is possible that future
economic, market, legal, tax or other considerations may cause our board of directors, with the consent of a majority of our stockholders, to revoke the REIT election.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font size=2>Any issuance or transfer of our capital stock to any person in excess of the applicable limits on ownership necessary to maintain our status as a REIT would be deemed void ab initio, and those shares would automatically be transferred to a non-affiliated charitable trust.</font></b></i></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.31in;text-align:left;'><font size=2>To maintain our status as a REIT under the Internal Revenue Code, not more than 50% in value of our outstanding capital stock may be owned, directly or indirectly, by five or fewer individuals (as defined in the Internal Revenue Code to include certain entities) during the last half of a taxable year. Our certificate of incorporation generally prohibits ownership of more than 6% of the outstanding shares of our capital stock by any single stockholder determined by vote, value or number of shares (other than Charles Lebovitz, our Chief Executive Officer, David Jacobs, Richard Jacobs and their affiliates under the Internal Revenue Code&#146;s attribution rules). The affirmative vote of 66<sup>&nbsp;2</sup>/<sub>3</sub>% of our outstanding voting stock is required to amend this provision. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.31in;text-align:left;'><font size=2>Our board of directors may, subject to certain conditions, waive the applicable ownership limit upon receipt of a ruling from the IRS or an opinion of counsel to the effect that such ownership will not jeopardize our status as a REIT. Absent any such waiver, however, any issuance or transfer of our capital stock to any person in excess of the applicable ownership limit or any issuance or transfer of shares of such stock which would cause us to be beneficially owned by fewer than 100 persons, will be null and void and the intended transferee will acquire no rights to the stock. Instead, such issuance or transfer with respect to that number of shares that would be owned by the transferee in excess of the ownership limit provision would be deemed void</font><i><font size=2> ab initio</font></i><font size=2> and those shares would automatically be transferred to a trust for the exclusive
benefit of a charitable beneficiary to be designated by us, with a trustee designated by us, but who would not be affiliated with us or with the prohibited owner. Any acquisition of our capital stock and continued holding or ownership of our capital stock constitutes, under our certificate of incorporation, a continuous representation of compliance with the applicable ownership limit.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font size=2>In order to maintain our status as a REIT and avoid the imposition of certain additional taxes under the Internal Revenue Code, we must satisfy minimum requirements for distributions to shareholders, which may limit the amount of cash we might otherwise have been able to retain for use in growing our business.</font></b></i></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.31in;text-align:left;'><font size=2>To maintain our status as a REIT under the Internal Revenue Code, we generally will be required each year to distribute to our stockholders at least 90% of our taxable income after certain adjustments. However, to the extent that we do not distribute all of our net capital gain or distribute at least 90% but less than 100% of our REIT taxable income, as adjusted, we will be subject to tax on the undistributed amount at ordinary and capital gains corporate tax rates, as the case may be. In addition, we will be subject to a 4% nondeductible excise tax on the amount, if any, by which certain distributions paid by us during each calendar year are less than the sum of 85% of our ordinary income for such calendar year, 95% of our capital gain net income for the calendar year and any amount of such income that was not distributed in prior years. In the case of property acquisitions, </font></p>

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

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>including our initial formation, where individual properties are contributed to our Operating Partnership for Operating Partnership units, we have assumed the tax basis and depreciation schedules of the entities&#146; contributing properties. The relatively low tax basis of such contributed properties may have the effect of increasing the cash amounts we are required to distribute as dividends, thereby potentially limiting the amount of cash we might otherwise have been able to retain for use in growing our business. This low tax basis may also have the effect of reducing or eliminating the portion of distributions made by us that are treated as a non-taxable return of capital.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font SIZE=2>RISKS RELATED TO OUR ORGANIZATIONAL STRUCTURE</font></B></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font size=2>The ownership limit described above, as well as certain provisions in our amended and restated certificate of incorporation and bylaws, our stockholder rights plan, and certain provisions of Delaware law may hinder any attempt to acquire us.</font></b></i></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.31in;text-align:left;'><font size=2>Certain provisions of Delaware law, as well as of our amended and restated certificate of incorporation and bylaws, and agreements to which we are a party, may have the effect of delaying, deferring or preventing a third party from making an acquisition proposal for us and may inhibit a change in control that some, or a majority, of our stockholders might believe to be in their best interest or that could give our stockholders the opportunity to realize a premium over the then-prevailing market prices for their shares. These provisions and agreements may be summarized as follows:</font></p>

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        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>The Ownership Limit</font></u><font size=2> &#150; As described above, to maintain our status as a REIT under the Internal Revenue Code, not more than 50% in value of our outstanding capital stock may be owned, directly or indirectly, by five or fewer individuals (as defined in the Internal Revenue Code to include certain entities) during the last half of a taxable year. Our certificate of incorporation generally prohibits ownership of more than 6% of the outstanding shares of our capital stock by any single stockholder determined by value (other than Charles Lebovitz, David Jacobs, Richard Jacobs and their affiliates under the Internal Revenue Code&#146;s attribution rules). In addition to preserving our status as a REIT, the ownership limit may have the effect of precluding an acquisition of control of us without the approval of our board of directors.</font></p> </td> </tr></table>


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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Classified Board of Directors; Removal for Cause</font></u><font size=2> &#150; Our certificate of incorporation provides for a board of directors divided into three classes, with one class elected each year to serve for a three-year term. As a result, at least two annual meetings of stockholders may be required for the stockholders to change a majority of our board of directors. In addition, our stockholders can only remove directors for cause and only by a vote of 75% of the outstanding voting stock. Collectively, these provisions make it more difficult to change the composition of our board of directors and may have the effect of encouraging persons considering unsolicited tender offers or other unilateral takeover proposals to negotiate with our board of directors rather than pursue non-negotiated takeover attempts. </font></p> </td> </tr></table>


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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Advance Notice Requirements for Stockholder Proposals</font></u><font size=2> &#150; Our bylaws establish advance notice procedures with regard to stockholder proposals relating to the nomination of candidates for election as directors or new business to be brought before meetings of our stockholders. These procedures generally require advance written notice of any such proposals, containing prescribed information, to be given to our Secretary at our principal executive offices not less than 60 days nor more than 90 days prior to the meeting.</font></p> </td> </tr></table>


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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>43</font></p>

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

<p style='page-break-before:always'></p>

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

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:4.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:0in 0in 4.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Vote Required to Amend Bylaws</font></u><font size=2> &#150; A vote of 66&nbsp; 2/3 of the outstanding voting stock is necessary to amend our bylaws.</font></p> </td> </tr></table>

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

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Stockholder Rights Plan</font></u><font size=2> &#150; We have a stockholder rights plan, which may delay, deter or prevent a change in control unless the acquirer negotiates with our board of directors and the board of directors approves the transaction. The rights plan generally would be triggered if an entity, group or person acquires (or announces a plan to acquire) 15% or more of our common stock. If such transaction is not approved by our board of directors, the effect of the stockholder rights plan would be to allow our stockholders to purchase shares of our common stock, or the common stock or other merger consideration paid by the acquiring entity, at an effective 50% discount.</font></p> </td> </tr></table>


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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Delaware Anti-Takeover Statute</font></u><font size=2> &#150; We are a Delaware corporation and are subject to Section 203 of the Delaware General Corporation Law. In general, Section 203 prevents an &#147;interested stockholder&#148; (defined generally as a person owning 15% or more of a company&#146;s outstanding voting stock) from engaging in a &#147;business combination&#148; (as defined in Section 203) with us for three years following the date that person becomes an interested stockholder unless:</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.75in;text-align:left;'><font size=2>(a)</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>before that person became an interested holder, our board of directors approved the transaction in which the interested holder became an interested stockholder or approved the business combination;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.75in;text-align:left;'><font size=2>(b)</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>upon completion of the transaction that resulted in the interested stockholder becoming an interested stockholder, the interested stockholder owns 85% of our voting stock outstanding at the time the transaction commenced (excluding stock held by directors who are also officers and by employee stock plans that do not provide employees with the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer); or</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.75in;text-align:left;'><font size=2>(c)</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>following the transaction in which that person became an interested stockholder, the business combination is approved by our board of directors and authorized at a meeting of stockholders by the affirmative vote of the holders of at least two-thirds of our outstanding voting stock not owned by the interested stockholder.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>Under Section 203, these restrictions also do not apply to certain business combinations proposed by an interested stockholder following the announcement or notification of certain extraordinary transactions involving us and a person who was not an interested stockholder during the previous three years or who became an interested stockholder with the approval of a majority of our directors, if that extraordinary transaction is approved or not opposed by a majority of the directors who were directors before any person became an interested stockholder in the previous three years or who were recommended for election or elected to succeed such directors by a majority of directors then in office.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font size=2>Certain ownership interests held by members of our senior management may tend to create conflicts of interest between such individuals and the interests of the Company and our Operating Partnership.</font></b></i></p>

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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Retained Property Interests</font></u><font size=2> &#150; Members of our senior management own interests in certain real estate properties that were retained by them at the time of our initial public offering. These consist primarily of outparcels at certain of our properties, which are being offered for sale through our management company. As a result, these members of our senior management have interests that could conflict with the interests of the Company, our </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.25in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>44</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>shareholders and the Operating Partnership with respect to any transaction involving these properties.</font></p>

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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Tax Consequences of the Sale or Refinancing of Certain Properties</font></u><font size=2> &#150; Since certain of our properties had unrealized gain attributable to the difference between the fair market value and adjusted tax basis in such properties immediately prior to their contribution to the Operating Partnership, a taxable sale of any such properties, or a significant reduction in the debt encumbering such properties, could cause adverse tax consequences to the members of our senior management who owned interests in our predecessor entities. As a result, members of our senior management might not favor a sale of a property or a significant reduction in debt even though such a sale or reduction could be beneficial to us and the Operating Partnership. Our bylaws provide that any decision relating to the potential sale of any property that would result in a
disproportionately higher taxable income for members of our senior management than for us and our stockholders, or that would result in a significant reduction in such property&#146;s debt, must be made by a majority of the independent directors of the board of directors. The Operating Partnership is required, in the case of such a sale, to distribute to its partners, at a minimum, all of the net cash proceeds from such sale up to an amount reasonably believed necessary to enable members of our senior management to pay any income tax liability arising from such sale.</font></p> </td> </tr></table>


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


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        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Interests in Other Entities; Policies of the Board of Directors</font></u><font size=2> &#150; Certain entities owned in whole or in part by members of our senior management, including the construction company that built or renovated most of our properties, may continue to perform services for, or transact business with, us and the Operating Partnership. Furthermore, certain property tenants are affiliated with members of our senior management. Accordingly, although our bylaws provide that any contract or transaction between us or the Operating Partnership and one or more of our directors or officers, or between us or the Operating Partnership and any other entity in which one or more of our directors or officers are directors or officers or have a financial interest, must be approved by our disinterested directors or stockholders after the material facts of
the relationship or interest of the contract or transaction are disclosed or are known to them, these affiliations could nevertheless create conflicts between the interests of these members of senior management and the interests of the Company, our shareholders and the Operating Partnership in relation to any transactions between us and any of these entities.</font></p> </td> </tr></table>


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


<table border="0" cellspacing=0 cellpadding=0 width="490" style=' border-collapse:collapse'>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 2:</font></B></p> </td>
        <td width="394" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Unregistered Sales of Equity Securities and Use of Proceeds</font></b></p> </td> </tr></table>

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


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        <td width="72" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The following table presents information with respect to repurchases of common stock made by us during the three months ended September 30, 2006: </font></p> </td> </tr></table>


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


<table border="0" cellspacing=0 cellpadding=0 width="551" style=' margin-left:77.4pt;border-collapse:collapse'>
    <tr style='height:.1in'>
        <td width="128" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Period</font></p> </div> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Total Number</font></p>
<p style='margin:0in;text-indent:0pt;text-align:center;margin-top:5pt;margin-bottom:.0001pt'><font size=1>of Shares</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Purchased (1)</font></p> </div> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Average</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Price</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Paid per</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Share (2)</font></p> </div> </td>
        <td width="120" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Total Number of</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Shares Purchased as</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Part of a Publicly</font></p>
<p style='margin-left:0pt;text-indent:12.75pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Announced Plan</font>            </p> </div> </td>
        <td width="119" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Maximum Number of</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Shares that May Yet</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Be Purchased</font></p>
<p style='margin-left:0pt;text-indent:14.25pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Under the Plan</font>               </p> </div> </td> </tr>
    <tr style='height:.2in'>
        <td width="128" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:.2in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:6.0pt'><font size=1>July  1&#150;31, 2006</font></p> </td>
        <td width="88" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.2in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:6.0pt'><font size=1>-</font></p> </td>
        <td width="96" valign=bottom style='background:#CCFFFF;padding: 0in 5.4pt 0in 5.4pt;height:.2in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:6.0pt'><font size=1>-</font></p> </td>
        <td width="120" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:.2in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:6.0pt'><font size=1>-</font></p> </td>
        <td width="119" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:.2in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:6.0pt'><font size=1>-</font></p> </td> </tr>
    <tr style='height:.2in'>
        <td width="128" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom: 6.0pt'><font size=1>August 1-31, 2006</font></p> </td>
        <td width="88" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:6.0pt'><font size=1>1,016</font></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:6.0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.05</font></p> </td>
        <td width="120" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:6.0pt'><font size=1>-</font></p> </td>
        <td width="119" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:6.0pt'><font size=1>-</font></p> </td> </tr>
    <tr style='height:.2in'>
        <td width="128" valign=bottom style='background:#CCFFFF; padding:0in 5.4pt 0in 5.4pt;height:.2in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom: 6.0pt'><font size=1>September 1&#150;30, 2006</font></p> </td>
        <td width="88" valign=bottom style='border-bottom: solid black .5pt;background:#CCFFFF;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:6.0pt'><font size=1>-</font></p> </td>
        <td width="96" valign=bottom style='border-bottom:solid black .5pt; background:#CCFFFF;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:6.0pt'><font size=1>-</font></p> </td>
        <td width="120" valign=bottom style='border-bottom: solid black .5pt;background:#CCFFFF;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:6.0pt'><font size=1>-</font></p> </td>
        <td width="119" valign=bottom style='border-bottom: solid black .5pt;background:#CCFFFF;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:6.0pt'><font size=1>-</font></p> </td> </tr>
    <tr style='height:.2in'>
        <td width="128" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom: 6.0pt'><font size=1>Total</font></p> </td>
        <td width="88" valign=bottom style='border-bottom: double black 2.25pt;padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:6.0pt'><font size=1>1,016</font></p> </td>
        <td width="96" valign=bottom style='border-bottom:double black 2.25pt; padding:0in 5.4pt 0in 5.4pt;height:.2in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:6.0pt'><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.05</font></p> </td>
        <td width="120" valign=bottom style='border-bottom: double black 2.25pt;padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:6.0pt'><b><font size=1>-</font></b></p> </td>
        <td width="119" valign=bottom style='border-bottom: double black 2.25pt;padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:6.0pt'><b><font size=1>-</font></b></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.42in; text-indent:-0.42in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(1)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Represents shares surrendered to the Company by employees to satisfy federal and state income tax withholding requirements related to the vesting of shares of restricted stock issued under the CBL &amp; Associates Properties, Inc. 1993 Stock Incentive Plan.</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(2)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Represents the market value of the common stock on the vesting date for the shares of restricted stock, which was used to determine the number of shares required to be surrendered to satisfy income tax withholding requirements.</font></p> </td> </tr></table>


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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>45</font></p>

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

<p style='page-break-before:always'></p>

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

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


<table border="0" cellspacing=0 cellpadding=0 width="316" style=' border-collapse:collapse'>
    <tr>
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 3:</font></B></p> </td>
        <td width="220" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Defaults Upon Senior Securities</font></b></p> </td> </tr></table>

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


<table border="0" cellspacing=0 cellpadding=0 width="148" style=' border-collapse:collapse'>
    <tr>
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>None</font></p> </td> </tr></table>

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


<table border="0" cellspacing=0 cellpadding=0 width="443" style=' border-collapse:collapse'>
    <tr>
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 4:</font></B></p> </td>
        <td width="347" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Submission of Matters to a Vote of Security Holders</font></b></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="148" style=' border-collapse:collapse'>
    <tr>
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>None</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.75in; text-indent:-0.71in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="234" style=' border-collapse:collapse'>
    <tr>
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 5:</font></B></p> </td>
        <td width="138" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Other Information</font></b></p> </td> </tr></table>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.97in;text-align:left;'><font size=2>None</font></p>

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


<table border="0" cellspacing=0 cellpadding=0 width="169" style=' border-collapse:collapse'>
    <tr>
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 6:</font></B></p> </td>
        <td width="73" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Exhibits</font></b></p> </td> </tr></table>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>The Exhibit Index attached to this report is incorporated by reference into this Item 6.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>46</font></p>

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

<p style='page-break-before:always'></p>

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

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:justify;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</font></p>

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


<table border="0" cellspacing=0 cellpadding=0 width="356" style=' margin-left:168.0pt;border-collapse:collapse; '>
    <tr>
        <td width="356" valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:28.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>CBL &amp; ASSOCIATES PROPERTIES, INC.</font></p> </td> </tr>
    <tr>
        <td width="356" valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<div style='border-bottom:solid black 1.5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>/s/ John N. Foy</font></p> </div>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>John N. Foy</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Vice Chairman of the Board, Chief Financial</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Officer and Treasurer</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Date: November 9, 2006</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>47</font></p>

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

<p style='page-break-before:always'></p>

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

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


<table width="600" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr>
        <td width="121" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Exhibit</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Number</font></u><u></u></p> </td>
        <td width="526" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Description</font></u><u></u></p> </td> </tr>
    <tr>
        <td width="121" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:12.0pt;margin-bottom: 0in'><font size=2>10.17.5</font></p> </td>
        <td width="526" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:12.0pt;margin-bottom:0pt'><font size=2>Amended and Restated Unsecured Credit Agreement dated as of August 22, 2006 by and among CBL &amp; Associates Limited Partnership, as Borrower, CBL &amp; Associates Properties, Inc., as Parent, solely for the purposes set forth in Section 12.19., the Financial Institutions Party Hereto and Their Assignees Under Section 12.5., as Lenders, Wells Fargo Bank, National Association, as Administrative Agent and Co-Lead Arranger, KeyBanc Capital Markets, as Co-Lead Arranger, KeyBank National Association, as Syndication Agent, Wachovia Bank, National Association, as Documentation Agent, and LaSalle Bank National Association, as Documentation Agent (Incorporated by reference from the Company&#146;s Current Report On Form 8-K, filed on August 25, 2006.)</font></p> </td> </tr>
    <tr>
        <td width="121" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:12.0pt;margin-bottom: 0in'><font size=2>10.17.6</font></p> </td>
        <td width="526" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:12.0pt;margin-bottom:0pt'><font size=2>Fourth Amendment to Sixth Amended and Restated Credit Agreement between CBL &amp; Associates Limited Partnership and Wells Fargo Bank, National Association, et al., dated August 29, 2006 (Incorporated by reference from the Company&#146;s Current Report On Form 8-K, filed on September 1, 2006.)</font></p> </td> </tr>
    <tr>
        <td width="121" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:12.0pt;margin-bottom: 0in'><font size=2>10.19.4</font></p> </td>
        <td width="526" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:12.0pt;margin-bottom:0pt'><font size=2>Third Amendment to Third Amended and Restated Loan Agreement by and between CBL &amp; Associates Limited Partnership and SunTrust Bank, dated August 29, 2006 to be effective as of April 1, 2006 (Incorporated by reference from the Company&#146;s Current Report On Form 8-K, filed on September 1, 2006.)</font></p> </td> </tr>
    <tr>
        <td width="121" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:12.0pt;margin-bottom: 0in'><font size=2>10.19.5</font></p> </td>
        <td width="526" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:12.0pt;margin-bottom:0pt'><font size=2>Fourth Amended and Restated Revolving Credit Note of CBL &amp; Associates Limited Partnership Payable to the Order of SunTrust Bank, dated August 29, 2006 to be effective as of April 1, 2006 (Incorporated by reference from the Company&#146;s Current Report On Form 8-K, filed on September 1, 2006.)</font></p> </td> </tr>
    <tr>
        <td width="121" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:12.0pt;margin-bottom: 0in'><font size=2>12.1</font></p> </td>
        <td width="526" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:12.0pt;margin-bottom: 0in'><font size=2>Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends</font></p> </td> </tr>
    <tr>
        <td width="121" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:12.0pt;margin-bottom: 0in'><font size=2>14.1</font></p> </td>
        <td width="526" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:12.0pt;margin-bottom:0pt'><font size=2>Second Amendment To Amended And Restated Code Of Business Conduct And Ethics Of CBL &amp; Associates Properties, Inc., CBL &amp; Associates Management, Inc. And Their Affiliates (Incorporated by reference from the Company&#146;s Current Report On Form 8-K, filed on September 12, 2006.)</font></p> </td> </tr>
    <tr>
        <td width="121" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:12.0pt;margin-bottom: 0in'><font size=2>31.1</font></p> </td>
        <td width="526" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:12.0pt;margin-bottom:0pt'><font size=2>Certification pursuant to Securities Exchange Act Rule 13a-14(a) by the Chief Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</font></p> </td> </tr>
    <tr>
        <td width="121" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:12.0pt;margin-bottom: 0in'><font size=2>31.2</font></p> </td>
        <td width="526" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:12.0pt;margin-bottom:0pt'><font size=2>Certification pursuant to Securities Exchange Act Rule 13a-14(a) by the Chief Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</font></p> </td> </tr>
    <tr>
        <td width="121" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:12.0pt;margin-bottom: 0in'><font size=2>32.1</font></p> </td>
        <td width="526" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:12.0pt;margin-bottom:0pt'><font size=2>Certification pursuant to Securities Exchange Act Rule 13a-14(b) by the Chief Executive Officer, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</font></p> </td> </tr>
    <tr style='height:37.75pt'>
        <td width="121" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:37.75pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:12.0pt;margin-bottom: 0in'><font size=2>32.2</font></p> </td>
        <td width="526" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:37.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:12.0pt;margin-bottom:0pt'><font size=2>Certification pursuant to Securities Exchange Act Rule 13a-14(b) by the Chief Financial Officer as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</font></p> </td> </tr></table>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>48</font></p>

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


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

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


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<TYPE>EX-12
<SEQUENCE>3
<FILENAME>exhibit121.htm
<DESCRIPTION>EXHIBIT 12.1
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><b><font size=2>Exhibit 12.1</font></b></p>

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

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


<table border="0" cellspacing=0 cellpadding=0 width="681" style=' margin-left:0pt;border-collapse:collapse'>
    <tr style='height:11.25pt'>
        <td  nowrap colspan="8" valign=bottom style='height:11.25pt'>
            <p style='margin:0in;text-indent:0pt;text-align:center;margin-top:5pt;margin-bottom:.0001pt'><b><font size=2>CBL &amp; Associates Properties, Inc.</font></b></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td  nowrap colspan="8" valign=bottom style='height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends</font></b></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td  nowrap colspan="8" valign=bottom style='height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(in thousands, except ratios)</font></b></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="307" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="307" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="307" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="307" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:22.5pt'>
        <td width="307" nowrap valign=bottom style=' height:22.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style=' border-bottom:solid black .5pt;height:22.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Nine Months</font><br> <font size=1>Ended September 30,</font></p> </td>
        <td  nowrap colspan="5" valign=bottom style=' border-bottom:solid black .5pt; height:22.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Year Ended December 31,</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="307" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom style=' border-bottom:solid black .5pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>2006</font></b></p> </td>
        <td width="61" nowrap valign=bottom style='border-bottom: solid black .5pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2005</font></p> </td>
        <td width="53" nowrap valign=bottom style=' border-bottom:solid black .5pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2005</font></p> </td>
        <td width="54" nowrap valign=bottom style=' border-bottom:solid black .5pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2004</font></p> </td>
        <td width="51" nowrap valign=bottom style=' border-bottom:solid black .5pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2003</font></p> </td>
        <td width="51" nowrap valign=bottom style=' border-bottom:solid black .5pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2002</font></p> </td>
        <td width="51" nowrap valign=bottom style=' border-bottom:solid black .5pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>2001</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="307" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Earnings:</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="307" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Income before discontinued operations, equity in earnings</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="307" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>and minority interest in earnings</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:5.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$  307,167 </font></b></p> </td>
        <td width="61" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:7.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$  364,392 </font></p> </td>
        <td width="53" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$  479,320 </font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:5.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$  376,096 </font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:5.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$ 395,811 </font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:5.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$ 283,571 </font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:5.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$ 256,531 </font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="307" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Fixed charges less capitalized interest and preferred dividends</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>192,703 </font></b></p> </td>
        <td width="61" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:15.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>154,200 </font></p> </td>
        <td width="53" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>210,914 </font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>177,219 </font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>154,116 </font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>143,125 </font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>156,404 </font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="307" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Distributed income of equity investees</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>6,517 </font></b></p> </td>
        <td width="61" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5,637 </font></p> </td>
        <td width="53" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>7,492 </font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>8,801 </font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:19.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4,150 </font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:19.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5,599 </font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:19.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5,964 </font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="307" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Equity in losses of equity investees for which charges arise</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:8.1pt'>
        <td width="307" nowrap valign=bottom style=' height:8.1pt'>
            <p style='margin-left:0pt;text-indent:16.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>from guarantees</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:8.1pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(403)</font></b></p> </td>
        <td width="61" nowrap valign=bottom style=' height:8.1pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>(1,113)</font></p> </td>
        <td width="53" nowrap valign=bottom style=' height:8.1pt'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1> (1,020)</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:8.1pt'>
            <p style='margin-left:0pt;text-indent:37.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>-   </font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:8.1pt'>
            <p style='margin-left:0pt;text-indent:24.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1> (39)</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:8.1pt'>
            <p style='margin-left:0pt;text-indent:24.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1> (12)</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:8.1pt'>
            <p style='margin-left:0pt;text-indent:34.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>-   </font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="307" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Minority interest in earnings of subsidiaries that have not</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="307" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>incurred fixed charges</font></p> </td>
        <td width="54" nowrap valign=bottom style=' border-bottom:solid black .5pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:16.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1> (2,778)</font></b></p> </td>
        <td width="61" nowrap valign=bottom style='border-bottom: solid black .5pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:18.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1> (2,455)</font></p> </td>
        <td width="53" nowrap valign=bottom style=' border-bottom:solid black .5pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1> (3,700)</font></p> </td>
        <td width="54" nowrap valign=bottom style=' border-bottom:solid black .5pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:16.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1> (3,554)</font></p> </td>
        <td width="51" nowrap valign=bottom style=' border-bottom:solid black .5pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1> (2,254)</font></p> </td>
        <td width="51" nowrap valign=bottom style=' border-bottom:solid black .5pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1> (1,782)</font></p> </td>
        <td width="51" nowrap valign=bottom style=' border-bottom:solid black .5pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1> (136)</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="307" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:5pt;margin-bottom:.0001pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:12.0pt'>
        <td width="307" nowrap valign=bottom style=' height:12.0pt'>
            <p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>Total earnings</font></p> </td>
        <td width="54" nowrap valign=bottom style=' border-bottom:double black 2.25pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:5.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$  503,206 </font></b></p> </td>
        <td width="61" nowrap valign=bottom style='border-bottom: double black 2.25pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:7.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$  520,661 </font></p> </td>
        <td width="53" nowrap valign=bottom style=' border-bottom:double black 2.25pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$  693,006 </font></p> </td>
        <td width="54" nowrap valign=bottom style=' border-bottom:double black 2.25pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:5.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$  558,562 </font></p> </td>
        <td width="51" nowrap valign=bottom style=' border-bottom:double black 2.25pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:5.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$ 551,784 </font></p> </td>
        <td width="51" nowrap valign=bottom style=' border-bottom:double black 2.25pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:5.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$ 430,501 </font></p> </td>
        <td width="51" nowrap valign=bottom style=' border-bottom:double black 2.25pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:5.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$ 418,763 </font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="307" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="307" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Combined fixed charges <sup>(1)</sup>:</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="307" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Interest expense<sup> (2)</sup></font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:5.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$  192,703 </font></b></p> </td>
        <td width="61" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:7.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$  154,200 </font></p> </td>
        <td width="53" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$  210,914 </font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:5.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$  177,219 </font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:5.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$ 154,116 </font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:5.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$ 143,125 </font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:5.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$ 156,404 </font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="307" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Capitalized interest</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>8,618 </font></b></p> </td>
        <td width="61" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:23.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4,950 </font></p> </td>
        <td width="53" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>8,715 </font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4,517 </font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5,974 </font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5,593 </font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5,860 </font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="307" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>Preferred dividends</font></p> </td>
        <td width="54" nowrap valign=bottom style=' border-bottom:solid black .5pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>22,926 </font></b></p> </td>
        <td width="61" nowrap valign=bottom style='border-bottom: solid black .5pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>22,926 </font></p> </td>
        <td width="53" nowrap valign=bottom style=' border-bottom:solid black .5pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>30,568 </font></p> </td>
        <td width="54" nowrap valign=bottom style=' border-bottom:solid black .5pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>18,309 </font></p> </td>
        <td width="51" nowrap valign=bottom style=' border-bottom:solid black .5pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>19,633 </font></p> </td>
        <td width="51" nowrap valign=bottom style=' border-bottom:solid black .5pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>10,919 </font></p> </td>
        <td width="51" nowrap valign=bottom style=' border-bottom:solid black .5pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>6,468 </font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="307" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:12.0pt'>
        <td width="307" nowrap valign=bottom style=' height:12.0pt'>
            <p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>Total combined fixed charges</font></p> </td>
        <td width="54" nowrap valign=bottom style=' border-bottom:double black 2.25pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:5.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$  224,247 </font></b></p> </td>
        <td width="61" nowrap valign=bottom style='border-bottom: double black 2.25pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:7.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$  182,076 </font></p> </td>
        <td width="53" nowrap valign=bottom style=' border-bottom:double black 2.25pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$  250,197 </font></p> </td>
        <td width="54" nowrap valign=bottom style=' border-bottom:double black 2.25pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:5.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$  200,045 </font></p> </td>
        <td width="51" nowrap valign=bottom style=' border-bottom:double black 2.25pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:5.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$ 179,723 </font></p> </td>
        <td width="51" nowrap valign=bottom style=' border-bottom:double black 2.25pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:5.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$ 159,637 </font></p> </td>
        <td width="51" nowrap valign=bottom style=' border-bottom:double black 2.25pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:5.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$ 168,732 </font></p> </td> </tr>
    <tr style='height:23.25pt'>
        <td width="307" valign=bottom style=' height:23.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>Ratio of earnings to combined fixed charges and preferred dividends</font></p> </td>
        <td width="54" nowrap valign=bottom style=' border-bottom:double black 2.25pt;height:23.25pt'>
            <p style='margin-left:0pt;text-indent:25.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>2.24 </font></b></p> </td>
        <td width="61" nowrap valign=bottom style='border-bottom: double black 2.25pt;height:23.25pt'>
            <p style='margin-left:0pt;text-indent:27.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2.86 </font></p> </td>
        <td width="53" nowrap valign=bottom style=' border-bottom:double black 2.25pt;height:23.25pt'>
            <p style='margin-left:0pt;text-indent:24.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2.77 </font></p> </td>
        <td width="54" nowrap valign=bottom style=' border-bottom:double black 2.25pt;height:23.25pt'>
            <p style='margin-left:0pt;text-indent:25.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2.79 </font></p> </td>
        <td width="51" nowrap valign=bottom style=' border-bottom:double black 2.25pt;height:23.25pt'>
            <p style='margin-left:0pt;text-indent:23.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3.07 </font></p> </td>
        <td width="51" nowrap valign=bottom style=' border-bottom:double black 2.25pt;height:23.25pt'>
            <p style='margin-left:0pt;text-indent:23.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2.70 </font></p> </td>
        <td width="51" nowrap valign=bottom style=' border-bottom:double black 2.25pt;height:23.25pt'>
            <p style='margin-left:0pt;text-indent:23.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2.48 </font></p> </td> </tr>
    <tr style='height:12.0pt'>
        <td width="307" nowrap valign=bottom style=' height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=bottom style=' height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="307" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td  nowrap colspan="7" valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:6.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1><sup>(1)</sup>  The interest portion of rental expense is not calculated because the rental expense of the company is not significant.</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td  nowrap colspan="6" valign=bottom style='height:11.25pt'>
            <p style='margin-left:0pt;text-indent:6.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1><sup>(2)</sup>  Interest expense includes amortization of capitalized debt expenses and amortization of premiums and discounts.</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=bottom style=' height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>We compute the ratios of earnings to combined fixed charges and preferred stock dividends by dividing earnings by combined fixed charges and preferred stock dividends. For this purpose, earnings consist of pre-tax income from continuing operations before extraordinary items and fixed charges (excluding capitalized interest), adjusted, as applicable, for our proportionate share of earnings of 50 percent-owned affiliates and distributed earnings from less than 50 percent-owned affiliates. Fixed charges consist of interest expense (including interest costs capitalized), amortization of debt costs and the portion of rent expense representing an interest factor</font></p>

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

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

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


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

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


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<DESCRIPTION>EXHIBIT 31.1
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:right;'><font size=2>Exhibit 31.1</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>I, Charles B. Lebovitz, certify that:</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(1) I have reviewed this quarterly report on Form 10-Q of CBL &amp; Associates Properties, Inc.;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.58in;text-align:left;'><font size=2> (2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.58in;text-align:left;'><font size=2> (3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.58in;text-align:left;'><font size=2> (4) The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>(a)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>(b)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>(c) Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>(d)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(5) The registrant&#146;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>(a)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize and report financial information; and</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>(b)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Date: November 9, 2006</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>/s/ Charles B. Lebovitz</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in; text-indent:0.5in;text-align:left;'><font size=2>____________________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in; text-indent:0.5in;text-align:left;'><font size=2>Charles B. Lebovitz, Chief Executive Officer</font></p>

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

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


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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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<DESCRIPTION>EXHIBIT 31.2
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Exhibit 31.2</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>I, John N. Foy, certify that:</font></p>

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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1) I have reviewed this quarterly report on Form 10-Q of CBL &amp; Associates Properties, Inc.;</font></p> </td> </tr></table>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.6in;text-align:left;'><font size=2> (2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.6in;text-align:left;'><font size=2> (3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.6in;text-align:left;'><font size=2> (4) The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</font></p>

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


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        <td width="72" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></p> </td> </tr></table>


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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.25in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.25in;text-align:left;'><font size=2>(c) Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></p>

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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</font></p> </td> </tr></table>


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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(5) The registrant&#146;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</font></p>

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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize and report financial information; and</font></p> </td> </tr></table>


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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</font></p> </td> </tr></table>


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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Date: November 9, 2006</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>/s/ John N. Foy</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><font size=2>___________________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in; text-indent:0.5in;text-align:left;'><font size=2>John N. Foy, Chief Financial Officer</font></p>

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

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


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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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<TYPE>EX-32
<SEQUENCE>6
<FILENAME>exhibit321.htm
<DESCRIPTION>EXHIBIT 32.1
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:right;'><font size=2>Exhibit 32.1</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>18 U.S.C. SECTION 1350,</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>AS ADOPTED PURSUANT TO</font></B></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>In connection with the Quarterly Report of CBL &amp; ASSOCIATES PROPERTIES, INC. (the &#147;Company&#148;) on Form 10-Q for the nine months ending September 30, 2006 as filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), I, Charles B. Lebovitz, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. &sect; 1350 (as adopted pursuant to &sect; 906 of the Sarbanes-Oxley Act of 2002), that:</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.58in;text-align:justify;'><font size=2> (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.58in;text-align:justify;'><font size=2> (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Charles B. Lebovitz, Chief Executive Officer</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>November 9, 2006</font></p>

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

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

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

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


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

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


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<TYPE>EX-32
<SEQUENCE>7
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<DESCRIPTION>EXHIBIT 32.2
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Exhibit 32.2</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>18 U.S.C. SECTION 1350,</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>AS ADOPTED PURSUANT TO</font></B></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>In connection with the Quarterly Report of CBL &amp; ASSOCIATES PROPERTIES, INC. (the &#147;Company&#148;) on Form 10-Q for the nine months ending September 30, 2006 as filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), I, John N. Foy, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. &sect; 1350 (as adopted pursuant to &sect; 906 of the Sarbanes-Oxley Act of 2002), that:</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.58in;text-align:justify;'><font size=2> (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.58in;text-align:justify;'><font size=2> (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>John N. Foy, Vice Chairman of the Board, </font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>November 9, 2006</font></p>

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

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

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

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:left;'>&nbsp;</p>

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

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


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

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


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