<SUBMISSION>
<ACCESSION-NUMBER>0000910612-06-000146
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>6
<PERIOD>20060630
<ITEMS>2.02
<ITEMS>9.01
<FILING-DATE>20060803
<DATE-OF-FILING-DATE-CHANGE>20060803
<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>8-K
<ACT>34
<FILE-NUMBER>001-12494
<FILM-NUMBER>061002923
</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>8-K
<SEQUENCE>1
<FILENAME>form8k2q06.htm
<DESCRIPTION>FORM 8-K RESULTS OF OPERATIONS
<TEXT>
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<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:center;'><B><font SIZE=2>SECURITIES AND EXCHANGE COMMISSION</font></B></p>

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

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

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

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

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>PURSUANT TO SECTION 13 OR 15(d) OF THE</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SECURITIES AND EXCHANGE ACT OF 1934</font></B></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Date of report (Date of earliest event reported):&nbsp;</font><b><font size=2> August 2, 2006</font></b></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Exact Name of Registrant as Specified in its Charter)</font></p>

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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Delaware</font></b></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="230" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>1-12494</font></b></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="231" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>62-154718</font></b></p> </td> </tr>
    <tr>
        <td width="231" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(State or Other Jurisdiction of</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Incorporation)</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="230" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Commission File Number)</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="231" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(I.R.S. Employer Identification No.)</font></p> </td> </tr>
    <tr>
        <td width="231" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="230" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="231" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr>
        <td  colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Suite 500, 2030 Hamilton Place Blvd, Chattanooga, TN 37421</font></b></p> </td> </tr>
    <tr>
        <td  colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Address of principal executive office, including zip code)</font></p> </td> </tr>
    <tr>
        <td width="231" valign=top >
            <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="14" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="230" valign=top >
            <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="14" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="231" valign=top >
            <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  colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(423) 855-0001</font></b></p> </td> </tr>
    <tr>
        <td  colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Registrant&#146;s telephone number, including area code)</font></p> </td> </tr>
    <tr>
        <td width="231" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="230" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="231" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr>
        <td  colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>N/A</font></B></p> </td> </tr>
    <tr>
        <td  colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Former name, former address and former fiscal year, if changed since last report)</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:0.05in;text-align:left;'><font size=2>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</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=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=2>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</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=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=2>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</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=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=2>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</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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    <tr>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=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=2>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</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:right;'><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>
<pAGE>

<p style=' 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 2.02 Results of Operations and Financial Condition</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:0.17in;text-align:left;'><font size=2>On August 2, 2006, CBL &amp; Associates Properties, Inc. (the "Company") reported its results for the second quarter ended June 30, 2006. The Company's earnings release for the second quarter ended June 30, 2006 is attached as Exhibit 99.1. On May 2, 2006, the Company held a conference call to discuss the results for the second quarter ended June 30, 2006. The transcript of the conference call is attached as Exhibit 99.2. The Company has posted to its website certain supplemental financial and operating information for the three months and the six months ended June 30, 2006, which is attached as Exhibit 99.3.</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:0.17in;text-align:left;'><font size=2>The information in this Form 8-K and the Exhibits attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act 1933, except as shall be expressly set forth by specific reference in such filing.</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="278" style=' border-collapse:collapse'>
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        <td width="63" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 9.01  </font></b></p> </td>
        <td width="215" nowrap 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 and Exhibits</font></b></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=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>Financial Statements of Businesses Acquired</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; margin-left:0.25in;text-align:left;'><font size=2>Not applicable</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;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=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>Pro Forma Financial Information</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; margin-left:0.25in;text-align:left;'><font size=2>Not applicable</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;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=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>Exhibits</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>Exhibit</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="212" style=' border-collapse:collapse'>
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        <td width="130" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Number  </font></p> </td>
        <td width="82" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Description</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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    <tr >
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>99.1  </font></p> </td>
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Earnings Release &#150; CBL &amp; Associates Properties Reports Second Quarter 2006 Results</font></p> </td>
        <td  width="170">
            <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="36" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>99.2  </font></p> </td>
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Investor Conference Call Script &#150; Second Quarter Ended June 30, 2006</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>
        <td width="36" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>99.3  </font></p> </td>
        <td  nowrap colspan="4" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Supplemental Financial and Operating Information &#150; For The Three Months And The Six Months Ended June 30, 2006</font></p> </td> </tr>
    <tr>
        <td width="27" ></td>

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

        <td width="300" ></td>

        <td width="65" ></td>

        <td width="128" ></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:right;'><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>
<pAGE>

<p style=' 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;'>
</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: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:0.17in;text-align:left;'><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>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>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-align:left;'><font size=2>                                    </font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2> </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=2>John N. Foy</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>Vice Chairman,</font></p> </td>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Date: August 3, 2006</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>8/3/2006 5:10 PM</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Page 1</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:right;'><b><font face="Arial" size=2>Exhibit 99.2</font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font face="Arial" size=2>CBL &amp; ASSOCIATES PROPERTIES, INC.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font FACE="ARIAL" SIZE=2>CONFERENCE CALL, SECOND QUARTER </font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font FACE="ARIAL" SIZE=2>AUGUST 3, 2006 @ 10:00 AM EDT</font></B></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>Thank you and good morning.  We appreciate your participation in the CBL &amp; Associates Properties Inc., conference call to discuss second quarter results.  Joining me today is John Foy, the Company&#146;s Chief Financial Officer and Katie Reinsmidt, Director of Investor Relations who will begin by reading our Safe Harbor disclosure.</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>This conference call contains "forward-looking statements" within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated.  Future events and actual results, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements.  During our discussion today, references made to per share are adjusted to account for the 2-for1 stock split of the Company&#146;s common stock and based upon a fully diluted converted share.  Also, references made to community centers are only those that are wholly owned or owned in partnerships by CBL &amp; Associates Properties, Inc.  We direct you to the Company&#146;s various filings with the Securities and Exchange Commission including, without limitation, the
Company&#146;s Annual Report on Form 10-K and &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; included therein for a discussion of such risks and uncertainties.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>A transcript of today&#146;s comments including the earnings release and additional supplemental schedules will be furnished to the SEC on Form 8-K and will be available on our website.  This call will also be available for replay on the Internet through a link on our website at cblproperties.com.  This conference call is the property of CBL &amp; Associates Properties, Inc.  Any redistribution, retransmission or rebroadcast of this call without the express written consent of CBL is strictly prohibited.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>During this conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G.  A description of each non-GAAP measure and a reconciliation of each non-GAAP financial measure to the comparable GAAP financial measure will be included in the earnings release on the Form 8-K.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" 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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<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>8/3/2006 5:10 PM</font></p>

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

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>Thank you, Katie. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>Despite the slower growth rate in the economy, higher gas prices and the concerns over the housing market, our properties performed well in the second quarter.  As we stated in our earnings release, we reported FFO growth of 7.0% for the second quarter as compared to the prior year period.  Same store sales increases were healthy at 3.8% and same center NOI growth was strong at 4.0%.  We are continuing to see demand from both retailers and consumers and expect to continue our strong performance throughout the remainder of the year.  </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>During the second quarter we announced a reorganization to consolidate our development divisions and create a dedicated development leasing team.  The new structure was implemented to enhance our accelerating new project pipeline.  This new team will solely focus on building more new projects and ensuring the continued success and quality lease-up of our developments.  </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>We continue to actively seek new opportunities for viable ground-up developments and expansion opportunities.  Today, our development team is hard at work on an impressive future development pipeline of over 9.5 million square feet of projects opening over the next few years, representing an investment of over $1.2 billion. These projects are in various stages of development or pre-development and include large open-air centers, community centers, joint ventures, associated centers, and lifestyle centers.  Although some of our more recent growth has been fueled through acquisitions, CBL has always been a development-focused company and we are committed to continuing to produce quality retail projects.   </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><U><B><font FACE="ARIAL" SIZE=2>DEVELOPMENT REVIEW:</font></B></U></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>We have announced developments totaling approximately 2.0 million square feet scheduled to open in 2006, representing an investment of $221 million. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>These include High Pointe Commons, a 300,000 square foot community center development in Harrisburg, PA, scheduled to open in the fourth quarter.  This project is a 50/50 joint venture with High Real Estate Group of Lancaster, PA, and features Target and JCPenney as anchors as well as approximately 73,000 square feet of shop space.  This project is 87% leased and committed.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>In Stillwater, OK, construction is well underway on Lakeview Point, a 207,000 square foot community center.  This shopping center will be anchored by Belk, Ross Dress for Less, Linens N&#146; Things, Petco and Pier One.  The center will offer </font></p>

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

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<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>8/3/2006 5:10 PM</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Page 3</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 face="Arial" size=2>shoppers over 70,000 square feet of additional shops and is scheduled to open in the fourth quarter.  This project is 85% leased and committed.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>We have leased and committed over 70% of the space at The Shops at Pineda Ridge, our community center in Melbourne, FL.  This development has a 140,000 square foot Home Depot, which opened earlier this year, and 30,000 square feet of shop space.  These shops are scheduled to open in October.  </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>We opened the 59,000 square foot 16-screen Cinemark Theater in June at The Plaza at Fayette Mall, the new 190,000 square foot associated center adjacent to our Fayette Mall in Lexington, KY.  Construction is continuing on the remainder of the center, which will include as anchors a 60,000 square foot Gordman&#146;s, Guitar Center, and Old Navy and approximately 40,000 square feet of small shop space and restaurants.  This project is 86% leased and committed and will open in the fourth quarter.  </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>Construction on Phase II of Gulf Coast Town Center in Ft. Myers, FL, continues to progress with Belk, JCPenney, Bass Pro Shops and Best Buy opening this fall.  We have recently announced a number of quality restaurants and shops for this project and leasing is continuing to go very well.  The first two phases of the project are currently 85% leased and committed.  Additional anchors and small shops will open later in the year and in the first quarter 2007.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>In addition to our ground up developments opening in 2006, we have been extremely active in expanding the retail and restaurant mix at our existing mall properties.  In April, we opened Dillard&#146;s and Gordman&#146;s at Southaven Town Center in Southaven, MS, as well as a Starbuck&#146;s and Salsarita&#146;s Fresh Mex at Cross Creek Mall in Fayetteville, NC.  In May, we opened PetSmart at Coastal Grand Crossing in Myrtle Beach, SC.  In July, we opened Dick&#146;s Sporting Goods at Hanes Mall in Winston-Salem, NC.  Later this month we will open Starbuck&#146;s and Pei Wei Diner at Cary Town Center, in Cary, NC. At Fayette Mall in Lexington, KY we added an Abuelo&#146;s restaurant earlier this year and will open PF Chang&#146;s in the fall.  At Hamilton Place Mall in Chattanooga we will open a PF Chang&#146;s and Big River Grill in the fall.  Adding additional retail and restaurants to our mall
properties allows us to meet the growing consumer demand in our markets and solidify our properties&#146; market dominant position over the long-term.    </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>We have two redevelopments under construction.  At Cary Town Center in Cary, NC we are converting existing mall space into an exterior oriented lifestyle element with front-in parking and a streetscape atmosphere.  New high-end retailers such as Chico&#146;s and Coldwater Creek will open in the redeveloped section.  This project is currently under construction and is slated for completion in the fall of this year.  The project is 100% leased and committed.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" 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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<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>8/3/2006 5:10 PM</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Page 4</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 face="Arial" size=2>At Hamilton Crossing, an associated center in Chattanooga, we are redeveloping the center with a lifestyle fa&#231;ade.  We opened Guitar Center earlier this year and will open World Market in September.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>For 2007 and 2008 we have announced over 2.4 million square feet of development projects representing a total investment of $368 million.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>We recently announced and started construction on a new 50/50 joint venture project in York, PA with High Real Estate Group.  York Town Center is a 291,000 square foot project anchored by Dick&#146;s Sporting Goods, Best Buy, Ross Dress For Less, Staples, Bed, Bath &amp; Beyond, and an additional junior anchor and will offer 84,000 square feet of shops and restaurants including Ulta Cosmetics, Chili&#146;s and Longhorn Steakhouse.  This project is approximately 73% leased and committed and will open in fall 2007.  </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>We also announced a new lifestyle expansion at CherryVale Mall in Rockford, IL.  Construction will begin early next year on the 82,000 square foot addition called The District at CherryVale Mall, which will include upscale fashion retailer Coldwater Creek, Granite City Food &amp; Brewery, a national bookstore, along with ten additional first-class stores and dining options.  The District is scheduled for completion in late fall 2007 and is currently 81% leased and committed.  </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>We have two other lifestyle additions currently under construction including The Shoppes at St. Clair Square an 84,000 square foot lifestyle center that will adjoin our 1.1 million square foot St. Clair Square Mall in Fairview Heights, IL.  The project includes retailers such as Barnes &amp; Noble, Ann Taylor LOFT, Aveda, Banana Republic, Chico&#146;s, Coldwater Creek, J. Jill, Joseph A. Bank, and Talbots.  The development is approximately 86% leased and committed and is scheduled to open in Spring 2007.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>The other lifestyle addition is at Valley View Mall in Roanoke, VA, which will include a 76,000 square foot lifestyle wing called The District at Valley View.  The project will include Barnes &amp; Noble, plus fashion retailers and restaurants including Carrabba's, Abuelo's, Red Robin, and Panera Bread.  The District is currently 63% leased and committed.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>Development projects opening in 2007 include Burlington, NC, where construction continues on Alamance Crossing, an 840,000 square foot open-air lifestyle center.  This development will be anchored by Dillard&#146;s, Belk, Barnes &amp; Noble, Sportsman&#146;s Warehouse, two additional anchors, and will offer shoppers approximately 170,000 square feet of small shops including Ann Taylor LOFT, Chico&#146;s, Children&#146;s Place, Coldwater Creek, New York &amp; Co. and Yankee Candle.  The 622,000 square foot first phase of the project will open in fall 2007 and is currently 67% leased and committed.  Phase two is expected to open in 2008.    </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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<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>8/3/2006 5:10 PM</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Page 5</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 face="Arial" size=2>During the quarter we started construction on Milford Marketplace, a 112,000 square foot lifestyle center, anchored by a 30,000 square foot Wild Oats Natural Marketplace.  The center is located in Milford, CT and will feature an outstanding line-up of retailers including Ann Taylor LOFT, Coldwater Creek, Chico&#146;s, White House Black Market, J.Jill, Jos. A Bank, Blue Tulip, Tengda Asian Bistro, and others.  The project is 70% leased and committed and is scheduled to open in Summer 2007.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>Leasing is progressing well at Pearland Town Center.  This 700,000 square foot lifestyle project is located approximately 20 miles south of Houston in Pearland, TX.  This center will feature Dillard&#146;s and Macy&#146;s as anchors, Barnes &amp; Noble, several junior anchors and approximately 300,000 square feet of small shop space.  This project will also include office, entertainment, hotel, and multi-family components.  Construction will begin in the fourth quarter with a scheduled opening for 2008.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>As we previously announced, we will spend approximately $69.2 million on eight mall renovations in 2006.   CoolSprings Galleria&#146;s renovation was completed in May.  Six of the other malls will finish their upgrades this fall and one will be completed in early 2007.  </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><U><B><font FACE="ARIAL" SIZE=2>LEASING:</font></B></U></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>In the second quarter, we signed approximately 566,000 square feet of leases in our operating portfolio, including 255,000 square feet of new leases and 312,000 square feet of renewal leases. This compares with 583,000 square feet completed in the second quarter 2005, of which 297,000 square feet were new leases and 286,000 square feet were renewals.  We also completed approximately 447,000 square feet of leasing for development projects in the second quarter.  This compares with approximately 435,000 square feet of leasing for development projects in the second quarter 2005.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>For total leasing of spaces 20,000 square feet and less, we achieved an average increase of 6.3% over the average base rent per square foot of expiring leases in the quarter.  </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>For same space leasing, we achieved an average increase of 9.1% over the average base rent per square foot in the prior leases.   </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>During the quarter rental increases on new leases for average base rents in stabilized malls were very strong at 24.4% on a same space basis and 17.5% on a total leasing basis.  Renewal leasing was down 1.5% on a total and same store basis during the quarter.  The decline in renewals was primarily due to just a handful of deals.  We completed renewals on approximately 22,000 square feet of Spencer&#146;s Gifts stores at significantly reduced rents.  The new leases were for </font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>8/3/2006 5:10 PM</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Page 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:left;'><font face="Arial" size=2>one and two year terms.  We also completed two bookstore renewals and two music store renewals during the quarter at reduced rates.  Excluding the Spencer&#146;s Gifts, music and bookstore leases, renewal spreads for average base rents on a same space basis, would have increased over 6.0% and overall same space leasing spreads would have been over 14.0%.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>Although these deals have impacted our leasing spread reports, signing these deals on a one or two-year term allows us to keep the space productive until a replacement tenant is secured.   </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>Stabilized mall occupancy at the end of the quarter was 91.4%, an 80 basis point decline from the prior year period.  The decline in mall occupancy during the quarter was primarily due to the store closures from Casual Corner and Musicland.  Excluding these vacancies, stabilized mall occupancy would have increased 120 basis points to 92.6% at quarter-end.  We have made significant progress on back-filling the 147,000 square feet of vacant Casual Corner spaces and have over 50% of the space leased and committed.  However, the occupancy numbers are still being impacted as only three stores totaling 7,500 square feet were opened in the second quarter.  The remainder of the replacement tenants will open over the next few quarters.    </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>Total portfolio occupancy at June 30, 2006 declined 50 basis points from the prior year period to 91.4%.  Occupancy in the associated centers declined 200 basis points to 91.8% at quarter-end.  The decline in associated center occupancy was primarily related to one large furniture store leaving at Harford Annex in Bel Air, MD.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><U><B><font FACE="ARIAL" SIZE=2>BANKRUPTCY UPDATE:</font></B></U></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>New bankruptcies were insignificant in the quarter with only one bankruptcy resulting in a store closure.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>Year-to-date we have been impacted by 41 store closures due to bankruptcies, representing $2.9 million in base rents.  In the prior year period we had 18 stores close representing $968,000 of base rents.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><U><B><font FACE="ARIAL" SIZE=2>RETAIL SALES</font></B></U></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>Same store sales for those tenants reporting for the trailing twelve-months ended June 30, 2006 for mall shops 10,000 square feet or less in stabilized malls increased 3.8% over the prior year to an average of $335 per square foot.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='background-color:yellow'><font face="Arial" size=2>&nbsp;</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>Occupancy costs, as a percent of sales, were flat at 13.7% for the second quarter of 2006, compared with the prior year period.  </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>I will now turn the call over to John for our financial review.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" 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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<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>8/3/2006 5:10 PM</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Page 7</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;'><U><B><font FACE="ARIAL" SIZE=2>JOHN:</font></B></U></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>Thank you, Stephen.  </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><U><B><font FACE="ARIAL" SIZE=2>ACQUISITIONS/DISPOSITIONS:</font></B></U></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>In the second quarter we completed the previously announced sale of five community shopping centers to Galileo for $106.5 million.  We recorded a gain of $7.2 million related to the sale, which was included in net income, but excluded from FFO.  Proceeds from the sale were used in a tax advantageous 1031 like-kind exchange to repay the $102.9 million term loan on Layton Hills Mall in Layton, UT, acquired by the Company in November 2005.  </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><U><B><font FACE="ARIAL" SIZE=2>LOAN REFINANCINGS:</font></B></U></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>Subsequent to the quarter end, we completed $317.0 million in four individual new financings secured by four malls.  The new loans are ten-year, non-recourse with a weighted average interest rate of 5.96%.  The new loans replaced one fixed rate loan and three floating rate term loans totaling $249.8 million that were scheduled to mature in the first half of 2007.  These financings netted $64.7 million of excess financing proceeds that were used to pay down outstanding balances on our lines of credit.  After these transactions, the company&#146;s variable rate debt has been reduced to approximately 20% of total debt.    </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>In the third quarter 2006 CBL will incur a one-time expense of approximately $630,000 for prepayment fees and the write-off of unamortized deferred financing costs, which will be reflected in GAAP Net Income and FFO.  </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><U><B><font FACE="ARIAL" SIZE=2>FINANCIAL REVIEW:</font></B></U></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>During the second quarter 2006 FFO per share increased 7.0% to $0.76 per share from $0.71 per share in the prior year period.  In the second quarter FFO included approximately $2.4 million or $0.02 per share from lease termination fees compared with none in the prior year period. We recorded approximately $2.9 million or $0.02 per share in gains on outparcel sales in the second quarter 2006, compared with $0.05 in the prior year period.  </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>49% of the quarter&#146;s increase in FFO was attributable to internal sources and 51% from external sources.  </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>Additional highlights for the quarter included:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" 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'><font face="Arial" size=2>Same center NOI increased 4.0% for the quarter and 3.6% for the six-months ended June 30, 2006.  </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='page-break-before:always'></p>
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>8/3/2006 5:10 PM</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Page 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-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'><font face="Arial" size=2>For the quarter, G&amp;A represented approximately 3.8% of total revenues, compared with 4.5% in the prior year period.  </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 face="Arial" size=2>Our cost recovery ratio was 105.1% compared with 104.9% in the prior year period.  The cost recovery ratio for the remainder of the year should be within a range of 100% and 102%.</font></p> </td> </tr></table>



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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'><font face="Arial" size=2>Our debt-to-total market capitalization ratio was 48.2% at the close of the quarter compared with 40.3% at the close of the prior year period.  Variable rate debt represented approximately 12.1% of the total market capitalization at quarter-end and 25.1% of total debt.  As I mentioned earlier, the recent refinancings we have completed have reduced our level of variable rate debt significantly.</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 face="Arial" size=2>Our EBITDA to interest coverage ratio at the end of June was 2.48 times, compared with 2.72 times for the prior year period.  </font></p> </td> </tr></table>


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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><U><B><font FACE="ARIAL" SIZE=2>GUIDANCE UPDATE:</font></B></U></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>As indicated in our press release, we are providing a guidance range for 2006 FFO per share of $3.31 to $3.36 per share, which excludes the impact of any unannounced acquisitions, future gain on the sale of outparcels, future lease termination fees, and gains on sales of non-operating properties, and is based on 2006 same store NOI growth of 2.5% to 3.5%.  </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><U><B><font FACE="ARIAL" SIZE=2>CONCLUSION:</font></B></U></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>Second quarter results met our expectations.  We continue to have a positive outlook for the remainder of the year and maintain our focus on maximizing growth opportunities at our portfolio of market dominant malls.  As Stephen mentioned earlier, this year we have made a number of significant improvements to our existing portfolio through renovations, redevelopments, and expansions, which will help to drive our internal growth.  The stable growth in our markets continually provides us with new opportunities and allows us to bring our shoppers some of the most in-demand retailers and restaurants.  We are excited about the future of our company and look forward to continuing to produce strong results.   </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>Thank you again for joining us today.  We appreciate your continued support and would now be happy to answer any questions you may have.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" 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 99.1 EARNINGS RELEASE
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<img src="img1.jpg"><br> <b><font size=2>Exhibit 99.1</font></b>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-1in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.72in; text-indent:-0.72in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.72in; text-indent:-0.72in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.72in; text-indent:-0.72in;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=2>Contact:</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>Katie Reinsmidt</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.72in; text-indent:-0.11in;text-align:left;'><font size=2>Director of Investor Relations</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.72in; text-indent:-0.11in;text-align:left;'><font size=2>(423) 490-8301</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.25in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;line-height:85%;'><b><font size=2>CBL &amp; ASSOCIATES PROPERTIES REPORTS SECOND QUARTER RESULTS</font></b></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="16" 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'><i><font size=2>FFO per share rose 7.0% to $0.76 in the second quarter.</font></i></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="16" 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'><i><font size=2>Same-center NOI for the quarter and six-months ended June 30, 2006, rose 4.0% and 3.6%, respectively.</font></i></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="16" 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'><i><font size=2>Same store sales improved by 3.8% year-to-date.</font></i></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="16" 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'><i><font size=2>Portfolio occupancy was 91.4% as of June 30, 2006.</font></i></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.3in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>CHATTANOOGA, Tenn. (August 2, 2006) CBL &amp; Associates Properties, Inc. (NYSE:CBL) announced results for the second quarter and six months ended June 30, 2006. A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP measure is located at the end of this news release. </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:0.43in;text-align:justify;'><font size=2>Net income available to common shareholders for the second quarter ended June 30, 2006, was $20,928,000 compared with $20,783,000 for the prior-year period, representing an increase of 0.7%. Net income available to common shareholders per diluted share was $0.32 in the second quarter ended June 30, 2006, compared with $0.32&nbsp;for the prior-year period.</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:0.43in;text-align:justify;'><font size=2>Net income available to common shareholders for the six months ended June 30, 2006, was $41,541,000&nbsp;compared with $46,154,000 for the six months ended June 30, 2005, representing a decline of 10.0%. On a diluted per share basis, net income available to common shareholders for the six months ended June 30, 2006, was $0.64 compared with $0.71 in the prior-year period, representing a decline of 9.9%. Net income available to common shareholders for the six months ended June 30, 2006, declined over the prior-year period due to increases in depreciation and interest expense for the properties acquired in prior years and gains recognized in 2005 from the sale of properties.</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:0.43in;text-align:justify;'><font size=2>Funds from operations (FFO) increased 6.4% to $88,535,000 for the second quarter of 2006 from $83,203,000 for the second quarter of 2005. FFO per share on a diluted fully converted basis increased 7.0% to $0.76 for the second quarter of 2006 from $0.71 in the prior-year period. FFO increased 7.8% to $185,102,000 for the six months ended June 30, 2006 from $171,664,000 for the six months ended June 30, 2005. FFO per share increased 6.8% on a diluted, fully converted basis for the six months ended June 30, 2006, to $1.58 from $1.48&nbsp;per share in the prior-year period.</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>HIGHLIGHTS</font></B></p>


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    <tr>
        <td width="24" 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="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:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Total revenues increased 16.7% in the second quarter 2006 to $236,981,000 from $203,033,000 in the prior-year period. Total revenues increased 15.5% in the six months ended June 30, 2006 to $482,300,000 from $417,745,000 in the comparable period a year ago.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.25in;text-align:justify;'><font size=2>&nbsp;</font></p>


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    <tr>
        <td width="24" 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="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:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Same center net operating income for the portfolio improved for the quarter and six months ended June 30, 2006, by 4.0% and 3.6%, respectively,&nbsp;compared with a 2.5% and 5.9% increase, respectively, for the prior-year periods. </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;'><img src="img2.jpg"><br> <font size=2>-MORE-</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>
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.25in;text-align:justify;'><font size=2>CBL Reports Second Quarter Results</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.25in;text-align:justify;'>
</p>



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    <tr>
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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="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:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Same-store sales for mall tenants of 10,000 square feet or less for stabilized malls as of June 30, 2006, increased 3.8% to $335 per square foot for those tenants who have reported sales, compared with a 3.4% increase for the prior-year period. </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.25in;text-align:justify;'><font size=2>&nbsp;</font></p>


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    <tr>
        <td width="24" 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="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:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The debt-to-total-market-capitalization ratio as of June 30, 2006, was 48.2% based on the common stock closing price of $38.93 and a fully converted common stock share count of 115,989,000 shares as of the same date. The debt-to-total-market-capitalization ratio as of June 30, 2005, was 40.3% based on the common stock closing price of $43.07 and a fully converted common stock share count of 115,162,000 shares as of the same date.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.25in;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;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:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Variable rate debt of $1,146,063,000 represents 12.1% of the total market capitalization for the Company and 25.1% of the Company&#146;s share of total consolidated and unconsolidated debt.</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-indent:0.38in;text-align:justify;'><font size=2>CBL&#146;s Chairman and Chief Executive Officer, Charles B. Lebovitz, said, &#147;The solid performance by our portfolio in the second quarter positions us to produce strong results throughout the remainder of this year. We were pleased that the healthy leasing environment continued as we saw at this year&#146;s ICSC&#146;s Spring Convention in Las Vegas and at our company&#146;s Leasing Connection event held in June in Chattanooga. We are  seeing strong  retailer demand for both our new development projects as well as our existing portfolio and have been able to make significant progress in the re-leasing of spaces available within our mall properties. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.38in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.38in;text-align:justify;'><font size=2>We have taken steps to align our development and leasing efforts to facilitate a greater concentration on our accelerating development and redevelopment program. We are continuing to focus on proactively enhancing our existing properties through the addition of lifestyle elements, non-traditional anchors, junior anchors, and full-service restaurants.  These additions successfully increase demand by both retailers and consumers at our regional malls and lifestyle centers. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.38in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.38in;text-align:justify;'><font size=2>The record of strong performance by our portfolio of market dominant shopping centers has greatly contributed to the notable growth of our development program. With a number of exciting new developments slated to come on-line in the coming months, we believe we are well-positioned to continue our history of impressive growth. We remain committed to providing quality returns to our shareholders.&#148;</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="599" style=' border-collapse:collapse'>
    <tr >
        <td  colspan="4" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>PORTFOLIO OCCUPANCY</font></B></p> </td>
        <td  colspan="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><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>June 30,</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></u></p> </td>
        <td  width="4">
            <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  colspan="5" 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'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=2>2006</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p> </td>
        <td  colspan="4" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=2>2005</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p> </td> </tr>
    <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="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Portfolio occupancy</font></p> </td>
        <td  colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>91.4%</font></p> </td>
        <td width="57" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>91.9%</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 >
        <td  colspan="2" 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="4" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Mall portfolio</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>91.4%</font></p> </td>
        <td width="57" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>91.9%</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 >
        <td  colspan="3" 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>Stabilized malls</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>91.4%</font></p> </td>
        <td width="57" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>92.2%</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 >
        <td  colspan="3" 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>Non-stabilized malls</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>89.3%</font></p> </td>
        <td width="57" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>84.1%</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 >
        <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="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Associated centers</font></p> </td>
        <td  colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>91.8%</font></p> </td>
        <td width="57" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>93.8%</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 >
        <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="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Community centers</font></p> </td>
        <td  colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>88.5%</font></p> </td>
        <td width="57" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>81.1%</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>
        <td width="48" ></td>

        <td width="10" ></td>

        <td width="11" ></td>

        <td width="255" ></td>

        <td width="59" ></td>

        <td width="34" ></td>

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

        <td width="83" ></td>

        <td width="35" ></td>

        <td width="57" ></td>

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

        <td width="5" ></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>DISPOSITIONS</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.02in;text-align:justify;'><font size=2>In May, the Company completed the previously announced sale of Wilkes &#150; Barre Township Marketplace in Wilkes &#150; Barre Township, PA; Springdale Center in Mobile, AL; Fashion Square in Orange Park, FL; Chicopee Marketplace in Chicopee, MA; and Cobblestone Village at Royal Palm in West Palm Beach, FL to Galileo America, LLC for $106.5 million. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.02in;text-align:left;'><B><font SIZE=2>OTHER SIGNIFICANT EVENTS</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.02in;text-align:justify;'><font size=2>Subsequent to the quarter-end, CBL announced that it had completed $317.0 million in four separate new financings, secured by Hamilton Place Mall in Chattanooga, TN; Greenbrier Mall in Chesapeake, VA; Midland Mall in Midland, MI; and Chapel Hill Mall in Akron, OH. The fixed-rate loans replaced $249.7 million in existing financing. Excess proceeds were used to reduce outstanding balances on the Company&#146;s lines of credit. As a result of the early extinguishment of one of the loans, CBL will incur a one-time charge of </font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.01in;text-align:justify;'><font size=2>&nbsp;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.25in;text-align:justify;'><font size=2>CBL Reports Second Quarter Results</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.25in;text-align:justify;'><font size=2>Page 3</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.25in;text-align:justify;'><font size=2>August 2, 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; margin-left:0.01in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.01in;text-align:justify;'><font size=2>approximately $630,000 for prepayment fees and the write-off of unamortized deferred financing costs, which will be included in net income and FFO in the third quarter of 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>OUTLOOK AND GUIDANCE</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.38in;text-align:justify;'><font size=2>Based on today&#146;s outlook and the Company&#146;s second quarter results, the Company is providing guidance for 2006 FFO in the range of $3.31 to $3.36 per share. The full year guidance assumes NOI growth in the range of 2.5%&nbsp;to 3.5% and excludes the impact of any future unannounced acquisitions, gains on sales of outparcels, future lease termination fees and gains on sales of non-operating properties. The Company expects to update its annual guidance after each quarter&#146;s results.</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="597" style=' border-collapse:collapse'>
    <tr>
        <td  colspan="2" 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="7" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;Low&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p> </td>
        <td  colspan="9" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p> </td> </tr>
    <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="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Expected diluted earnings per common share</font></p> </td>
        <td  colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td  colspan="3" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.41</font></p> </td>
        <td  colspan="3" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$</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>1.46</font></p> </td>
        <td   colspan="4">
            <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="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="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Adjust to fully converted shares from common shares</font></p> </td>
        <td  colspan="5" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63</font></u><font size=2>)</font></p> </td>
        <td  colspan="9" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66</font></u><font size=2>)</font></p> </td>
        <td  width="21">
            <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="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="4" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Expected earnings per diluted, fully converted common share</font></p> </td>
        <td  colspan="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>0.78</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>0.80</font></p> </td>
        <td   colspan="4">
            <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="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="4" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Add: depreciation and amortization</font></p> </td>
        <td  colspan="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.99</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>1.99</font></p> </td>
        <td   colspan="4">
            <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="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>Add: gain on sales of interest in Galileo</font></p> </td>
        <td  colspan="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(0.08)</font></p> </td>
        <td  colspan="6" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(0.08)</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 >
        <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="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Add: minority interest in earnings of Operating Partnership</font></p> </td>
        <td  colspan="4" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62</font></u></p> </td>
        <td  colspan="8" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65</font></u></p> </td>
        <td   colspan="3">
            <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="48" valign=top >
            <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  colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>Expected FFO per diluted, fully converted common share</font></p> </td>
        <td  colspan="3" valign=top style=' border-bottom:double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="32" valign=top style='border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.31</font></p> </td>
        <td  colspan="5" valign=top style=' border-bottom:double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="43" valign=top style='border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.36</font></p> </td>
        <td   colspan="5">
            <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="48" ></td>

        <td width="378" ></td>

        <td width="2" ></td>

        <td width="26" ></td>

        <td width="5" ></td>

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

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

        <td width="0" ></td>

        <td width="0" ></td>

        <td width="21" ></td>

        <td width="5" ></td>

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

        <td width="43" ></td>

        <td width="2" ></td>

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

        <td width="4" ></td>

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

        <td width="22" ></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>INVESTOR CONFERENCE CALL AND SIMULCAST</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.38in;text-align:justify;'><font size=2>CBL &amp; Associates Properties, Inc. will conduct a conference call at 10:00 a.m. EDT on August 3, 2006, to discuss the second quarter results. The number to call for this interactive teleconference is 913-981-5519. A seven-day replay of the conference call will be available by dialing 719-457-0820 and entering the passcode 4049863. A transcript of the Company&#146;s prepared remarks will be furnished on a Form 8-K following the conference call.</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:0.43in;text-align:justify;'><font size=2>To receive the CBL &amp; Associates Properties, Inc., second quarter earnings release and supplemental information please visit our website at </font><font color="#0000FF"><font size=2>cblproperties.com</font></font><font size=2> or contact Investor Relations at 423-490-8292. </font></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:0.43in;text-align:justify;'><font size=2>The Company will also provide an online Web simulcast and rebroadcast of its 2006 second quarter earnings release conference call. The live broadcast of CBL&#146;s quarterly conference call will be available online at the Company&#146;s Web site at </font><font color="#0000FF"><font size=2>cblproperties.com</font></font><font size=2>, as well as </font><font color="#0000FF"><font size=2>www.streetevents.com</font></font><font size=2> and </font><font color="#0000FF"><font size=2>www.earnings.com</font></font><font size=2>, on August 3, 2006, beginning at 10:00 a.m. EDT. The online replay will follow shortly after the call and continue through August 17, 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;'><u><b><font size=2>About CBL</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.57in;text-align:justify;'><font size=2>CBL is one of the largest and most experienced owners and developers of malls and shopping centers in the country. CBL owns, holds interests in or manages 126 properties, including 79 regional malls/open-air centers. The properties are located in 26 states and total 72.7 million square feet including 1.6 million square feet of non-owned shopping centers managed for third parties. CBL currently has ten projects under construction totaling 2.7 million square feet including Phase II of Gulf Coast Town Center in Ft. Myers, FL; two open-air shopping centers; two community centers, four associated/lifestyle centers and a mall expansion. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, and Dallas, TX. Additional information can be found at </font><font color="#0000FF"><u><font size=2>cblproperties.com</font></u></font><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-align:left;'><B><font SIZE=2>NON-GAAP FINANCIAL MEASURES</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;line-height:85%;'><b><font size=2>Funds From Operations</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.43in;text-align:justify;'><font size=2>FFO 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 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. The Company believes that FFO provides an additional </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;'><font size=2>&nbsp;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.25in;text-align:justify;'><font size=2>CBL Reports Second Quarter Results</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.25in;text-align:justify;'><font size=2>Page 4</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>indicator of the operating performance of the Company&#146;s properties without giving effect to real estate depreciation and amortization, which assumes the value of real estate assets decline predictably over time. Since values of well-maintained real estate assets have historically risen or fallen with market conditions, the Company believes that FFO enhances investors&#146; understanding of the Company&#146;s operating performance. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.43in;text-align:justify;'><font size=2>FFO does not represent cash flow 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 the Company&#146;s operating performance or to cash flow as a measure of liquidity.</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;line-height:85%;'><b><font size=2>Same-Center Net Operating Income</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.43in;text-align:justify;'><font size=2>Net operating income (&#147;NOI&#148;) is a supplemental measure of the operating performance of the Company&#146;s shopping centers. The Company defines NOI as operating revenues (rental revenues, tenant reimbursements and other income) less property operating expenses (property operating, real estate taxes and maintenance and repairs).</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:0.43in;text-align:justify;'><font size=2>Similar to FFO, the Company computes NOI based on its pro rata share of both consolidated and unconsolidated properties. The Company&#146;s definition of NOI may be different than that used by other companies and, accordingly, the Company&#146;s NOI may not be comparable to that of other companies. A reconciliation of same-center NOI to net income is located at the end of this earnings release.</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:0.43in;text-align:justify;'><font size=2>Since NOI includes only those revenues and expenses related to the continuing operations of its shopping center properties, the Company believes that same-center NOI provides a measure that reflects trends in occupancy rates, rental rates and operating costs and the impact of those trends on the Company&#146;s results of operations. </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;line-height:114.1667%;'><b><font size=2>Pro Rata Share of Debt</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.43in;text-align:justify;'><font size=2>The Company presents debt based on its pro rata ownership share (including the Company&#146;s pro rata share of unconsolidated affiliates and excluding minority investors&#146; share of consolidated properties) because it believes this provides investors a clearer understanding of the Company&#146;s total debt obligations which affect the Company&#146;s liquidity. A reconciliation of the Company&#146;s pro rata share of debt to the amount of debt on the Company&#146;s consolidated balance sheet is located at the end of this earnings release.</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;'><b><font size=2>Reclassification </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.44in;text-align:justify;'><font size=2>Certain prior period amounts in the consolidated statements of operations have been reclassified to present marketing fund revenues and expenses on a gross basis in accordance with Emerging Issues Task Force Issue No. 99-19, </font><i><font size=2>Reporting Revenue Gross as a Principal versus Net as an Agent</font></i><font size=2>. As a result, the following amounts in the consolidated statements of operations have changed from the previously reported amounts for the three months and the six months ended June 30, 2006:  tenant reimbursements have increased by $5,010,000 and $9,775,000, respectively; other revenues have decreased by $823,000 and $1,613,000, respectively; and property operating expenses have increased by $4,187,000 and $8,162,000, respectively. This reclassification did not change previously reported amounts of net income available to common shareholders. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.44in;text-align:justify;'><i><font size=2>Information included herein contains &#147;forward-looking statements&#148; within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company&#146;s various filings with the Securities and Exchange Commission, including without limitation the Company&#146;s Annual Report on Form 10-K and the &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; incorporated by reference therein, for a discussion of such risks and uncertainties. </font></i></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.25in;text-align:justify;'><font size=2>CBL Reports Second Quarter Results</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.25in;text-align:justify;'><font size=2>Page 5</font></p>

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

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


<table border="0" cellspacing=0 cellpadding=0 width="695" style=' margin-left:0pt;border-collapse:collapse'>
    <tr style='height:.15in'>
        <td  nowrap colspan="12" valign=bottom style=' padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>CBL &amp; Associates Properties, Inc. </font></b></p> </td> </tr>
    <tr style='height:.15in'>
        <td nowrap colspan="12" valign=bottom style=' padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><b><font size=1>Consolidated Statements of Operations</font></b></p> </td> </tr>
    <tr style='height:.15in'>
        <td  nowrap colspan="12" valign=bottom style=' padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:176.25pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1> (Unaudited; in thousands, except per share amounts) </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td  nowrap colspan="2" valign=bottom style=' padding:.75pt .75pt 0in .75pt;height:.15in'>
            <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  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <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="6" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <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  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <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:.15in'>
        <td  nowrap colspan="2" valign=bottom style=' padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:6.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; 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  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;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="6" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;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  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;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> </tr>
    <tr style='height:.15in'>
        <td  nowrap colspan="2" valign=bottom style=' padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>&nbsp;<i></i></p> </td>
        <td  colspan="5" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;</font><b><font size=1>Three Months Ended</font></b></u><br> <u><b><font size=1>June 30, </font></b></u><u></u></p> </td>
        <td width="6" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="4" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;</font><b><font size=1>Six Months Ended</font></b></u><br> <u><b><font size=1>June 30, </font></b></u><u></u></p> </td> </tr>
    <tr style='height:.15in'>
        <td  nowrap colspan="2" valign=bottom style=' padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>&nbsp;<i></i></p> </td>
        <td  colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><b><font size=1>2006</font></b></u><u></u></p> </td>
        <td  colspan="3" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><b><font size=1>2005</font></b></u><u></u></p> </td>
        <td width="6" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><b><font size=1>2006</font></b></u><u></u></p> </td>
        <td  colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><b><font size=1>2005</font></b></u><u></u></p> </td> </tr>
    <tr style='height:.15in'>
        <td  nowrap colspan="2" valign=bottom style=' padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=1>REVENUES: </font></B></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>&nbsp;<i></i></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>&nbsp;<i></i></p> </td>
        <td width="6" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>&nbsp;<i></i></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>&nbsp;<i></i></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>&nbsp;<i></i></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Minimum rents </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin:0in;text-indent:11.25pt;text-align: right;margin-top:5pt;margin-bottom:.0001pt'><b><font size=1>$           149,458 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$           127,250 </font></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$           301,610 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$           257,546 </font></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Percentage rents </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1,950 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:48.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,758 </font></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:48.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>8,303 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:48.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>9,848 </font></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Other rents </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>3,573 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:48.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2,795 </font></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:48.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>7,453 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:48.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5,920 </font></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Tenant reimbursements </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>74,749 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>63,303 </font></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>150,740 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>128,830 </font></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Management, development and leasing fees </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1,687 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:48.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3,773 </font></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:48.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>2,764 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:48.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>6,818 </font></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Other  </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>5,564 </font></b></u><u></u></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,154 </font></u><u></u></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><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>11,430 </font></b></u><u></u></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,783 </font></u><u></u></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in .25in; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Total revenues </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>236,981 </font></b></u><u></u></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203,033 </font></u><u></u></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>482,300 </font></b></u><u></u></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417,745 </font></u><u></u></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in .25in; height:.15in'>
            <p style='margin-left:0pt;text-indent:16.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <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="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=1>EXPENSES: </font></B></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <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="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Property operating </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>36,987 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>32,527 </font></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>77,724 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>68,167 </font></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Depreciation and amortization </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>54,471 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>43,321 </font></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>109,237 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>84,595 </font></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Real estate taxes </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>20,528 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>15,891 </font></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>39,793 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>31,312 </font></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Maintenance and repairs </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>13,573 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>11,915 </font></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>26,266 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>24,234 </font></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>General and administrative </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>9,062 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:48.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>9,234 </font></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>18,649 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>18,421 </font></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Loss on impairment of real estate assets </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:51.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>274 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:64.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>- </font></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:54.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>274 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:54.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>262 </font></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Other </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>4,519 </font></b></u><u></u></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,057 </font></u><u></u></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>8,688 </font></b></u><u></u></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,486 </font></u><u></u></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in .25in; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Total expenses </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>139,414 </font></b></u><u></u></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115,945 </font></u><u></u></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>280,631 </font></b></u><u></u></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233,477 </font></u><u></u></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Income from operations </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>97,567 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>87,088 </font></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>201,669 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>184,268 </font></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Interest income </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1,946 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:48.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2,594 </font></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:48.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>3,678 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:48.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4,277 </font></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Interest expense </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:.5in;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1> (63,661)</font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:39.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1> (50,255)</font></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:.5in;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1> (127,590)</font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:39.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1> (99,176)</font></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Loss on extinguishment of debt </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:60.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>- </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:64.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>- </font></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:64.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>- </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:49.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1> (884)</font></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Gain on sales of real estate assets </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>2,030 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:48.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4,382 </font></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:48.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>2,930 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:48.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>7,096 </font></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Equity in earnings of unconsolidated affiliates </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1,118 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:48.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2,683 </font></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:48.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>3,186 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:48.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5,774 </font></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Minority interest in earnings: </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <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="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Operating partnership </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:.5in;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1> (17,726)</font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:39.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1> (16,895)</font></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:39.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1> (35,855)</font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:39.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1> (37,721)</font></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Shopping center properties </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>(673)</font></b></u><u></u></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,178)</font></u><u></u></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><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>(1,261)</font></b></u><u></u></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,575)</font></u><u></u></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Income before discontinued operations </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>20,601 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>28,419 </font></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>46,757 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>61,059 </font></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Operating income of discontinued operations </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:51.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>754 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:59.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>60 </font></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:48.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>2,853 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:54.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>465 </font></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Gain (loss) on discontinued operations </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>7,215 </font></b></u><u></u></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54)</font></u><u></u></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>7,215 </font></b></u><u></u></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86)</font></u><u></u></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Net income </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>28,570 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>28,425 </font></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>56,825 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>61,438 </font></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Preferred dividends </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><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>(7,642)</font></b></u><u></u></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7,642)</font></u><u></u></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>(15,284)</font></b></u><u></u></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15,284)</font></u><u></u></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>Net income available to common shareholders </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-bottom:double black 2.25pt;padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$             20,928 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-bottom:double black 2.25pt;padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$             20,783 </font></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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  nowrap colspan="3" valign=bottom style=' border-bottom:double black 2.25pt;padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$             41,541 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-bottom:double black 2.25pt;padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$             46,154 </font></p> </td>
        <td  width="15">
            <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:.15in'>
        <td  nowrap colspan="2" valign=bottom style=' padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Basic per share data: </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <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="6" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Income before discontinued operations, net of preferred dividends </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$                 0.20 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                 0.33 </font></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$                 0.50 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                 0.73 </font></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Discontinued operations </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&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=1>0.13 </font></b></u><u></u></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-   </font></u><u></u></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&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=1>0.16 </font></b></u><u></u></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 </font></u><u></u></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>Net income available to common shareholders </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-bottom:double black 2.25pt;padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$                 0.33 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-bottom:double black 2.25pt;padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                 0.33 </font></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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  nowrap colspan="3" valign=bottom style=' border-bottom:double black 2.25pt;padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$                 0.66 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-bottom:double black 2.25pt;padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                 0.74 </font></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Weighted average common shares outstanding </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>64,003 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>62,685 </font></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style=' padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>63,333 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>62,567 </font></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <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="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Diluted per share data: </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <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="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Income before discontinued operations, net of preferred dividends </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$                 0.20 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                 0.32 </font></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$                 0.49 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                 0.71 </font></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Discontinued operations </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&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=1>0.12 </font></b></u><u></u></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-   </font></u><u></u></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&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=1>0.15 </font></b></u><u></u></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-   </font></u><u></u></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>Net income available to common shareholders </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-bottom:double black 2.25pt;padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$                 0.32 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-bottom:double black 2.25pt;padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                 0.32 </font></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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  nowrap colspan="3" valign=bottom style=' border-bottom:double black 2.25pt;padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$                 0.64 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-bottom:double black 2.25pt;padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                 0.71 </font></p> </td>
        <td  width="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Weighted average common and potential dilutive  </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style=' padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="15">
            <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:.15in'>
        <td width="313" nowrap valign=bottom style='padding:.75pt .75pt 0in .25in; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>common shares outstanding </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>65,385 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>65,004 </font></p> </td>
        <td width="5" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>64,857 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>64,895 </font></p> </td>
        <td  width="15">
            <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:.15in'>
        <td  colspan="10" rowspan=2 valign=bottom style=' padding:.75pt .75pt 0in .75pt;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  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;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> </tr>
    <tr style='height:.15in'>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;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> </tr>
    <tr style='height:.15in'>
        <td  nowrap colspan="2" valign=bottom style=' padding:.75pt .75pt 0in .75pt;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  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; 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  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;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="6" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;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  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;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> </tr>
    <tr>
        <td width="313" ></td>

        <td width="14" ></td>

        <td width="73" ></td>

        <td width="14" ></td>

        <td width="77" ></td>

        <td width="5" ></td>

        <td width="9" ></td>

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

        <td width="77" ></td>

        <td width="14" ></td>

        <td width="77" ></td>

        <td width="15" ></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>-MORE-</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>
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.25in;text-align:justify;'><font size=2>CBL Reports Second Quarter Results</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.25in;text-align:justify;'><font size=2>Page 6</font></p>

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

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


<table border="0" cellspacing=0 cellpadding=0 width="674" style=' border-collapse:collapse'>
    <tr style='height:.15in'>
        <td  nowrap colspan="2" valign=bottom style=' padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>The Company's calculation of FFO is as follows (in thousands, except per share data): </font></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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> </tr>
    <tr style='height:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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> </tr>
    <tr style='height:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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  colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;</font><b><font size=1>Three Months Ended</font></b></u><br> <u><b><font size=1>June 30, </font></b></u><u></u></p> </td>
        <td width="20" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;</font><b><font size=1>Six Months Ended</font></b></u><br> <u><b><font size=1>June 30, </font></b></u><u></u></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="93" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><b><font size=1>2006</font></b></u><u></u></p> </td>
        <td width="80" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><b><font size=1>2005</font></b></u><u></u></p> </td>
        <td width="20" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><b><font size=1>2006</font></b></u><u></u></p> </td>
        <td width="80" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><b><font size=1>2005</font></b></u><u></u></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="93" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="20" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Net income available to common shareholders </font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:15.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$             20,928 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$             20,783 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$             41,541 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$             46,154 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Add: </font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Depreciation and amortization from consolidated properties </font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:45.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>54,471 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:.5in;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>43,321 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:37.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>109,237 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:.5in;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>84,595 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Depreciation and amortization from unconsolidated affiliates </font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:49.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>3,365 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:39.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2,210 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>6,643 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:39.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3,920 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Depreciation and amortization from discontinued operations </font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:65.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>- </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:50.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>18 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:51.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>515 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:50.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>30 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Minority interest in earnings of operating partnership </font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:45.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>17,726 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:.5in;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>16,895 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>35,855 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:.5in;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>37,721 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Less: </font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Loss on sales of operating real estate assets  </font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:60.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>38 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:45.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>397 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:55.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>38 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:45.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>174 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Minority investors' share of depreciation and amortization </font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:50.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1> (568)</font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:40.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1> (289)</font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:39.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1> (1,107)</font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:40.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1> (651)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(Gain) loss on discontinued operations </font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:44.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1> (7,215)</font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:50.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>54 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:39.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1> (7,215)</font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:50.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>86 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Depreciation and amortization of non-real estate assets  </font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>(210)</font></b></u><u></u></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186)</font></u><u></u></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>(405)</font></b></u><u></u></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(365)</font></u><u></u></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>Funds from operations </font></p> </td>
        <td width="93" nowrap valign=bottom style=' border-bottom:double black 2.25pt;padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:15.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$             88,535 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='border-bottom: double black 2.25pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$             83,203 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='border-bottom: double black 2.25pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$           185,102 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='border-bottom: double black 2.25pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$           171,664 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="93" nowrap valign=bottom style=' padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;height:.15in'>
            <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="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;height:.15in'>
            <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:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>Funds from operations applicable to Company shareholders </font></p> </td>
        <td width="93" nowrap valign=bottom style=' border-bottom:double black 2.25pt;padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:15.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$             49,140 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='border-bottom: double black 2.25pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$             45,646 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='border-bottom: double black 2.25pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$           101,732 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='border-bottom: double black 2.25pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$             94,228 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Basic per share data: </font></p> </td>
        <td width="93" nowrap valign=bottom style=' padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;height:.15in'>
            <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="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;height:.15in'>
            <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:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>Funds from operations </font></p> </td>
        <td width="93" nowrap valign=bottom style=' border-bottom:double black 2.25pt;padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:15.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$                 0.77 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='border-bottom: double black 2.25pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                 0.73 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='border-bottom: double black 2.25pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$                 1.61 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='border-bottom: double black 2.25pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                 1.51 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="314" valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Weighted average common shares outstanding with operating </font><br> <font size=1> partnership units fully converted</font></p> </td>
        <td width="93" nowrap valign=bottom style=' padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:42.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>115,426 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:32.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>114,134 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:37.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>115,288 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:32.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>113,923 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="314" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Diluted per share data: </font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>Funds from operations </font></p> </td>
        <td width="93" nowrap valign=bottom style=' border-bottom:double black 2.25pt;padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:15.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$                 0.76 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='border-bottom: double black 2.25pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                 0.71 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='border-bottom: double black 2.25pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$                 1.58 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='border-bottom: double black 2.25pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                 1.48 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="314" valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Weighted average common and potential dilutive common shares outstanding with operating partnership units fully converted</font></p> </td>
        <td width="93" nowrap valign=bottom style=' padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:42.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>116,808 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:32.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>116,452 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:37.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>116,811 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:32.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>116,251 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=1>SUPPLEMENTAL FFO INFORMATION: </font></B></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Lease termination fees </font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:15.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$               2,426 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                  178 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$               8,294 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$               2,426 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Lease termination fees per share </font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:15.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$                 0.02 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:5.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                       -   </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$                 0.07 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                 0.02 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Straight-line rental income </font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:15.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$               1,336 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$               1,327 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$               2,226 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$               2,852 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Straight-line rental income per share </font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:15.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$                 0.01 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                 0.01 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$                 0.02 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                 0.02 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Gains on outparcel sales </font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:15.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$               2,873 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$               6,023 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$               4,508 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$               8,633 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Gains on outparcel sales per share </font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:15.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$                 0.02 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                 0.05 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$                 0.04 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                 0.07 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Amortization of acquired above- and below-market leases </font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:15.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$               2,322 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$               1,279 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$               4,915 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$               2,812 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Amortization of acquired above- and below-market leases per share </font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:15.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$                 0.02 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                 0.01 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$                 0.04 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                 0.02 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Amortization of debt premiums </font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:15.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$               1,868 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$               1,948 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$               3,710 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$               3,661 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Amortization of debt premiums per share </font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:15.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$                 0.02 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                 0.02 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$                 0.03 </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                 0.03 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Gain on sales of non operating properties </font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:17.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$                      -   </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                  406 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$                      -   </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$               1,221 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Gain on sales of non operating properties per share </font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:17.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$                      -   </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:7.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                      - </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$                      -   </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                 0.01 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Loss on impairment of real estate assets </font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:16.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$               (274)</font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:7.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                      - </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$              (274)</font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:6.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$               (262)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="314" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Loss on impairment of real estate assets per share </font></p> </td>
        <td width="93" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:17.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$                      - </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:7.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                      - </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$                     -   </font></b></p> </td>
        <td width="80" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:7.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                      - </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>-MORE-</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>
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.25in;text-align:justify;'><font size=2>CBL Reports Second Quarter Results</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.25in;text-align:justify;'><font size=2>Page 7</font></p>

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

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


<table border="0" cellspacing=0 cellpadding=0 width="618" style=' border-collapse:collapse'>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Same-Center Net Operating Income</font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.15in'>
            <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:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="3" valign=bottom style=' border-bottom:solid black .5pt;padding:.75pt .75pt 0in .75pt;height: .15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Three Months Ended June 30,</font></b></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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  colspan="3" valign=bottom style=' border-bottom:solid black .5pt;padding:.75pt .75pt 0in .75pt;height: .15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Six Months Ended </font></b><br> <b><font size=1>June 30,</font></b></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.75pt .75pt 0in .75pt;height: .15in'>
            <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="79" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>2005</font></b></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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  nowrap colspan="2" valign=bottom style=' border-bottom:solid black .5pt;padding:.75pt .75pt 0in .75pt;height: .15in'>
            <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="64" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>2005</font></b></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:16.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$        28,570 </font></b></p> </td>
        <td width="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:23.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$    28,425 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$      56,825 </font></b></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:12.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$    61,438 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Adjustments:</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Depreciation and amortization</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:36.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>54,471 </font></b></p> </td>
        <td width="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:35.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>43,321 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:23.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>109,237 </font></b></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:24.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>84,595 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Depreciation and amortization from unconsolidated affiliates</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:40.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>3,365 </font></b></p> </td>
        <td width="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:39.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2,210 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:31.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>6,643 </font></b></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:27.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3,920 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Depreciation and amortization from discontinued operations</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:55.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>-   </font></b></p> </td>
        <td width="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:49.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>18 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:37.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>515 </font></b></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:38.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>30 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Minority investors' share of depreciation and amortization in </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:6.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>shopping center properties</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1> (568)</font></b></p> </td>
        <td width="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:40.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1> (289)</font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:26.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1> (1,107)</font></b></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:29.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1> (651)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:36.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>63,661 </font></b></p> </td>
        <td width="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:35.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>50,255 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:23.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>127,590 </font></b></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:24.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>99,176 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Interest expense from unconsolidated affiliates</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:40.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>4,275 </font></b></p> </td>
        <td width="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:39.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3,538 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:31.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>8,669 </font></b></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:27.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>6,060 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Minority investors' share of interest expense in </font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:6.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>shopping center properties</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:35.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1> (1,189)</font></b></p> </td>
        <td width="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:40.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1> (392)</font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:26.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1> (2,351)</font></b></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:29.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1> (770)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Loss on extinguishment of debt</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:55.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>-   </font></b></p> </td>
        <td width="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:55.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>-   </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:46.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>-   </font></b></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:33.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>884 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Abandoned projects expense (income)</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1> (60)</font></b></p> </td>
        <td width="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:49.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>17 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:.5in;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1> (65)</font></b></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:33.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>138 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:35.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1> (2,030)</font></b></p> </td>
        <td width="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:34.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1> (4,382)</font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:26.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1> (2,930)</font></b></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:23.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1> (7,096)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Loss on impairment of real estate assets</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:46.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>274 </font></b></p> </td>
        <td width="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:55.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>-   </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:37.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>274 </font></b></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:33.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>262 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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 of unconsolidated affiliates</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1> (804)</font></b></p> </td>
        <td width="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:34.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1> (1,689)</font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:26.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1> (1,537)</font></b></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:23.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1> (2,623)</font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:36.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>17,726 </font></b></p> </td>
        <td width="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:35.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>16,895 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>35,855 </font></b></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:24.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>37,721 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(Gain) loss on discontinued operations</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>(7,215)</font></b></u><u></u></p> </td>
        <td width="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 </font></u><u></u></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>(7,215)</font></b></u><u></u></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 </font></u><u></u></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Operating partnership's share of total NOI</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:32.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>160,476 </font></b></p> </td>
        <td width="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:31.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>137,981 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:23.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>330,403 </font></b></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>283,170 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>General and administrative expenses</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:40.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>9,062 </font></b></p> </td>
        <td width="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:39.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>9,234 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>18,649 </font></b></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:24.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>18,421 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Management fees and non-property level revenues</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>(6,204)</font></b></u><u></u></p> </td>
        <td width="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7,284)</font></u><u></u></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>(10,865)</font></b></u><u></u></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12,816)</font></u><u></u></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Operating partnership's share of property NOI</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:32.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>163,334 </font></b></p> </td>
        <td width="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:31.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>139,931 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:23.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>338,187 </font></b></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>288,775 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>NOI of non-comparable centers</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>(21,070)</font></b></u><u></u></p> </td>
        <td width="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,122)</font></u><u></u></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>(44,351)</font></b></u><u></u></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,176)</font></u><u></u></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>Total same center NOI</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-bottom:double black 2.25pt;padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:16.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$      142,264 </font></b></p> </td>
        <td width="79" nowrap valign=bottom style='border-bottom: double black 2.25pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin:0in;text-indent:23.25pt;text-align: right;margin-top:5pt;margin-bottom:.0001pt'><font size=1>$  136,809 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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  nowrap colspan="2" valign=bottom style=' border-bottom:double black 2.25pt;padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$    293,836 </font></b></p> </td>
        <td width="64" nowrap valign=bottom style='border-bottom: double black 2.25pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:12.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$  283,599 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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  nowrap colspan="2" valign=bottom style=' padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;height:.15in'>
            <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="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;height:.15in'>
            <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:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:16.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$      130,912 </font></b></p> </td>
        <td width="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:23.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$  126,523 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$    271,107 </font></b></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:12.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$  262,759 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:40.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>6,836 </font></b></p> </td>
        <td width="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:39.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>6,492 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>13,554 </font></b></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:24.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>12,764 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:40.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1,096 </font></b></p> </td>
        <td width="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:39.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,053 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:31.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>2,122 </font></b></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:27.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>2,371 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Other</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>3,420 </font></b></u><u></u></p> </td>
        <td width="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,741 </font></u><u></u></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=1>7,053 </font></b></u><u></u></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,705 </font></u><u></u></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>Total same center NOI</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-bottom:double black 2.25pt;padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:16.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$      142,264 </font></b></p> </td>
        <td width="79" nowrap valign=bottom style='border-bottom: double black 2.25pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:23.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$  136,809 </font></p> </td>
        <td width="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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  nowrap colspan="2" valign=bottom style=' border-bottom:double black 2.25pt;padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$    293,836 </font></b></p> </td>
        <td width="64" nowrap valign=bottom style='border-bottom: double black 2.25pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:12.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$  283,599 </font></p> </td> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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  nowrap colspan="2" valign=bottom style=' padding:.75pt .75pt 0in .75pt; 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="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;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="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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  nowrap colspan="2" valign=bottom style=' padding:.75pt .75pt 0in .75pt; 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="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;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> </tr>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Percentage Change:</font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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> </tr>
    <tr style='height:.15in'>
        <td  nowrap colspan="2" valign=bottom style=' padding:.75pt .75pt 0in .75pt;height:.15in'>
            <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="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>3.5%</font></b></p> </td>
        <td width="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="53" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>3.2%</font></b></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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> </tr>
    <tr style='height:.15in'>
        <td  nowrap colspan="2" valign=bottom style=' padding:.75pt .75pt 0in .75pt;height:.15in'>
            <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="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>5.3%</font></b></p> </td>
        <td width="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="53" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>6.2%</font></b></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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> </tr>
    <tr style='height:.15in'>
        <td  nowrap colspan="2" valign=bottom style=' padding:.75pt .75pt 0in .75pt;height:.15in'>
            <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="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>4.1%</font></b></p> </td>
        <td width="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="53" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>-10.5%</font></b></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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> </tr>
    <tr style='height:.15in'>
        <td  nowrap colspan="2" valign=bottom style=' padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>Other</font></p> </td>
        <td width="60" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>24.8%</font></b></p> </td>
        <td width="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="53" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>23.6%</font></b></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.15in'>
        <td  nowrap colspan="2" valign=bottom style=' padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><b><font size=1>Total same center NOI</font></b></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:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>4.0%</font></b></p> </td>
        <td width="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="53" 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:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>3.6%</font></b></p> </td>
        <td width="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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>
    <tr style='height:.15in'>
        <td width="308" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="79" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="20" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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  nowrap colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="64" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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> </tr>
    <tr>
        <td width="308" ></td>

        <td width="20" ></td>

        <td width="60" ></td>

        <td width="79" ></td>

        <td width="20" ></td>

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

        <td width="53" ></td>

        <td width="64" ></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>-MORE-</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>
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.25in;text-align:justify;'><font size=2>CBL Reports Second Quarter Results</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.25in;text-align:justify;'><font size=2>Page 8</font></p>

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

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


<table border="0" cellspacing=0 cellpadding=0 width="628" style=' border-collapse:collapse'>
    <tr style='height:.15in'>
        <td  nowrap colspan="6" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Company's Share of Consolidated and Unconsolidated Debt</font></b></p> </td>
        <td width="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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 style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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 style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td width="209" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;border-color:gray; height:.15in'>
            <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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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  nowrap colspan="5" valign=bottom style='border: none;border-bottom:solid black .5pt;border-color:gray;padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>June 30, 2006</font></b></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td width="209" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;border-color:gray; height:.15in'>
            <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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="97" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Fixed Rate</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Variable Rate</font></b></p> </td>
        <td width="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <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 style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Consolidated debt</font></p> </td>
        <td width="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$           3,247,156 </font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$       1,119,463 </font></b></p> </td>
        <td width="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$       4,366,619 </font></b></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="4" valign=bottom style=' padding:.75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Minority investors' share of consolidated debt</font></p> </td>
        <td width="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:43.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1> (51,436)</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:60.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>-   </font></b></p> </td>
        <td width="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:.5in;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1> (51,436)</font></b></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="4" valign=bottom style=' padding:.75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Company's share of unconsolidated affiliates' debt</font></p> </td>
        <td width="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>225,447 </font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>26,600 </font></b></p> </td>
        <td width="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:37.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>252,047 </font></b></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="5" valign=bottom style='padding: .75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>Company's share of consolidated and unconsolidated debt</font></p> </td>
        <td width="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="97" 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:.15in'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$           3,421,167 </font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" 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:.15in'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$       1,146,063 </font></b></p> </td>
        <td width="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" 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:.15in'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$       4,567,230 </font></b></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>Weighted average interest rate</font></p> </td>
        <td width="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="97" nowrap valign=bottom style='border-bottom: double black 2.25pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>5.99%</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='border-bottom: double black 2.25pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>6.21%</font></b></p> </td>
        <td width="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='border-bottom: double black 2.25pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>6.04%</font></b></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td width="209" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;border-color:gray; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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 style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td width="209" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;border-color:gray; height:.15in'>
            <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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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  nowrap colspan="5" valign=bottom style='border: none;border-bottom:solid black .5pt;border-color:gray;padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>June 30, 2005</font></b></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td width="209" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;border-color:gray; height:.15in'>
            <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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="97" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Fixed Rate</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Variable Rate</font></b></p> </td>
        <td width="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <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 style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Consolidated debt</font></p> </td>
        <td width="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$           2,778,311 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$          680,530 </font></p> </td>
        <td width="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$       3,458,841 </font></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="4" valign=bottom style=' padding:.75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Minority investors' share of consolidated debt</font></p> </td>
        <td width="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:43.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1> (52,436)</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:60.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>-   </font></p> </td>
        <td width="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:.5in;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1> (52,436)</font></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="4" valign=bottom style=' padding:.75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Company's share of unconsolidated affiliates' debt</font></p> </td>
        <td width="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>121,715 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>87,167 </font></p> </td>
        <td width="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:37.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>208,882 </font></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="5" valign=bottom style='padding: .75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>Company's share of consolidated and unconsolidated debt</font></p> </td>
        <td width="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="97" 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:.15in'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$           2,847,590 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" 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:.15in'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$          767,697 </font></p> </td>
        <td width="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" 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:.15in'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$       3,615,287 </font></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>Weighted average interest rate</font></p> </td>
        <td width="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="97" nowrap valign=bottom style='border-bottom: double black 2.25pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>6.36%</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='border-bottom: double black 2.25pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4.26%</font></p> </td>
        <td width="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='border-bottom: double black 2.25pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5.91%</font></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td width="209" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;border-color:gray; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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 style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td width="209" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;border-color:gray; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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 style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="6" valign=bottom style='padding: .75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Debt-To-Total-Market Capitalization Ratio as of June 30, 2006</font></b></p> </td>
        <td width="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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 style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(In thousands, except stock price)</font></p> </td>
        <td width="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>Shares</b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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 style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td width="209" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;border-color:gray; height:.15in'>
            <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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="97" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Outstanding</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Stock Price (1)</font></b></p> </td>
        <td width="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Value</font></b></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="4" valign=bottom style=' padding:.75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:34.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>115,989 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:7.5pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>$              38.93 </font></p> </td>
        <td width="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:7.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$          4,515,452 </font></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="5" valign=bottom style='padding: .75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:42.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>2,000 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:39.75pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>50.00 </font></p> </td>
        <td width="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="5" valign=bottom style='padding: .75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:48.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>460 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:35.25pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>250.00 </font></p> </td>
        <td width="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="5" valign=bottom style='padding: .75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>7.375% Series D Cumulative Redeemable Preferred Stock</font></p> </td>
        <td width="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:48.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>700 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:35.25pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>250.00 </font></p> </td>
        <td width="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Total market equity</font></p> </td>
        <td width="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='border-top: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4,905,452 </font></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>Company's share of total debt</font></p> </td>
        <td width="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4,567,230 </font></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>Total market capitalization</font></p> </td>
        <td width="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='border-bottom: double black 2.25pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:8.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$          9,472,682 </font></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='border-bottom: double black 2.25pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>48.2%</font></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td width="209" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;border-color:gray; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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 style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  colspan="12" rowspan=2 valign=top style=' padding:.75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(1) Stock price for common stock and operating partnership units equals the closing price of the common stock on June 30, 2006.  The stock price for the preferred stock represents the liquidation preference of each respective series of preferred stock.</font></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td width="209" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;border-color:gray; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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 style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td width="209" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;border-color:gray; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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 style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="8" valign=bottom style='padding: .75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Reconciliation of Shares and Operating Partnership Units Outstanding</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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 style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td width="209" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;border-color:gray; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(In thousands)</font></p> </td>
        <td width="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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 style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td width="209" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;border-color:gray; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:30.0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Three Months Ended </font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:39.0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Six Months Ended </font></b></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td width="209" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;border-color:gray; height:.15in'>
            <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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.15in'>
            <p style='margin-left:0pt;text-indent:52.5pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>June 30, </font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.15in'>
            <p style='margin-left:0pt;text-indent:56.25pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>June 30, </font></b></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td width="209" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;border-color:gray; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><b><font size=1>2006:</font></b></p> </td>
        <td width="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="70" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Basic</font></b></p> </td>
        <td width="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="97" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Diluted</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Basic</font></b></p> </td>
        <td width="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Diluted</font></b></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Weighted average shares - EPS</font></p> </td>
        <td width="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:29.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>64,003 </font></b></p> </td>
        <td width="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:48.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>65,385 </font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>63,333 </font></b></p> </td>
        <td width="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>64,857 </font></b></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="4" valign=bottom style=' padding:.75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Weighted average operating partnership units</font></p> </td>
        <td width="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:29.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>51,423 </font></b></p> </td>
        <td width="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:48.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>51,423 </font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>51,955 </font></b></p> </td>
        <td width="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>51,954 </font></b></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>Weighted average shares- FFO</font></p> </td>
        <td width="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="70" 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:.15in'>
            <p style='margin-left:0pt;text-indent:24.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>115,426 </font></b></p> </td>
        <td width="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="97" 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:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>116,808 </font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" 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:.15in'>
            <p style='margin-left:0pt;text-indent:37.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>115,288 </font></b></p> </td>
        <td width="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" 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:.15in'>
            <p style='margin-left:0pt;text-indent:37.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>116,811 </font></b></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td width="209" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;border-color:gray; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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 style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td width="209" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;border-color:gray; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>2005:</font></b></p> </td>
        <td width="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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 style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Weighted average shares - EPS</font></p> </td>
        <td width="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:29.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>62,685 </font></p> </td>
        <td width="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:48.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>65,004 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>62,567 </font></p> </td>
        <td width="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>64,895 </font></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="4" valign=bottom style=' padding:.75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Weighted average operating partnership units</font></p> </td>
        <td width="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:29.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>51,449 </font></p> </td>
        <td width="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:48.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>51,448 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>51,356 </font></p> </td>
        <td width="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>51,356 </font></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>Weighted average shares- FFO</font></p> </td>
        <td width="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="70" 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:.15in'>
            <p style='margin-left:0pt;text-indent:24.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>114,134 </font></p> </td>
        <td width="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="97" 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:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>116,452 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" 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:.15in'>
            <p style='margin-left:0pt;text-indent:37.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>113,923 </font></p> </td>
        <td width="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" 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:.15in'>
            <p style='margin-left:0pt;text-indent:37.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>116,251 </font></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td width="209" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;border-color:gray; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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 style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td width="209" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;border-color:gray; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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 style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Dividend Payout Ratio</font></b></p> </td>
        <td width="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:30.0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Three Months Ended </font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:39.0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Six Months Ended </font></b></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td width="209" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;border-color:gray; height:.15in'>
            <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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.15in'>
            <p style='margin-left:0pt;text-indent:52.5pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>June 30, </font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.15in'>
            <p style='margin-left:0pt;text-indent:56.25pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>June 30, </font></b></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td width="209" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;border-color:gray; height:.15in'>
            <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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="70" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="97" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>2005</font></b></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <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="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>2005</font></b></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Weighted average dividend per share</font></p> </td>
        <td width="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$         0.46388 </font></b></p> </td>
        <td width="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$              0.40941 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$          0.92777 </font></b></p> </td>
        <td width="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$          0.81802 </font></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="3" valign=bottom style='padding: .75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>FFO per diluted, fully converted share</font></p> </td>
        <td width="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$               0.76 </font></b></p> </td>
        <td width="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                    0.71 </font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$                1.58 </font></b></p> </td>
        <td width="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                1.48 </font></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td  nowrap colspan="2" valign=bottom style='padding: .75pt .75pt 0in .75pt;border-color:gray;height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>Dividend payout ratio</font></p> </td>
        <td width="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="70" 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:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>61.0%</font></b></p> </td>
        <td width="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="97" 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:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>57.7%</font></p> </td>
        <td width="12" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" 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:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>58.7%</font></b></p> </td>
        <td width="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" 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:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>55.3%</font></p> </td>
        <td style='height:.15in;border:none' width="0" height=14></td>  </tr>
                <tr style='height:.15in'>
        <td width="209" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;border-color:gray; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="11" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="9" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="70" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="10" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="97" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="15" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="87" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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 style='height:.15in;border:none' width="0" height=14></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:left;'><font size=2>&nbsp;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.25in;text-align:justify;'><font size=2>CBL Reports Second Quarter Results</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.25in;text-align:justify;'><font size=2>Page 9</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.25in;text-align:justify;'><font size=2>August 2, 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;'><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="626" style=' border-collapse:collapse'>
    <tr style='height:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Consolidated Balance Sheets</font></b></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="24" valign=top style=' 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="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(Preliminary and unaudited,  in thousands)</font></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="24" valign=top style=' height:.15in'>
            <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="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="24" valign=top style=' height:.15in'>
            <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="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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  colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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=top style=' height:.15in'>
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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  colspan="2" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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=top style=' height:.15in'>
            <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:22.2pt'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:22.2pt'>
            <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="95" valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:22.2pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><b><font size=1>June 30, </font></b><br> <b><font size=1>2006</font></b></p> </td>
        <td width="24" valign=top style=' height:22.2pt'>
            <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="105" valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:22.2pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>December 31,</font><br> <font size=1>2005</font></p> </td>
        <td  width="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=1>ASSETS </font></B></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;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="24" valign=top style=' 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="105" nowrap valign=bottom style=' padding:.75pt .75pt 0in .75pt; 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="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Real estate assets: </font></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="24" valign=top style=' 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="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Land </font></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$             770,288 </font></b></p> </td>
        <td width="24" valign=top style=' height:.15in'>
            <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="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                776,989 </font></p> </td>
        <td  width="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>Buildings and improvements </font></p> </td>
        <td width="95" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:37.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>5,734,393 </font></b></p> </td>
        <td width="24" valign=top style=' height:.15in'>
            <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="105" nowrap valign=bottom style=' border-bottom:solid black .5pt;padding:.75pt .75pt 0in .75pt;height: .15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5,698,669 </font></p> </td>
        <td  width="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:8.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:37.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>6,504,681 </font></b></p> </td>
        <td width="24" valign=top style=' height:.15in'>
            <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="105" nowrap valign=bottom style=' padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>6,475,658 </font></p> </td>
        <td  width="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>Less: accumulated depreciation </font></p> </td>
        <td width="95" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:38.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1> (820,581)</font></b></p> </td>
        <td width="24" valign=top style=' height:.15in'>
            <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="105" nowrap valign=bottom style=' border-bottom:solid black .5pt;padding:.75pt .75pt 0in .75pt;height: .15in'>
            <p style='margin-left:0pt;text-indent:45.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1> (727,907)</font></p> </td>
        <td  width="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:8.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:37.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>5,684,100 </font></b></p> </td>
        <td width="24" valign=top style=' height:.15in'>
            <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="105" nowrap valign=bottom style=' padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5,747,751 </font></p> </td>
        <td  width="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Real estate assets held for sale </font></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:67.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>- </font></b></p> </td>
        <td width="24" valign=top style=' height:.15in'>
            <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="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:54.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>63,168 </font></p> </td>
        <td  width="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>Developments in progress </font></p> </td>
        <td width="95" nowrap valign=bottom style='border-bottom: solid black .5pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:43.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>228,473 </font></b></p> </td>
        <td width="24" valign=top style=' height:.15in'>
            <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="105" nowrap valign=bottom style=' border-bottom:solid black .5pt;padding:.75pt .75pt 0in .75pt;height: .15in'>
            <p style='margin-left:0pt;text-indent:51.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>133,509 </font></p> </td>
        <td  width="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in .25in; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Net investment in real estate assets </font></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;height:.15in'>
            <p style='margin-left:0pt;text-indent:37.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>5,912,573 </font></b></p> </td>
        <td width="24" valign=top style=' height:.15in'>
            <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="105" nowrap valign=bottom style=' padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5,944,428 </font></p> </td>
        <td  width="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Cash and cash equivalents </font></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:47.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>40,068 </font></b></p> </td>
        <td width="24" valign=top style=' height:.15in'>
            <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="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:54.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>28,838 </font></p> </td>
        <td  width="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Receivables: </font></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="24" valign=top style=' height:.15in'>
            <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="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="21">
            <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:.15in'>
        <td width="381" valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Tenant, net of allowance </font></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:47.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>55,819 </font></b></p> </td>
        <td width="24" valign=top style=' height:.15in'>
            <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="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:54.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>55,056 </font></p> </td>
        <td  width="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in 9.0pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Other </font></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:51.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>8,267 </font></b></p> </td>
        <td width="24" valign=top style=' height:.15in'>
            <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="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:59.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>6,235 </font></p> </td>
        <td  width="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Mortgage notes receivable </font></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:47.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>18,320 </font></b></p> </td>
        <td width="24" valign=top style=' height:.15in'>
            <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="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:54.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>18,117 </font></p> </td>
        <td  width="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Investments in unconsolidated affiliates </font></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:47.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>83,292 </font></b></p> </td>
        <td width="24" valign=top style=' height:.15in'>
            <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="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:54.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>84,138 </font></p> </td>
        <td  width="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Other assets </font></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:43.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>211,866 </font></b></p> </div> </td>
        <td width="24" valign=top style=' 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'><font size=1>&nbsp;</font></p> </div> </td>
        <td width="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:51.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>215,510 </font></p> </div> </td>
        <td  width="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:13.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$          6,330,205 </font></b></p> </div> </td>
        <td width="24" valign=top style=' height:.15in'>
            <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;</font></p> </div> </td>
        <td width="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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:15.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$             6,352,322 </font></p> </div> </td>
        <td  width="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=1>LIABILITIES AND SHAREHOLDERS' EQUITY </font></B></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="24" valign=top style=' height:.15in'>
            <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="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Mortgage and other notes payable </font></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$          4,366,619 </font></b></p> </td>
        <td width="24" valign=top style=' height:.15in'>
            <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="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$             4,341,055 </font></p> </td>
        <td  width="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Accounts payable and accrued liabilities </font></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:43.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>299,637 </font></b></p> </div> </td>
        <td width="24" valign=top style=' 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'><font size=1>&nbsp;</font></p> </div> </td>
        <td width="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:51.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>320,270 </font></p> </div> </td>
        <td  width="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in .25in; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Total liabilities </font></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <div style='border-top:solid black .5pt;border-left:none;border-bottom:solid black .5pt; border-right:none;padding:1.0pt 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:37.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>4,666,256 </font></b></p> </div> </td>
        <td width="24" valign=top style=' height:.15in'>
            <div style='border-top:solid black .5pt;border-left:none;border-bottom:solid black .5pt; 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;</font></p> </div> </td>
        <td width="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <div style='border-top:solid black .5pt;border-left:none;border-bottom:solid black .5pt; border-right:none;padding:1.0pt 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4,661,325 </font></p> </div> </td>
        <td  width="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Commitments and contingencies </font></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="24" valign=top style=' height:.15in'>
            <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="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Minority interests </font></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:43.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>576,407 </font></b></p> </div> </td>
        <td width="24" valign=top style=' 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'><font size=1>&nbsp;</font></p> </div> </td>
        <td width="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:51.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>609,475 </font></p> </div> </td>
        <td  width="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Shareholders' equity: </font></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="24" valign=top style=' height:.15in'>
            <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="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Preferred Stock, $.01 par value, 15,000,000 shares authorized: </font></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="24" valign=top style=' height:.15in'>
            <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="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="21">
            <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:.15in'>
        <td width="381" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>8.75% Series B Cumulative Redeemable Preferred Stock,</font><br> <font size=1>   2,000,000 shares outstanding </font></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:61.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>20 </font></b></p> </td>
        <td width="24" valign=top style=' height:.15in'>
            <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="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:69.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>20 </font></p> </td>
        <td  width="21">
            <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:.15in'>
        <td width="381" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>7.75% Series C Cumulative Redeemable Preferred Stock,</font><br> <font size=1>   460,000 shares outstanding </font></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:65.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>5 </font></b></p> </td>
        <td width="24" valign=top style=' height:.15in'>
            <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="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:72.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>5 </font></p> </td>
        <td  width="21">
            <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:.15in'>
        <td width="381" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>7.375% Series D Cumulative Redeemable Preferred Stock,</font><br> <font size=1>   700,000 shares outstanding </font></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:65.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>7 </font></b></p> </td>
        <td width="24" valign=top style=' height:.15in'>
            <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="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:72.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>7 </font></p> </td>
        <td  width="21">
            <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:.15in'>
        <td width="381" valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Common Stock, $.01 par value, 180,000,000 shares authorized,</font><br> <font size=1>   64,612,220 and 62,512,816 issued and outstanding in 2006 and</font><br> <font size=1>   2005, respectively </font></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:57.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>646 </font></b></p> </td>
        <td width="24" valign=top style=' height:.15in'>
            <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="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:65.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>625 </font></p> </td>
        <td  width="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Additional paid-in capital </font></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:37.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1,052,206 </font></b></p> </td>
        <td width="24" valign=top style=' height:.15in'>
            <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="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,037,764 </font></p> </td>
        <td  width="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Deferred Compensation </font></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:67.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>- </font></b></p> </td>
        <td width="24" valign=top style=' height:.15in'>
            <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="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:.75in;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1> (8,895)</font></p> </td>
        <td  width="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Accumulated other comprehensive income </font></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:57.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>451 </font></b></p> </td>
        <td width="24" valign=top style=' height:.15in'>
            <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="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:65.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>288 </font></p> </td>
        <td  width="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Retained earnings </font></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:47.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>34,207 </font></b></p> </div> </td>
        <td width="24" valign=top style=' 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'><font size=1>&nbsp;</font></p> </div> </td>
        <td width="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:54.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>51,708 </font></p> </div> </td>
        <td  width="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in .25in; height:.15in'>
            <p style='margin-left:0pt;text-indent:2.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Total shareholders' equity </font></p> </td>
        <td width="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:37.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>1,087,542 </font></b></p> </div> </td>
        <td width="24" valign=top style=' 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'><font size=1>&nbsp;</font></p> </div> </td>
        <td width="105" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <div style='border-bottom:solid black .5pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:45.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>1,081,522 </font></p> </div> </td>
        <td  width="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; height:.15in'>
            <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="95" nowrap valign=bottom style='border-bottom: double black 2.25pt;padding:.75pt .75pt 0in .75pt;height:.15in'>
            <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'><b><font size=1>$          6,330,205 </font></b></p> </div> </td>
        <td width="24" valign=top style=' height:.15in'>
            <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:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </div> </td>
        <td width="105" nowrap valign=bottom style=' border-bottom:double black 2.25pt;padding:.75pt .75pt 0in .75pt; height:.15in'>
            <div style='border-bottom:double black 2.25pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:15.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$             6,352,322 </font></p> </div> </td>
        <td  width="21">
            <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:.15in'>
        <td width="381" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt; 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="95" nowrap valign=bottom style='padding:.75pt .75pt 0in .75pt;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="24" valign=top style=' 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="105" nowrap valign=bottom style=' padding:.75pt .75pt 0in .75pt; 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="21">
            <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:justify;'><font size=2>&nbsp;</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>-END-</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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MO_JV?7BXS\X]3W_[$??I<=MMT5;?E]"[F4*JZM^W7&&_/2M;,P`````````#
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MN8```````````````````'__U+F```````````````````!__]6Y@```````
<````````````?__6N8````````````````'_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>6
<FILENAME>supplemental.txt
<DESCRIPTION>EXHIBIT 99.3 SUPPLEMENTAL
<TEXT>
                                                                    Exhibit 99.3

                   CBL & Associates Properties, Inc.
           Supplemental Financial and Operating Information
              For the Three Months and Six Months Ended June 30, 2006


Consolidated Statements of Operations
 (Unaudited; in thousands, except per share amounts)

<TABLE>
<CAPTION>
                                                                             Three Months Ended           Six Months Ended
                                                                                 June 30,                    June 30,
                                                                           -----------------------      ------------------------
                                                                              2006         2005            2006          2005
                                                                           ---------    ----------      -----------   ----------
 REVENUES:
<S>                                                                        <C>           <C>             <C>          <C>
 Minimum rents                                                             $ 149,458     $ 127,250       $ 301,610    $ 257,546
 Percentage rents                                                              1,950         1,758           8,303        9,848
 Other rents                                                                   3,573         2,795           7,453        5,920
 Tenant reimbursements                                                        74,749        63,303         150,740      128,830
 Management, development and leasing fees                                      1,687         3,773           2,764        6,818
 Other                                                                         5,564         4,154          11,430        8,783
                                                                           ---------    ----------      -----------   ----------
 Total revenues                                                              236,981       203,033         482,300      417,745
                                                                           ---------    ----------      -----------   ----------

 EXPENSES:
 Property operating                                                           36,987        32,527          77,724       68,167
 Depreciation and amortization                                                54,471        43,321         109,237       84,595
 Real estate taxes                                                            20,528        15,891          39,793       31,312
 Maintenance and repairs                                                      13,573        11,915          26,266       24,234
 General and administrative                                                    9,062         9,234          18,649       18,421
 Loss on impairment of real estate assets                                        274             -             274          262
 Other                                                                         4,519         3,057           8,688        6,486
                                                                           ---------    ----------      -----------   ----------
 Total expenses                                                              139,414       115,945         280,631      233,477
                                                                           ---------    ----------      -----------   ----------
 Income from operations                                                       97,567        87,088         201,669      184,268
 Interest income                                                               1,946         2,594           3,678        4,277
 Interest expense                                                            (63,661)      (50,255)       (127,590)     (99,176)
 Loss on extinguishment of debt                                                    -             -               -         (884)
 Gain on sales of real estate assets                                           2,030         4,382           2,930        7,096
 Equity in earnings of unconsolidated affiliates                               1,118         2,683           3,186        5,774
 Minority interest in earnings:
 Operating partnership                                                       (17,726)      (16,895)        (35,855)     (37,721)
 Shopping center properties                                                     (673)       (1,178)         (1,261)      (2,575)
                                                                           ---------    ----------      -----------   ----------
 Income before discontinued operations                                        20,601        28,419          46,757       61,059
 Operating income (loss) of discontinued operations                              754            60           2,853          465
 Gain (loss) on discontinued operations                                        7,215           (54)          7,215          (86)
                                                                           ---------    ----------      -----------   ----------
 Net income                                                                   28,570        28,425          56,825       61,438
 Preferred dividends                                                          (7,642)       (7,642)        (15,284)     (15,284)
                                                                           ---------    ----------      -----------   ----------
 Net income available to common shareholders                               $  20,928      $ 20,783        $ 41,541     $ 46,154
                                                                           =========    ==========      ===========   ==========
 Basic per share data:
 Income before discontinued operations, net of preferred dividends         $    0.20      $   0.33        $   0.50     $   0.73
 Discontinued operations                                                        0.13             -            0.16         0.01
                                                                           ---------    ----------      -----------   ----------
 Net income available to common shareholders                               $    0.33      $   0.33        $   0.66     $   0.74
                                                                           =========    ==========      ===========   ==========
 Weighted average common shares outstanding                                   64,003        62,685          63,333       62,567

 Diluted per share data:
 Income before discontinued operations, net of preferred dividends         $    0.20      $   0.32        $   0.49     $   0.71
 Discontinued operations                                                        0.12             -            0.15            -
                                                                           ---------    ----------      -----------   ----------
 Net income available to common shareholders                               $    0.32      $   0.32        $   0.64     $   0.71
                                                                           =========    ==========      ===========   ==========
 Weighted average common and potential dilutive
 common shares outstanding                                                    65,385        65,004          64,857       64,895

</TABLE>

<PAGE>
                        CBL & Associates Properties, Inc.
                Supplemental Financial and Operating Information
             For the Three Months and Six Months Ended June 30, 2006

 The Company's calculation of FFO is as follows (in thousands, except per share
data):

<TABLE>
<CAPTION>
                                                                               Three Months Ended            Six Months Ended
                                                                                    June 30,                    June 30,
                                                                             ------------------------     -------------------------
                                                                               2006          2005            2006         2005
                                                                             ----------   -----------     ----------    -----------

<S>                                                                           <C>           <C>            <C>           <C>
 Net income available to common shareholders                                  $ 20,928      $ 20,783       $ 41,541      $ 46,154
 Add:
 Depreciation and amortization from consolidated properties                     54,471        43,321        109,237        84,595
 Depreciation and amortization from unconsolidated affiliates                    3,365         2,210          6,643         3,920
 Depreciation and amortization from discontinued operations                          -            18            515            30
 Minority interest in earnings of operating partnership                         17,726        16,895         35,855        37,721
 Less:
 Loss on sales of operating real estate assets                                      38           397             38           174
 Minority investors' share of depreciation and amortization                       (568)         (289)        (1,107)         (651)
 (Gain) loss on discontinued operations                                         (7,215)           54         (7,215)           86
 Depreciation and amortization of non-real estate assets                          (210)         (186)          (405)         (365)
                                                                             ----------   -----------    -----------    -----------
 Funds from operations                                                       $  88,535     $  83,203      $  185,102     $ 171,664
                                                                             ==========   ===========    ===========    ===========

 Funds from operations applicable to Company shareholders                    $  49,140     $  45,646      $ 101,732      $  94,228
                                                                             ==========   ===========    ===========    ===========
 Basic per share data:
 Funds from operations                                                       $    0.77     $    0.73      $    1.61      $    1.51
                                                                             ==========   ===========    ===========    ===========
Weighted average common shares outstanding with operating
  partnership units fully converted                                            115,426       114,134        115,288        113,923
 Diluted per share data:
 Funds from operations                                                       $    0.76     $    0.71      $    1.58      $    1.48
                                                                             ==========   ===========    ===========    ===========
Weighted average common and potential dilutive common shares
  outstanding with operating partnership units fully converted                  116,808       116,452        116,811       116,251

 SUPPLEMENTAL FFO INFORMATION:

 Lease termination fees                                                      $    2,426    $      178     $    8,294     $   2,426
    Lease termination fees per share                                         $     0.02    $        -     $     0.07     $    0.02

 Straight-line rental income                                                 $    1,336    $    1,327     $    2,226     $   2,852
    Straight-line rental income per share                                    $     0.01    $     0.01     $     0.02     $    0.02

 Gains on outparcel sales                                                    $    2,873    $    6,023     $    4,506     $   8,633
    Gains on outparcel sales per share                                       $     0.02    $     0.05     $     0.04     $    0.07

 Amortization of acquired above- and below-market leases                     $    2,322    $    1,279     $    4,915     $   2,812
    Amortization of acquired above- and below-market leases per share        $     0.02    $     0.01     $     0.04     $    0.02

 Amortization of debt premiums                                               $    1,868    $    1,948     $    3,710     $   3,661
    Amortization of debt premiums per share                                  $     0.02    $     0.02     $     0.03     $    0.03

 Gain on sales of non operating properties                                   $        -    $      406     $        -     $   1,221
    Gain on sales of non operating properties per share                      $        -    $        -     $        -     $    0.01

 Loss on impairment of real estate assets                                    $     (274)   $        -     $     (274)    $    (262)
    Loss on impairment of real estate assets per share                       $        -    $        -     $        -     $       -
</TABLE>

<PAGE>
                         CBL & Associates Properties, Inc.
                 Supplemental Financial and Operating Information
              For the Three Months and Six Months Ended June 30, 2006

Same-Center Net Operating Income
(Dollars in thousands)
<TABLE>
<CAPTION>
                                                                                    Three Months Ended      Six Months Ended
                                                                                        June 30,                June 30,
                                                                                    -------------------------------------------
                                                                                       2006      2005         2006      2005
                                                                                    ---------- ----------  ---------- ---------
<S>                                                                                   <C>       <C>          <C>      <C>
Net income                                                                            $ 28,570  $ 28,425     $ 56,825 $ 61,438

Adjustments:
Depreciation and amortization                                                           54,471    43,321      109,237   84,595
Depreciation and amortization from unconsolidated affiliates                             3,365     2,210        6,643    3,920
Depreciation and amortization from discontinued operations                                   -        18          515       30
Minority investors' share of depreciation and amortization in
   shopping center properties                                                             (568)     (289)      (1,107)    (651)
Interest expense                                                                        63,661    50,255      127,590   99,176
Interest expense from unconsolidated affiliates                                          4,275     3,538        8,669    6,060
Minority investors' share of interest expense in
   shopping center properties                                                           (1,189)     (392)      (2,351)    (770)
Loss on extinguishment of debt                                                               -         -            -      884
Abandoned projects expense (income)                                                        (60)       17          (65)     138
Gain on sales of real estate assets                                                     (2,030)   (4,382)      (2,930)  (7,096)
Loss on impairment of real estate assets                                                   274         -          274      262
Gain on sales of real estate assets of unconsolidated affiliates                          (804)   (1,689)      (1,537)  (2,623)
Minority interest in earnings of operating partnership                                  17,726    16,895       35,855   37,721
(Gain) loss on discontinued operations                                                  (7,215)       54       (7,215)      86
                                                                                    ---------- ----------  ---------- ---------
Operating partnership's share of total NOI                                             160,476   137,981      330,403  283,170
General and administrative expenses                                                      9,062     9,234       18,649   18,421
Management fees and non-property level revenues                                         (6,204)   (7,284)     (10,865) (12,816)
                                                                                    ---------- ----------  ---------- ---------
Operating partnership's share of property NOI                                          163,334   139,931      338,187  288,775
NOI of non-comparable centers                                                          (21,070)   (3,122)     (44,351)  (5,176)
                                                                                    ---------- ----------  ---------- ---------
Total same center NOI                                                               $  142,264  $136,809    $ 293,836 $283,599
                                                                                    ========== ==========  ========== =========

Malls                                                                               $  130,912  $126,523    $ 271,107 $262,759
Associated centers                                                                       6,836     6,492       13,554   12,764
Community centers                                                                        1,096     1,053        2,122    2,371
Other                                                                                    3,420     2,741        7,053    5,705
                                                                                    ---------- ----------  ---------- ---------
Total same center NOI                                                               $ 142,264  $136,809    $ 293,836  $283,599
                                                                                    ========== ==========  ========== =========

Percentage Change:
Malls                                                                                     3.5%                   3.2%
Associated centers                                                                        5.3%                   6.2%
Community centers                                                                         4.1%                 -10.5%
Other                                                                                    24.8%                  23.6%
                                                                                    ----------             ----------
Total same center NOI                                                                     4.0%                   3.6%
                                                                                    ==========             ==========
</TABLE>

<PAGE>
                        CBL & Associates Properties, Inc.
                Supplemental Financial and Operating Information
             For the Three Months and Six Months Ended June 30, 2006

Company's Share of Consolidated and Unconsolidated Debt
(Dollars in thousands)
<TABLE>
<CAPTION>
                                                                                      June 30, 2006
                                                                     ----------------------------------------------------
                                                                        Fixed Rate       Variable Rate       Total
                                                                     -----------------  -------------   -----------------
<S>                                                                       <C>            <C>                 <C>
Consolidated debt                                                         $ 3,247,156    $ 1,119,463         $ 4,366,619
Minority investors' share of consolidated debt                                (51,436)             -             (51,436)
Company's share of unconsolidated affiliates' debt                            225,447         26,600             252,047
                                                                     -----------------  -------------   -----------------
Company's share of consolidated and unconsolidated debt                   $ 3,421,167    $ 1,146,063         $ 4,567,230
                                                                     =================  =============   =================
Weighted average interest rate                                                  5.99%          6.21%               6.04%
                                                                     =================  =============   =================

                                                                                       June 30, 2005
                                                                     ----------------------------------------------------
                                                                        Fixed Rate       Variable Rate       Total
                                                                     -----------------  -------------   -----------------
Consolidated debt                                                         $ 2,778,311      $ 680,530         $ 3,458,841
Minority investors' share of consolidated debt                                (52,436)             -             (52,436)
Company's share of unconsolidated affiliates' debt                            121,715         87,167             208,882
                                                                     -----------------  -------------   -----------------
Company's share of consolidated and unconsolidated debt                   $ 2,847,590      $ 767,697         $ 3,615,287
                                                                     =================  =============   =================
Weighted average interest rate                                                  6.36%          4.26%               5.91%
                                                                     =================  =============   =================
</TABLE>


Debt-To-Total-Market Capitalization Ratio as of June 30, 2006
(In thousands, except stock price)
<TABLE>
<CAPTION>
                                                                         Shares
                                                                       Outstanding      Stock Price (1)      Value
                                                                     -----------------  -------------   -----------------
<S>                                                                           <C>          <C>              <C>
Common stock and operating partnership units                                  115,989      $ 38.93          $4,515,452
8.75% Series B Cumulative Redeemable Preferred Stock                            2,000        50.00             100,000
7.75% Series C Cumulative Redeemable Preferred Stock                              460       250.00             115,000
7.375% Series D Cumulative Redeemable Preferred Stock                             700       250.00             175,000
                                                                                                        -----------------
Total market equity                                                                                          4,905,452
Company's share of total debt                                                                                4,567,230
                                                                                                        -----------------
Total market capitalization                                                                                 $9,472,682
                                                                                                        =================
Debt-to-total-market capitalization ratio                                                                        48.2%
                                                                                                        =================

<FN>
(1) Stock price for common stock and operating partnership units equals the
closing price of the common stock on June 30, 2006. The stock price for the
preferred stock represents the liquidation preference of each respective series
of preferred stock.
</FN>
</TABLE>

Reconciliation of Shares and Operating Partnership Units Outstanding
(In thousands)
<TABLE>
<CAPTION>
                                                              Three Months Ended                  Six Months Ended
                                                                   June 30,                          June 30,
                                                       ---------------------------------  ---------------------------------
2006:                                                      Basic           Diluted           Basic            Diluted
                                                       --------------  -----------------  -------------   -----------------
<S>                                                           <C>                <C>            <C>                 <C>
Weighted average shares - EPS                                 64,003             65,385         63,333              64,857
Weighted average operating partnership units                  51,423             51,423         51,955              51,954
                                                       --------------  -----------------  -------------   -----------------
Weighted average shares- FFO                                 115,426            116,808        115,288             116,811
                                                       ==============  =================  =============   =================

2005:
Weighted average shares - EPS                                 62,685             65,004         62,567              64,895
Weighted average operating partnership units                  51,449             51,448         51,356              51,356
                                                       --------------  -----------------  -------------   -----------------
Weighted average shares- FFO                                 114,134            116,452        113,923             116,251
                                                       ==============  =================  =============   =================
</TABLE>

<TABLE>
<CAPTION>

Dividend Payout Ratio                                         Three Months Ended                  Six Months Ended
                                                                    June 30,                          June 30,
                                                       ---------------------------------  ---------------------------------
                                                           2006              2005             2006              2005
                                                       --------------  -----------------  -------------   -----------------
<S>                                                        <C>                <C>            <C>                 <C>
Weighted average dividend per share                        $ 0.46388          $ 0.40941      $ 0.92777           $ 0.81802
FFO per diluted, fully converted share                     $    0.76          $    0.71      $    1.58           $    1.48
                                                       --------------  -----------------  -------------   -----------------
Dividend payout ratio                                          61.0%              57.7%          58.7%               55.3%
                                                       ==============  =================  =============   =================

</TABLE>
<PAGE>
                     CBL & Associates Properties, Inc.
             Supplemental Financial and Operating Information
                 For the Three Months and Six Months Ended June 30, 2006

Consolidated Balance Sheets
(Preliminary and unaudited,  in thousands)
<TABLE>
<CAPTION>

                                                                                 June 30,       December 31,
                                                                                   2006            2005
                                                                                ------------    ------------
 ASSETS
 Real estate assets:
<S>                                                                            <C>             <C>
 Land                                                                          $   770,288     $   776,989
 Buildings and improvements                                                      5,734,393       5,698,669
                                                                               -------------   -------------
                                                                                 6,504,681       6,475,658
 Less: accumulated depreciation                                                   (820,581)       (727,907)
                                                                               -------------   -------------
                                                                                 5,684,100       5,747,751
 Real estate assets held for sale                                                        -          63,168
 Developments in progress                                                          228,473         133,509
                                                                               -------------   -------------
 Net investment in real estate assets                                            5,912,573       5,944,428
 Cash and cash equivalents                                                          40,068          28,838
 Receivables:
 Tenant, net of allowance                                                           55,819          55,056
 Other                                                                               8,267           6,235
 Mortgage notes receivable                                                          18,320          18,117
 Investment in unconsolidated affiliates                                            83,292          84,138
 Other assets                                                                      211,866         215,510
                                                                               -------------   -------------
                                                                               $ 6,330,205     $ 6,352,322
                                                                               =============   =============
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Mortgage and other notes payable                                              $ 4,366,619     $ 4,341,055
 Accounts payable and accrued liabilities                                          299,637         320,270
                                                                               -------------   -------------
 Total liabilities                                                               4,666,256       4,661,325
                                                                               -------------   -------------
 Commitments and contingencies
 Minority interests                                                                576,407         609,475
                                                                               -------------   -------------
 Shareholders' equity:
 Preferred Stock, $.01 par value, 15,000,000 shares authorized:
 8.75% Series B Cumulative Redeemable Preferred Stock,                                  20              20
   2,000,000 shares outstanding
 7.75% Series C Cumulative Redeemable Preferred Stock,                                   5               5
   460,000 shares outstanding
 7.375% Series D Cumulative Redeemable Preferred Stock,                                  7               7
   700,000 shares outstanding
 Common Stock, $.01 par value, 180,000,000 shares authorized,                          646             625
   64,243,646 and 62,512,816 issued and outstanding in 2006 and
   2005, respectively
 Additional paid-in capital                                                      1,052,206       1,037,764
 Deferred Compensation                                                                   -          (8,895)
 Accumulated other comprehensive income                                                451             288
 Retained earnings                                                                  34,207          51,708
                                                                               -------------   -------------
 Total shareholders' equity                                                      1,087,542       1,081,522
                                                                               -------------   -------------
                                                                               $ 6,330,205     $ 6,352,322
                                                                               =============   =============
</TABLE>



<PAGE>
                    CBL & Associates Properties, Inc.
             Supplemental Financial and Operating Information
                For the Three Months and Six Months Ended June 30, 2006


The Company presents the ratio of earnings before interest,  taxes, depreciation
and  amortization  (EBITDA) to interest  because the Company  believes  that the
EBITDA to  interest  coverage  ratio,  along  with  cash  flows  from  operating
activities, investing activities and financing activities, provides investors an
additional indicator of the Company's ability to incur and service debt.


Ratio of EBITDA to Interest Expense
(Dollars in thousands)
<TABLE>
<CAPTION>
                                                                               Three Months Ended          Six Months Ended
                                                                                     June 30,                   June 30,
                                                                           ---------------------------- -------------------------
                                                                               2006          2005           2006        2005
                                                                           --------------  ------------ ------------  -----------
EBITDA:
<S>                                                                             <C>           <C>           <C>         <C>
Net Income                                                                      $ 28,570      $ 28,425      $ 56,825    $ 61,438

Adjustments:
Depreciation and amortization                                                     54,471        43,321       109,237      84,595
Depreciation and amortization from unconsolidated affiliates                       3,365         2,210         6,643       3,920
Depreciation and amortization from discontinued operations                             -            18           515          30
Minority investors' share of depreciation and amortization in
   shopping center properties                                                       (568)         (289)       (1,107)       (651)
Interest expense                                                                  63,661        50,255       127,590      99,176
Interest expense from unconsolidated affiliates                                    4,275         3,538         8,669       6,060
Minority investors' share of interest expense in
   shopping center properties                                                     (1,189)         (392)       (2,351)       (770)
Income taxes                                                                       2,080           947         2,299       1,301
Loss on extinguishment of debt                                                         -             -             -         884
Loss on impairment of real estate assets                                             274             -           274         262
Abandoned projects expense                                                           (60)           17           (65)        138
(Gain) loss on sales of operating real estate assets                                  38           397            38         174
Minority interest in earnings of operating partnership                            17,726        16,895        35,855      37,721
(Gain) loss on discontinued operations                                            (7,215)           54        (7,215)         86
                                                                           --------------  ------------ ------------  -----------
Company's share of total EBITDA                                                 $165,428      $145,396     $ 337,207   $ 294,364
                                                                           ==============  ============ ============  ===========


Interest Expense:
Interest expense                                                                $ 63,661      $ 50,255     $ 127,590    $ 99,176
Interest expense from unconsolidated affiliates                                    4,275         3,538         8,669       6,060
Minority investors' share of interest expense in
   shopping center properties                                                     (1,189)         (392)       (2,351)       (770)
                                                                           --------------  ------------ ------------  -----------
Company's share of total interest expense                                       $ 66,747      $ 53,401     $ 133,908   $ 104,466
                                                                           ==============  ============ ============  ===========

Ratio of EBITDA to Interest Expense                                                 2.48          2.72          2.52        2.82
                                                                           ==============  ============ ============  ===========
</TABLE>


Reconciliation of EBITDA to Cash Flows Provided By Operating Activities
(In thousands)
<TABLE>
<CAPTION>

                                                                               Three Months Ended          Six Months Ended
                                                                                     June 30,                   June 30,
                                                                           ---------------------------- -------------------------
                                                                               2006          2005           2006        2005
                                                                           --------------  ------------ ------------  -----------
<S>                                                                            <C>           <C>           <C>         <C>
Company's share of total EBITDA                                                $ 165,428     $ 145,396     $ 337,207   $ 294,364
Interest expense                                                                 (63,661)      (50,255)     (127,590)    (99,176)
Minority investors' share of interest expense in
   shopping center properties                                                      1,189           392         2,351         770
Income taxes                                                                      (2,080)         (947)       (2,299)     (1,301)
Amortization of deferred financing costs and non real estate                       2,085         1,377         3,781       3,399
   depreciation included in operating expense
Amortization of debt premiums                                                     (1,868)       (1,906)       (3,710)     (3,584)
Amortization of above and below market leases                                     (2,322)       (1,307)       (4,924)     (2,838)
Depreciation and interest expense from unconsolidated affiliates                  (7,640)       (5,748)      (15,312)     (9,980)
Minority investors' share of depreciation and amortization in                        568           289         1,107         651
       shopping center properties
Minority interest in earnings - shopping center properties                           673         1,178         1,261       2,575
Gains on outparcel sales                                                           2,068        (4,779)        2,968      (7,270)
Stock based compensation expense                                                   1,432           560         3,600       1,691
Changes in operating assets and liabilities                                       13,719        11,399       (19,376)     (7,306)
                                                                           --------------  ------------ ------------  -----------
Cash flows provided by operating activities                                    $ 109,591      $ 95,649     $ 179,064   $ 171,995
                                                                           ==============  ============ ============  ===========
</TABLE>
<PAGE>

                        CBL & Associates Properties, Inc.
                Supplemental Financial and Operating Information
             For the Three Months and Six Months Ended June 30, 2006

Schedule of Mortgage and Other Notes Payable as of June 30, 2006
(Dollars In thousands )

<TABLE>
<CAPTION>
                                                                                                        Balance
                                                        Maturity   Interest                   ----------------------------
Location              Property                            Date       Rate       Balance           Fixed        Variable
--------------------------------------------------------------------------------------------------------------------------
<S>                   <C>                                <C>           <C>        <C>               <C>               <C>
Chattanooga, TN       Hamilton Place                     Mar-07        7.00%    $   60,602        $   60,602      $     -
Cincinnati, OH        Eastgate Crossing                  Apr-07        6.38%         9,869             9,869            -
Chesapeake, VA        Greenbrier Mall                    Apr-07        6.13%        92,650                 -       92,650
Charleston, SC        Citadel Mall                       May-07        7.39%        29,457            29,457            -
Akron, OH             Chapel Hill Mall                   May-07        6.09%        64,000                 -       64,000
Akron, OH             Chapel Hill Surburban              May-07        6.09%         2,500                 -        2,500
Midland, MI           Midland Mall                       Jun-07        6.38%        30,000                 -       30,000
Highpoint, NC         Oak Hollow Mall                    Feb-08        7.31%        42,276            42,276            -
Winston-Salem, NC     Hanes Mall                         Jul-08        7.31%       104,479           104,479            -
Nashville, TN         Hickory Hollow Mall                Aug-08        6.77%        85,207            85,207            -
Nashville, TN         Courtyard At Hickory Hollow        Aug-08        6.77%         3,967             3,967            -
Nashville, TN         Rivergate Mall                     Aug-08        6.77%        68,864            68,864            -
Nashville, TN         Village At Rivergate               Aug-08        6.77%         3,253             3,253            -
Lansing, MI           Meridian Mall                      Oct-08        4.52%        89,930            89,930            -
Cary, NC              Cary Towne Center                  Mar-09        6.85%        85,517            85,517            -
Joplin, MO            Northpark Mall                     Mar-09        5.50%        40,274            40,274            -
Daytona Beach, FL     Volusia Mall                       Mar-09        4.75%        53,386            53,386            -
Fairview Heights, IL  St. Clair Square                   Apr-09        7.00%        64,698            64,698            -
Terre Haute, IN       Honey Creek Mall                   Apr-09        4.75%        31,899            31,899            -
Meridian, MS          Bonita Lakes Mall                  Oct-09        6.82%        25,412            25,412            -
Meridian, MS          Bonita Lakes Crossing              Oct-09        6.82%         7,962             7,962            -
Cincinnati, OH        Eastgate Mall                      Dec-09        4.55%        55,861  (a)       55,861            -
Little Rock, AR       Park Plaza Mall                    May-10        4.90%        40,548            40,548            -
Spartanburg, SC       Westgate Crossing                  Jul-10        8.42%         9,433             9,433            -
Burnsville, MN        Burnsville Center                  Aug-10        8.00%        67,541            67,541            -
Roanoke, VA           Valley View Mall                   Sep-10        5.10%        43,541            43,541            -
Beaumont, TX          Parkdale Mall                      Sep-10        5.01%        53,626            53,626            -
Beaumont, TX          Parkdale Crossing                  Sep-10        5.01%         8,467             8,467            -
Nashville, TN         Coolsprings Galleria               Sep-10        6.22%       127,745           127,745            -
Stroud, PA            Stroud Mall                        Dec-10        8.42%        31,091            31,091            -
Wausau, WI            Wausau Center                      Dec-10        6.70%        12,738            12,738            -
York, PA              York Galleria                      Dec-10        8.34%        49,703            49,703            -
Lexington, KY         Fayette Mall                       Jul-11        7.00%        92,362            92,362            -
Chattanooga, TN       Hamilton Corner                    Aug-11       10.13%         1,888             1,888            -
Asheville,  NC        Asheville Mall                     Sep-11        6.98%        67,301            67,301            -
Ft. Smith, AR         Massard Crossing                   Feb-12        7.54%         5,760             5,760            -
Houston, TX           Willowbrook Plaza                  Feb-12        7.54%        29,470            29,470            -
Vicksburg, MS         Pemberton Plaza                    Feb-12        7.54%         1,968             1,968            -
Fayetteville, NC      Cross Creek Mall                   Apr-12        5.00%        62,252            62,252            -
Colonial Heights, VA  Southpark Mall                     May-12        5.10%        36,278            36,278            -
Asheboro, NC          Randolph Mall                      Jul-12        6.50%        14,581            14,581            -
Douglasville, GA      Arbor Place                        Jul-12        6.51%        75,700            75,700            -
Douglasville, GA      The Landing At Arbor Place         Jul-12        6.51%         8,545             8,545            -
Jackson, TN           Old Hickory Mall                   Jul-12        6.51%        33,438            33,438            -
Louisville, KY        Jefferson Mall                     Jul-12        6.51%        42,169            42,169            -
North Charleston, SC  Northwoods Mall                    Jul-12        6.51%        60,375            60,375            -
Racine, WI            Regency Mall                       Jul-12        6.51%        33,067            33,067            -
Saginaw, MI           Fashion Square                     Jul-12        6.51%        57,960            57,960            -
Spartanburg, SC       Westgate Mall                      Jul-12        6.50%        52,381            52,381            -
Chattanooga, TN       CBL Center                         Aug-12        6.25%        14,262            14,262            -
Panama City, FL       Panama City Mall                   Aug-12        7.30%        39,049            39,049            -
Livonia, MI           Laurel Park Place                  Dec-12        5.00%        49,960            49,960            -
Monroeville, PA       Monroeville Mall                   Jan-13        5.30%       128,559           128,559            -
Greensburg, PA        Westmoreland Mall                  Jan-13        5.05%        79,009            79,009            -
Columbia, SC          Columbia Place                     Oct-13        5.45%        32,105            32,105            -
Laredo, TX            Mall del Norte                     Dec-14        5.04%       113,400           113,400            -
Brookfield, IL        Brookfield Square                  Nov-15        5.08%       104,118           104,118            -
Madison, WI           East Towne Mall                    Nov-15        5.00%        79,319            79,319            -
Madison, WI           West Towne Mall                    Nov-15        5.00%       112,038           112,038            -
Rockford, IL          Cherryvale Mall                    Nov-15        5.00%        93,083            93,083            -
Bloomington, IL       Eastland Mall                      Dec-15        5.85%        59,400            59,400            -
Decatur, IL           Hickory Point Mall                 Dec-15        5.85%        32,944            32,944            -
Overland Park, KS     Oak Park Mall                      Dec-15        5.85%       275,700           275,700            -
Janesville, WI        Janesville Mall                    Apr-16        8.38%        12,417            12,417            -
                                                                                ----------        ----------     -------
                                                                                 3,397,354         3,208,204      189,150
                                                                                ----------        ----------     -------
Weighted average interest rate                                                       6.04%             6.04%        6.15%
Debt Premiums:
Daytona Beach, FL     Volusia Mall                       Apr-09        4.75%    $    2,632        $    2,632     $      -
Terre Haute, IN       Honey Creek Mall                   Apr-09        4.75%         1,857             1,857            -
Little Rock, AR       Park Plaza Mall                    May-10        4.90%         5,213             5,213            -
Roanoke, VA           Valley View Mall                   Sep-10        5.10%         5,658             5,658            -
Fayetteville, NC      Cross Creek Mall                   Apr-12        5.00%         7,240             7,240            -
Colonial Heights, VA  Southpark Mall                     May-12        5.10%         3,278             3,278            -
Joplin, MO            Northpark Mall                     Jul-12        5.50%           578               578            -
Livonia, MI           Laurel Park Place                  Dec-12        5.00%         9,163             9,163            -
Monroeville, PA       Monroeville Mall                   Jan-13        5.30%         2,859             2,859            -
                                                                                ----------        ----------     -------

                                                                                    38,478            38,478            -
                                                                                ----------        ----------     -------
Weighted average interest rate                                                        5.01%             5.01%

SUBTOTAL                                                                         3,435,832         3,246,682      189,150
                                                                                ----------        ----------     -------
Weighted average interest rate                                                       6.03%             6.02%        6.15%

CONSTRUCTION LOAN:
Ft. Myers, FL         Gulf Coast Town Center Phase I     Feb-07        6.50%    $   52,000        $        -     $ 52,000
Lexington, KY         Southaven Towne Center             Jun-07        6.36%        29,254                 -       29,254
Stillwater, OK        The Shoppes at St. Clair Square    Jun-08        6.46%         8,047                 -        8,047
Southaven, MS         Lakeview Pointe                    Nov-08        6.33%        10,259                 -       10,259
Lexington, KY         Gulf Coast Town Center Phase II    Jan-09        6.50%        20,935                 -       20,935
Ft. Myers, FL         The Plaza at Fayette               May-09        6.36%        19,470                 -       19,470
Burlington, NC        Alamance Crossing                  Sep-09        6.11%        14,198                 -       14,198
                                                                                ----------        ----------     -------
                                                                                   154,163                 -      154,163
                                                                                ----------        ----------     -------

LINES OF CREDIT                                                        6.18%    $  776,150        $        -     $776,150
                                                                                ----------        ----------     -------

OTHER                                                                               $  474        $      474     $     -
                                                                                ----------        ----------     -------

TOTAL BALANCE SHEET                                                             $4,366,619        $3,247,156   $1,119,463
Weighted average interest rate                                                       6.07%             6.02%        6.21%

Plus CBL's Share Of Unconsolidated Affiliates:
Paducah, KY           Kentucky Oaks Mall                 Jun-07        9.00%    $   15,059        $   15,059          $ -
Huntsville, AL        Parkway Place                      Jun-08        6.13%        26,600                 -       26,600
Del Rio, TX           Plaza del Sol                      Aug-10        9.15%         1,390             1,390            -
Myrtle Beach, SC      Coastal Grand-Myrtle Beach         Oct-14        5.09%        57,275  (b)       57,275            -
El Centro, CA         Imperial Valley Mall               Sep-15        4.99%        35,648            35,648            -
Raleigh, NC           Triangle Town Center               Dec-15        5.74%       100,000           100,000            -
Clarksville, TN       Governor's Square Mall             Sep-16        8.23%        14,253            14,253            -
Harrisburg, PA        High Pointe Commons                May-17        5.74%         1,822             1,822            -
                                                                                ----------        ----------     -------
                                                                                   252,047           225,447       26,600
                                                                                ----------        ----------     -------

Less Minority Interests' Share:                         Minority Interest %
Chattanooga, TN       CBL Center                         8.0000%       6.25%    $   (1,141)       $   (1,141)   $       -
Chattanooga, TN       Hamilton Corner                   10.0000%      10.13%          (189)             (189)           -
Chattanooga, TN       Hamilton Place                    10.0000%       7.00%        (6,060)           (6,060)           -
Ft. Smith, AR         Massard Crossing                  90.0000%       7.54%        (5,183)           (5,183)           -
Highpoint, NC         Oak Hollow Mall                   25.0000%       7.31%       (10,569)          (10,569)           -
Houston, TX           Willowbrook Plaza                 90.0000%       7.54%       (26,523)          (26,523)           -
Vicksburg, MS         Pemberton Plaza                   90.0000%       7.31%        (1,771)           (1,771)          -
                                                                                ----------        ----------     -------
                                                                                   (51,436)          (51,436)          -
                                                                                ----------        ----------     -------

TOTAL OBLIGATIONS                                                               $4,567,230        $3,421,167   $1,146,063
                                                                               ============      ============ ===========
Weighted average interest rate                                                       6.04%             5.99%        6.21%

Total Debt of Unconsolidated Affiliates
Paducah, KY           Kentucky Oaks Mall                 Jun-07        9.00%    $   30,119        $   30,119   $        -
Huntsville, AL        Parkway Place                      Jun-08        5.30%        53,200                 -       53,200
Del Rio, TX           Plaza del Sol                      Aug-10        9.15%         2,748             2,748            -
Myrtle Beach, SC      Coastal Grand-Myrtle Beach         Oct-14        5.09%       114,550           114,550            -
El Centro, CA         Imperial Valley Mall               Sep-15        4.99%        59,413            59,413            -
Raleigh, NC           Triangle Town Center               Dec-15        5.74%       200,000           200,000            -
Clarksville, TN       Governor's Square Mall             Sep-16        8.23%        30,006            30,006            -
Harrisburg, PA        High Pointe Commons                May-17        5.74%         3,644             3,644            -
                                                                                ----------        ----------      -------
                                                                                $  493,680        $  440,480   $   53,200
                                                                                ==========        ==========     ========
Weighted average interest rate                                                       5.82%             5.88%        5.30%
<FN>
(a)  Represents a first mortgage securing the property. In addition to the first
     mortgage, there is also a $7,750 B-note that is held by the Company.

(b)  Represents a first mortgage securing the property. In addition to the first
     mortgage,  there is also $18,000 of B-notes that are payable to the Company
     and its joint venture partner, each of which hold $9,000.
</FN>
</TABLE>


<PAGE>
                        CBL & Associates Properties, Inc.
                Supplemental Financial and Operating Information
                     For the Six Months Ended June 30, 2006

New and  Renewal  Leasing  Activity  of Same Small  Shop Space Less Than  20,000
Square Feet Excluding Junior Anchors
<TABLE>
<CAPTION>
                                                               New                               New
                             Square         Prior Base    Initial Base       % Change        Average Base       % Change
   Property Type              Feet           Rent PSF       Rent PSF          Initial          Rent PSF         Average
--------------------    ------------------ -------------- --------------  ----------------  ---------------   -------------
Quarter:
<S>                               <C>            <C>            <C>                  <C>           <C>                <C>
Stabilized Malls                  513,931        $ 25.25        $ 26.73              5.9%          $ 27.56            9.1%
Associated centers                 19,255          15.91          16.77              5.4%            16.95            6.5%
Community centers                   7,300          21.36          23.38              9.5%            23.38            9.5%
TOTAL                             540,486        $ 24.86        $ 26.33              5.9%          $ 27.13            9.1%
</TABLE>
<TABLE>
<CAPTION>

                                                               New                               New
                             Square         Prior Base    Initial Base       % Change        Average Base       % Change
   Property Type              Feet           Rent PSF       Rent PSF          Initial          Rent PSF         Average
--------------------    ------------------ -------------- --------------  ----------------  ---------------   -------------
Year to Date:
<S>                             <C>              <C>            <C>                  <C>           <C>                <C>
Stabilized Malls                1,267,901        $ 25.84        $ 26.52              2.6%          $ 27.23            5.4%
Associated centers                 33,912          16.63          17.67              6.3%            17.78            6.9%
Community centers                  12,302          21.06          22.26              5.7%            22.60            7.3%
TOTAL                           1,314,115        $ 25.56        $ 26.25              2.7%          $ 26.95            5.4%

</TABLE>

Stabilized  Mall  Leasing  Activity  of Same Small  Shop Space Less Than  20,000
Square Feet Excluding Junior Anchors
<TABLE>
<CAPTION>
                                                               New                               New
                             Square         Prior Base    Initial Base       % Change        Average Base       % Change
 Stabilized Malls             Feet           Rent PSF       Rent PSF          Initial          Rent PSF         Average
--------------------    ------------------ -------------- --------------  ----------------  ---------------   -------------
Quarter:
<S>                               <C>            <C>            <C>                 <C>            <C>               <C>
New leases                        220,023        $ 24.39        $ 28.93             18.6%          $ 30.34           24.4%
Renewal leases                    293,908          25.89          25.09             -3.1%            25.49           -1.5%
TOTAL                             513,931        $ 25.25        $ 26.73              5.9%          $ 27.56            9.1%
</TABLE>
<TABLE>
<CAPTION>
                                                               New                               New
                             Square         Prior Base    Initial Base       % Change        Average Base       % Change
 Stabilized Malls             Feet           Rent PSF       Rent PSF          Initial          Rent PSF         Average
--------------------    ------------------ -------------- --------------  ----------------  ---------------   -------------
Year to Date:
<S>                               <C>            <C>            <C>                 <C>            <C>               <C>
New leases                        474,620        $ 25.69        $ 29.88             16.3%          $ 31.25           21.6%
Renewal leases                    793,281          25.93          24.50             -5.5%            24.84           -4.2%
TOTAL                           1,267,901        $ 25.84        $ 26.52              2.6%          $ 27.23            5.4%
</TABLE>

Total Leasing  Activity of All Small Shop Spaces Compared to Expiring Tenants of
Small Shop Space Less Than 20,000 Square Feet Excluding Junior Anchors
<TABLE>
<CAPTION>

                                                                                           % Change of Total
                                                                               Total        Leased to Total
                                              Leased          Total          Expiring          Expiring
                             Leased        Average Base     Expiring       Average Base      Average Base
   Property Type           Square Feet       Rent PSF      Square Feet       Rent PSF          Rent PSF
--------------------    ------------------ -------------- --------------  ----------------  ---------------
Quarter:
<S>                               <C>            <C>            <C>               <C>            <C>
Stabilized Malls                  535,882        $ 27.81        611,579           $ 25.98        7.0%
Associated centers                 23,255          16.61         17,668             15.66        6.1%
Community centers                   7,300          23.38          5,000             24.75       -5.5%
TOTAL                             566,437        $ 27.29        634,247           $ 25.68        6.3%
</TABLE>
<TABLE>
<CAPTION>

                                                                                          % Change of Total
                                                                               Total        Leased to Total
                                              Leased          Total          Expiring          Expiring
                             Leased        Average Base     Expiring       Average Base      Average Base
   Property Type           Square Feet       Rent PSF      Square Feet       Rent PSF          Rent PSF
--------------------    ------------------ -------------- --------------  ----------------  ---------------
Year to Date:
<S>                             <C>              <C>          <C>                 <C>            <C>
Stabilized Malls                1,315,403        $ 27.30      1,697,735           $ 25.14        8.6%
Associated centers                 37,912          17.48         32,669             16.39        6.7%
Community centers                  13,329          22.40          8,900             21.74        3.0%
TOTAL                           1,366,644        $ 26.98      1,739,304           $ 24.96        8.1%
</TABLE>


Total Leasing  Activity of All Small Shop Spaces Compared to Expiring Tenants of
Small Shop Space Less Than 20,000 Square Feet Excluding Junior Anchors
<TABLE>
<CAPTION>

                        New Leases           Average Base  % Change over       Renewal Leasese            Average Base   % Change
                   ------------------------  Rent PSF      Expiring Leases   ------------------------   Rent PSF       Of Renewal
                   Square     Average Base    of Expiring   Average Base     Square      Average Base   Of Expring     Average Base
                    Feet       Rent PSF      Leases(1)     Rent PSF           Feet       Rent PSF       Renewals       Rent PSF
                   --------- -------------- --------------  ---------------- ---------   ------------- --------------- -------------
Quarter:
<S>                 <C>            <C>            <C>                 <C>     <C>             <C>             <C>             <C>
Stabilized Malls    241,974        $ 30.62        $ 26.06             17.5%   293,908         $ 25.49         $ 25.89        -1.5%
Associated centers   10,400          17.85          19.46             -8.3%    12,855           15.61           14.24         9.6%
Community centers     2,300          15.00              -               N/A     5,000           27.23           24.75        10.0%
TOTAL               254,674        $ 29.96        $ 25.96             15.4%   311,763         $ 25.11         $ 25.39        -1.1%
</TABLE>
<TABLE>
<CAPTION>

                        New Leases           Average Base  % Change over       Renewal Leasese            Average Base   % Change
                   ------------------------  Rent PSF      Expiring Leases   ------------------------   Rent PSF       Of Renewal
                   Square     Average Base    of Expiring   Average Base     Square      Average Base   Of Expring     Average Base
                    Feet       Rent PSF      Leases(1)     Rent PSF           Feet       Rent PSF       Renewals       Rent PSF
                   --------- -------------- --------------  ---------------- ---------   ------------- --------------- -------------

Year to Date:
<S>                   <C>          <C>            <C>                 <C>     <C>             <C>               <C>           <C>
Stabilized Malls      522,122      $ 31.03        $ 24.45             26.9%   793,281         $ 24.84           $ 25.93      -4.2%
Associated centers     23,157        18.44          17.82              3.5%    14,755           15.98             14.66       9.0%
Community centers       7,129        19.70          17.70             11.3%     6,200           25.49             23.49       8.5%
TOTAL                 552,408      $ 30.36        $ 24.30             24.9%   814,236         $ 24.68           $ 25.72      -4.0%
<FN>
(1) Excluding Renewals
</FN>
</TABLE>

Average  Annual Base Rents Per Square Foot By Property  Type of Small Shop Space
Less Than 20,000 Square Feet Excluding Junior Anchors
<TABLE>
<CAPTION>
                                 As of June 30,
                        --------------------------------
                              2006             2005
                        ----------------- --------------
<S>                         <C>            <C>
Stabilized Malls            $ 26.70        $ 25.62
Non-stabilized Malls          26.89          28.04
Associated centers            10.95          10.19
Community centers             16.70          14.70
Other                         19.34          19.32
</TABLE>

<PAGE>

                        CBL & Associates Properties, Inc.
                Supplemental Financial and Operating Information
                     For the Six Months Ended June 30, 2006


Top 25 Based On Percentage Of Total Revenues As Of June 30, 2006:
<TABLE>
<CAPTION>
                                                                                                     Annual           Percentage
                                                            Number of                                 Gross            of Total
                         Tenant                               Stores         Square Feet           Rentals (1)         Revenues
                         ------                              -------         ------------        -------------         -----------
<S>    <C>                                                     <C>            <C>                  <C>                   <C>
  1    Limited Brands, Inc.                                    228            1,370,190            $47,169,938           5.0%
  2    Foot Locker, Inc.                                       193             748,820             29,209,506            3.1%
  3    The Gap Inc.                                             97             991,832             24,007,730            2.6%
  4    Abercrombie & Fitch, Co.                                 78             497,685             17,910,672            1.9%
  5    Luxottica Group, S.P.A. (2)                             194             347,142             16,736,329            1.8%
  6    American Eagle                                           73             388,683             15,784,878            1.7%
  7    Signet Group plc  (3)                                   107             164,751             15,389,048            1.6%
  8    Zale Corporation                                        143             143,308             14,022,424            1.5%
  9    Finish Line, Inc.                                        74             381,324             14,015,906            1.5%
  10   JC Penney Co. Inc.  (4)                                  68            7,572,468            13,258,475            1.4%
  11   New York & Company, Inc.                                 47             360,171             11,597,005            1.2%
  12   The Regis Corporation                                   198             230,075             11,332,577            1.2%
  13   The Children's Place Retail  (5)                         62             263,628             10,481,945            1.1%
  14   Genesco Inc.  (6)                                       143             182,462             10,281,807            1.1%
  15   Pacific Sunwear of California                            81             283,274             10,150,743            1.1%
  16   Dick's Sporting Goods, Inc.                              12             704,686             10,024,344            1.1%
  17   Charming Shoppes, Inc.  (7)                              54             321,104              9,475,074            1.0%
  18   Aeropostale, Inc.                                        68             230,104              9,260,476            1.0%
  19   Hallmark Cards, Inc.  (8)                                65             261,169              8,031,564            0.9%
  20   Christopher & Banks, Inc.                                68             234,706              8,019,646            0.9%
  21   Trans World Entertainment   (9)                          48             242,680              7,813,791            0.8%
  22   The Buckle, Inc.                                         45             219,408              7,752,619            0.8%
  23   Federated Department Stores Inc.  (10)                   80            5,981,863             7,723,129            0.8%
  24   Claire's Stores, Inc.                                   115             130,573              7,617,312            0.8%
  25   Charlotte Russe Holding, Inc.                            33             229,807              7,267,902            0.8%
                                                             -------         ------------        -------------         -----------
                                                              2,374           22,481,913          $344,334,840           36.6%
                                                             =======         ============        ==============        ===========

<FN>
(1)  Includes annual minimum rent and tenant  reimbursements based on amounts in
     effect at June 30, 2006.
(2)  Luxottica was previously Lenscrafters and Sunglass Hut. Luxottica purchased
     Cole  National   Corporation,   which  operates  Pearl  Vision  and  Things
     Remembered in October 2004.
(3)  Signet Group was previously Sterling, Inc. They operate Kay Jewelers, Marks
     & Morgan,  JB  Robinson,  Shaw's  Jewelers,  Osterman's  Jewelers,  LeRoy's
     Jewelers, Jared Jewelers, Belden Jewelers, & Rogers Jewelers.
(4)  J.C. Penney owns 28 of these stores.
(5)  The Children's Place purchased The Disney Store in November 2004.
(6)  Genesco Inc. operates Journey's,  Jarman and Underground  Station.  Genesco
     purchased Hat World,  which  operates Hat World,  Lids,  Hat Zone,  and Cap
     Factory, as of April 2, 2004.
(7)  Charming Shoppes, Inc. operates Lane Bryant, Fashion Bug and Catherine's.
(8)  Plainfield  Asset Management Group purchased the Picture People division of
     Hallmark on September 30, 2005.
(9)  Trans World  Entertainment  operates FYE (formerly Camelot Music and Record
     Town) and Saturday Matinee.
(10) Federated  Department  Stores  merged  with May  Company in 2005.  They now
     operate After Hours Formalwear,  Desmond's Formal Wear,  Mithchell's Formal
     Wear,  Tuxedo  World,  David's  Bridal,  Burdine's,  Famous Barr,  Foley's,
     Hecht's, Kaufmann's, Lazarus, L.S. Ayers, Macy's, Marshall Field's, Meier &
     Frank, Rich's-Macy's, Robinson's May, & The Jones Store.
</FN>
</TABLE>

<PAGE>

          CBL & Associates Properties, Inc.
          Supplemental Financial and Operating Information
             For the Three Months and Six Months Ended June 30, 2006

Capital Expenditures for Three Months and Six Months Ended June 30 , 2006
(In thousands)
<TABLE>
<CAPTION>
                                                        Three Months  Six Months
                                                        ------------- ------------
<S>                                                         <C>          <C>
Tenant allowances                                           $ 10,475     $ 15,559
                                                        ------------- ------------
Renovations                                                   15,669       20,852
                                                        ------------- ------------
Deferred maintenance:
   Parking lot and parking lot lighting                        2,184        2,106
   Roof repairs and replacements                                 964        1,469
   Other capital expenditures                                    890          839
                                                        ------------- ------------
   Total deferred maintenance expenditures                     4,038        4,414
                                                        ------------- ------------
Total capital expenditures                                  $ 30,182     $ 40,825
                                                        ============= ============
</TABLE>

The capital expenditures incurred for maintenance such as parking lot repairs,
parking lot lighting and roofs are classified as deferred maintenance
expenditures. These expenditures are billed to tenants as common area
maintenance expense and the majority is recovered over a five to fifteen year
period. Renovation capital expenditures are for remodelings and upgrades to
enhance our competitive position in the market area. A portion of these
expenditures covering items such as new floor coverings, painting, lighting and
new seating areas are also recovered through tenant billings. The costs of other
items such as new entrances, new ceilings and skylights are not recovered from
tenants. We estimate that 30% of our renovation expenditures are recoverable
from our tenants over a ten to fifteen year period. The third category of
capital expenditures is tenant allowances, sometimes made to third-generation
tenants. Tenant allowances are recovered through minimum rents from the tenants
over the term of the lease.

Deferred Leasing Costs Capitalized
(In thousands)
<TABLE>
<CAPTION>
                                                            2006         2005
                                                        ------------- ------------
Quarter ended:
<S>                                                            <C>          <C>
   March 31,                                                   $ 388        $ 374
   June 30,                                                      950          699
   September 30,                                                   -          629
   December 31,                                                    -          581
                                                        ------------- ------------
                                                             $ 1,338      $ 2,283
                                                        ============= ============
</TABLE>
<PAGE>
                        CBL & Associates Properties, Inc.
                Supplemental Financial and Operating Information
                     For the Six Months Ended June 30, 2006

Properties Opened Year-to-date
(Dollars in thousands)
<TABLE>
<CAPTION>
                                                                Total
                                                                Project     CBL's Share
                                                                Square       of Total               Date      Initial
       Property                               Location           Feet         Cost                 Opened     Yield
--------------------------------------  --------------------- ------------  ---------            -----------  ----
Mall Expansions:
<S>                                     <C>                         <C>        <C>                   <C>      <C>
Cross Creek Mall -                      Fayetteville, NC            4,900      1,036                 Apr-06   10.0%
   Starbucks & Salsarita's
Southaven Town Center -                 Southaven, MS              59,000      7,200                 Apr-06   8.6%
   Gordman's
Coastal Grand - PetSmart                Myrtle Beach, SC           20,100      2,600                 May-06   8.0%
Hanes Mall -                            Winston-Salem, NC          66,000     10,200                 Jul-06   10.0%
   Dick's Sporting Goods
                                                              ------------  ---------
                                                                  150,000   $ 21,036
                                                              ============  =========
</TABLE>

Announced Properties in Pre-development at June 30, 2006
(Dollars in thousands)
<TABLE>
<CAPTION>

                                                             Total Estimated
                                                                Project                          Estimated
                                                                Square                            Opening
       Property                               Location           Feet                               Date
--------------------------------------  --------------------- ------------                       -----------
<S>                                     <C>                        <C>                            <C>
The District at Cherryvale              Rockford, IL               82,000                         Fall-07
Gulf Coast Town Center - III (c)        Ft. Myers, FL             243,000                         Fall-07
Alamance Crossing East                  Burlington, NC            194,400                         Summer-08
Pearland Town Center                    Pearland, TX              700,000                         Fall-08
                                                              ------------
                                                                1,219,400
                                                              ============
</TABLE>

Announced Property Renovations and Redevelopments
(Dollars in thousands)
<TABLE>
<CAPTION>
                                                                 Total        CBL's Share of
                                                                Project     -------------------
                                                                Square       Total      Cost      Opening     Initial
       Property                               Location           Feet         Cost     To Date      Date      Yield
--------------------------------------  --------------------- ------------  ---------  --------  -----------  ----
Mall Renovations:
<S>                                     <C>                     <C>         <C>        <C>       <C>          <C>
CoolSprings Galleria                    Nashville, TN           1,125,914   $ 15,914   $ 15,914  OPEN/May-06  NA
Madison Square                          Huntsville, AL            932,452     11,500     5,284    Fall-06     NA
Chapel Hill Mall                        Akron, OH                 861,653      1,700        95    Fall-06     NA
Harford Mall                            Baltimore, MD             490,458      7,400     3,354    Fall-06     NA
Park Plaza                              Little Rock, AR         1,371,870     13,800     8,076    Fall-06     NA
Wausau Center                           Wausau, WI                429,970      3,300       452    Fall-06     NA
Northpark Mall                          Joplin, MO                991,076      1,200     1,177    Fall-06     NA
Honey Creek Mall                        Terre Haute, IN           680,890      3,900        98   Spring-07    NA

Redevelopments:
Burnsville Center                       Burnsville, MN             82,900     13,000    10,915   OPEN/April-069.0%
Hickory Hollow - former JCPenney        Nashville, TN             138,189      6,705     4,354   OPEN/June-06 8.5%
Hamilton Crossings                      Chattanooga, TN           185,370      4,613     2,664     Sep-06     9.0%
Cary Town Center                        Cary, NC                   21,595      5,367     1,505     Nov-06     10.0%
                                                              ------------  ---------  --------
                                                                7,312,337   $ 88,399   $ 53,888
                                                              ============  =========  ========
</TABLE>

Properties Under Development at June 30, 2006
(Dollars in thousands)
<TABLE>
<CAPTION>

                                                                 Total        CBL's Share of
                                                                Project     -------------------
                                                                Square       Total      Cost      Opening     Initial
       Property                               Location           Feet         Cost     To Date      Date      Yield
--------------------------------------  --------------------- ------------  ---------  --------  -----------  ----
Mall/Lifestyle Expansions:
<S>                                     <C>                     <C>         <C>        <C>       <C>          <C>
The District at Valley View             Roanoke, VA                75,576   $ 19,700   $ 2,033   Nov-06/Mar-07 7.3%

Open-Air Center Expansions:
Southaven Town Center -
   Books-A-Million                      Southaven, MS              15,000      2,530       600     Aug-06     10.0%
Gulf Coast Town Center - Phase II (c)   Ft. Myers, FL             750,000    109,641(a) 38,714   Oct-06/Mar-07 9.0%

Associated/Lifestyle Centers:
The Plaza at Fayette Mall               Lexington, KY             190,413 (b) 38,341    27,469   Jul/Oct-06   9.0%
The Shoppes at St. Clair                Fairview Heights, IL       84,055     26,956    17,576     Mar-07     7.0%
Milford Marketplace                     Milford, CT               112,038     25,500     1,114    July-07     8.1%


Community Centers:
The Shops at Pineda Ridge               Melbourne, FL             170,009      6,584     2,878     Nov-06     9.0%
High Pointe Commons (c)                 Harrisburg, PA            299,395      8,100     4,421     Oct-06     10.0%
Lakeview Point                          Stillwater, OK            207,300     21,537    15,892     Oct-06     9.0%
Alamance Crossing East                  Burlington, NC            622,600     94,357    35,281     Aug-07     8.4%
York Town Center (c)                    York, PA                  280,645     20,850     1,990     Oct-07     9.0%
                                                              ------------  ---------  --------
                                                                2,807,031   $ 374,096  $ 147,968
                                                              ============  =========  ========
<FN>
(a) Amounts shown are 100% of the cost and cost to date.
(b) Includes a 59,000 square foot Cinemark Theater, which opened in June 2006
(c) 50/50 Joint Venture
</FN>
</TABLE>

</TEXT>
</DOCUMENT>
</SUBMISSION>
