<SUBMISSION>
<ACCESSION-NUMBER>0000910612-07-000185
<TYPE>10-Q
<PUBLIC-DOCUMENT-COUNT>10
<PERIOD>20070930
<FILING-DATE>20071109
<DATE-OF-FILING-DATE-CHANGE>20071109
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CBL & ASSOCIATES PROPERTIES INC
<CIK>0000910612
<ASSIGNED-SIC>6798
<IRS-NUMBER>621545718
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1207
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>10-Q
<ACT>34
<FILE-NUMBER>001-12494
<FILM-NUMBER>071232387
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>2030 HAMILTON PLACE BVLD, SUITE 500
<STREET2>CBL CENTER
<CITY>CHATTANOOGA
<STATE>TN
<ZIP>37421
<PHONE>4238550001
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>2030 HAMILTON PLACE BVLD, SUITE 500
<STREET2>CBL CENTER
<CITY>CHATTANOOGA
<STATE>TN
<ZIP>37421
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>form10q.htm
<DESCRIPTION>FORM 10-Q QUARTER ENDING SEPTEMBER 30, 2007
<TEXT>
<html>
    <head>
        <title></title>
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    <body style="FONT-FAMILY: 'Times New Roman'" bgcolor="#ffffff">
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            <div style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: 0.05em solid">
                <div style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: 0.25em solid">
                    <p>&nbsp;</p>
                </div>
            </div>
            <br>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="4">UNITED STATES</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="4">SECURITIES AND EXCHANGE COMMISSION</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">Washington, D.C.</font> <font size="2">20549</font></b></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt"></p>
            <hr align="center" width="120" noshade>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="4">FORM 10-Q</font></b></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt"></p>
            <hr align="center" width="120" noshade>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.21in; TEXT-INDENT: -0.42in; TEXT-ALIGN: center">
            <font face="Wingdings"><b>x</b></font><b><font size="2">QUARTERLY REPORT PURSUANT TO
            SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></b></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2007</font></b></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">OR</font></b></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.21in; TEXT-INDENT: -0.42in; TEXT-ALIGN: center">
            <font face="Wingdings"><b>o</b></font><b><font size="2">TRANSITION REPORT PURSUANT TO
            SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></b></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">FOR THE TRANSITION PERIOD FROM ____________ TO
            _______________</font></b></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">COMMISSION FILE NO. 1-12494</font></b></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt"></p>
            <hr align="center" width="120" noshade>

            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="5">CBL &amp; ASSOCIATES PROPERTIES, INC.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="1">(Exact Name of registrant as specified in its charter)</font></b></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt"></p>
            <hr align="center" width="120" noshade>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="1">DELAWARE 62-1545718</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="1">(State or other jurisdiction of incorporation or organization)
            (I.R.S. Employer Identification Number)</font></b></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="1">2030 Hamilton Place Blvd., Suite 500, Chattanooga, TN
            37421-6000</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="1">(Address of principal executive office, including zip
            code)</font></b></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="1">423.855.0001</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="1">(Registrant&rsquo;s telephone number, including area
            code)</font></b></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="1">N/A</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="1">(Former name, former address and former fiscal year, if changed since
            last report)</font></b></p>

            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <font size="2">Indicate by check mark whether the registrant (1) has filed all reports
            required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
            during the preceding 12 months (or for such shorter period that the registrant was
            required to file such reports), and (2) has been subject to such filing requirements
            for the past 90 days.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">Yes</font> <font face="Wingdings">x</font> <font size="2">No</font>
            <font face="Wingdings">o</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <font size="2">Indicate by check mark whether the registrant is a large accelerated
            filer, an accelerated filer, or a non-accelerated filer. See definition of
            &ldquo;accelerated filer and large accelerated filer&rdquo; in Rule 12b-2 of the
            Exchange Act. (Check one):</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="479" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 3pt" valign="top" nowrap width="35">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 3pt" valign="top" nowrap width="172">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Large accelerated filer &nbsp;</font>
                            <font face="Wingdings">x</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 3pt" valign="top" nowrap width="129">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Accelerated filer</font>
                            <font face="Wingdings">o</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 3pt" valign="top" nowrap width="143">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Non-accelerated filer</font>
                            <font face="Wingdings">o</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <font size="2">Indicate by check mark whether the registrant is a shell company (as
            defined in Rule 12b-2 of the Exchange Act).</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">Yes</font> <font face="Wingdings">o</font> <font size="2">No</font>
            <font face="Wingdings">x</font></p>

            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">As of
            November 6, 2007, there were 65,710,300 shares of common stock, par value $0.01 per
            share, outstanding.</font></p>

            <div style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: 0.25em solid">
                <div style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: 0.05em solid">
                    <p>&nbsp;</p>
                </div>
            </div>
            <br>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">1</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="3">CBL &amp; Associates Properties, Inc.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="3">Table of Contents</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="663" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">PART I</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">FINANCIAL INFORMATION</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="bottom" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Item 1.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Financial Statements</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">3</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="bottom" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="bottom" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Condensed Consolidated Balance Sheets</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">3</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="bottom" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="bottom" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Condensed Consolidated Statements of
                            Operations</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">4</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="bottom" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="bottom" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Condensed Consolidated Statements of Cash
                            Flows</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">5</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="bottom" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="bottom" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Notes to Unaudited Condensed Consolidated Financial
                            Statements</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">6</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="bottom" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Item 2.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Management&rsquo;s Discussion and Analysis of Financial
                            Condition and Results of Operations</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">18</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="bottom" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Item 3.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Quantitative and Qualitative Disclosures About Market
                            Risk</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">35</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="bottom" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Item 4.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Controls and Procedures</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">35</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="bottom" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">PART II</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">OTHER INFORMATION</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="bottom" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Item 1.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Legal Proceedings</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">36</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Item 1A.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Risk Factors</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">36</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Item 2.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Unregistered Sales of Equity Securities and Use of
                            Proceeds</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">45</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Item 3.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Defaults Upon Senior Securities</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">45</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Item 4.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Submission of Matters to a Vote of Security
                            Holders</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">45</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Item 5.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Other Information</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">45</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Item 6.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Exhibits</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">45</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="bottom" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">SIGNATURE</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="28">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">46</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">2</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">PART
            I &ndash; FINANCIAL INFORMATION</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">ITEM
            1. Financial Statements</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="3">CBL &amp; Associates Properties, Inc.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">Condensed Consolidated Balance Sheets</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">(In thousands, except share data)</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">(Unaudited)</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="87%" border="0">
                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">September 30,</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">2007</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">December 31,</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">2006</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <b><font size="1">ASSETS</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Real estate assets:</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 26pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Land</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">828,905</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">779,727</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 26pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Buildings and improvements</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">6,239,802</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">5,944,476</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">7,068,707</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6,724,203</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 33pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Less accumulated depreciation</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(1,053,459</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: white 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(924,297</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: white 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">6,015,248</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">5,799,906</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 26pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Developments in progress</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">271,331</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">294,345</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 33pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Net investment in real estate assets</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">6,286,579</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6,094,251</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Cash and cash equivalents</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">48,880</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">28,700</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Cash held in escrow</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">33,202</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Receivables:</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 25pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Tenant, net of allowance for doubtful accounts of $1,175
                            in</font><br>
                            <font size="1">2007 and $1,128 in 2006</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">70,121</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">71,573</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 26pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Other</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">13,734</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">9,656</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Mortgage and other notes receivable</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">34,851</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">21,559</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Investments in unconsolidated affiliates</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">99,212</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">78,826</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Intangible lease assets and other assets</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">228,417</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">214,245</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">6,814,996</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6,518,810</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <b><font size="1">LIABILITIES AND SHAREHOLDERS&rsquo;
                            EQUITY</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Mortgage and other notes payable</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">5,052,266</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">4,564,535</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Accounts payable and accrued liabilities</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">324,711</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">309,969</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 25pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Total liabilities</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">5,376,977</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">4,874,504</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Commitments and contingencies (Notes 3 and 8)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Minority interests</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">505,104</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">559,450</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Shareholders&rsquo; equity:</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 25pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Preferred stock, $.01 par value, 15,000,000 shares
                            authorized:</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 33pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">8.75% Series B cumulative redeemable preferred
                            stock,</font><br>
                            <font size="1">2,000,000 shares outstanding in 2006</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <b><font size="1">&mdash;</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">20</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 33pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">7.75% Series C cumulative redeemable preferred
                            stock,</font><br>
                            <font size="1">460,000 shares outstanding in 2007 and 2006</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">5</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">5</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 33pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">7.375% Series D cumulative redeemable preferred
                            stock,</font><br>
                            <font size="1">700,000 shares outstanding in 2007 and 2006</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">7</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">7</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 26pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Common stock, $.01 par value, 180,000,000 shares
                            authorized,</font><br>
                            <font size="1">65,710,828 and 65,421,311 shares issued and
                            oustanding</font><br>
                            <font size="1">in 2007 and 2006, respectively</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">657</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">654</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Additional paid-in capital</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">984,323</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,074,450</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Accumulated other comprehensive income (loss)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(4,707</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">19</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 23pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Retained earnings (accumulated deficit)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(47,370</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: #eaf9e8 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">9,701</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 27pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Total shareholders&rsquo; equity</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">932,915</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,084,856</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">6,814,996</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="13%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6,518,810</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center"><font size="2">The
            accompanying notes are an integral part of these balance sheets.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">
            <font size="2">3</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="3">CBL &amp; Associates Properties, Inc.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">Condensed Consolidated Statements of Operations</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">(In
            thousands, except per share data)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">(Unaudited)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="99%" border="0">
                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Three Months Ended</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">September 30,</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Nine Months Ended</font></b><br>
                            <b><font size="1">September 30,</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">2007</font></b></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BACKGROUND: white; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">2006</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">2007</font></b></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BACKGROUND: white; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">2006</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <b><font size="1">REVENUES:</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 30pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Minimum rents</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">155,814</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">155,095</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">465,223</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">454,661</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 30pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Percentage rents</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">3,506</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">3,447</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">11,840</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">11,554</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 30pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Other rents</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">3,580</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">3,041</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">11,942</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">10,438</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 30pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Tenant reimbursements</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">83,095</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">76,602</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">235,810</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">226,536</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 30pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Management, development and leasing fees</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">1,390</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,181</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">6,565</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">3,945</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 30pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Other</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">3,837</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">5,678</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">15,507</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">17,096</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 42pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Total revenues</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">251,222</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">245,044</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">746,887</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">724,230</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <b><font size="1">EXPENSES:</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 30pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Property operating</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">42,080</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">40,965</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">123,997</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">117,914</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 30pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Depreciation and amortization</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">58,893</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">62,142</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">176,067</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">170,546</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 31pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Real estate taxes</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">24,527</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">20,098</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">65,039</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">59,548</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 30pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Maintenance and repairs</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">12,544</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">13,715</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">41,856</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">39,716</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 31pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">General and administrative</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">8,305</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">9,402</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">29,072</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">28,051</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 31pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Loss on impairment of real estate assets</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <b><font size="1">&mdash;</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <b><font size="1">&mdash;</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">274</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 30pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Other</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">3,647</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">5,127</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">12,088</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">13,815</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 42pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Total expenses</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">149,996</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">151,449</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">448,119</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">429,864</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <b><font size="1">Income from operations</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">101,226</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">93,595</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">298,768</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">294,366</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 30pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Interest income</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">1,990</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">2,009</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">7,618</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">5,687</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 30pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Interest expense</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(72,789</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(63,884</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(207,730</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(191,474</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 31pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Loss on extinguishment of debt</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <b><font size="1">&mdash;</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(935</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(227</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(935</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 31pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Gain on sales of real estate assets</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">4,337</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">3,901</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">10,565</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6,831</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 31pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Equity in earnings of unconsolidated
                            affiliates</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">1,086</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">621</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">2,768</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">3,807</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 30pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Income tax provision</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(2,609</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(4,360</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 30pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Minority interest in earnings:</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 43pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Operating partnership</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(13,288</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(12,075</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(35,886</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(47,930</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 43pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Shopping center properties</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(2,121</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: #eaf9e8 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(1,402</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: #eaf9e8 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(6,418</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: #eaf9e8 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(2,663</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: #eaf9e8 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <b><font size="1">Income from continuing operations</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">17,832</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">21,830</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">65,098</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">67,689</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 30pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Operating income from discontinued operations</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">754</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">147</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">1,274</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">3,898</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 31pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Gain on disposal of discontinued operations</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">3,957</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">2</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">3,902</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">7,217</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <b><font size="1">Net income</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">22,543</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">21,979</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">70,274</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">78,804</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 30pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Preferred dividends</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(5,455</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: white 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(7,642</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: white 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(24,320</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: white 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(22,926</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: white 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <b><font size="1">Net income available to common
                            shareholders</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">17,088</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">14,337</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">45,954</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">55,878</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <b><font size="1">Basic per share data:</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 30pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Income from continuing operations, net of preferred
                            dividends</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">0.19</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">0.22</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">0.63</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">0.70</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 30pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Discontinued operations</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">0.07</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">0.07</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">0.18</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 30pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Net income available to common shareholders</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">0.26</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">0.22</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">0.70</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">0.88</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -8.25pt; TEXT-ALIGN: left">
                            <font size="1">Weighted average common shares outstanding</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">65,343</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">64,174</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">65,233</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">63,616</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <b><font size="1">Diluted per share data:</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 30pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Income from continuing operations, net of preferred
                            dividends</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">0.19</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">0.22</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">0.62</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">0.69</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 30pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Discontinued operations</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">0.07</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">0.08</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">0.17</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 30pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Net income available to common shareholders</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">0.26</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">0.22</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">0.70</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">0.86</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -8.25pt; TEXT-ALIGN: left">
                            <font size="1">Weighted average common and potential dilutive common
                            shares outstanding</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">65,876</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">65,496</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">65,900</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">65,086</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="53%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <b><font size="1">Dividends declared per common share</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">0.5050</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">0.4575</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">1.5150</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1.3725</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">The
            accompanying notes are an integral part of these statements.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">4</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">CBL &amp; Associates Properties, Inc.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">Condensed Consolidated Statements of Cash Flows</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">(In thousands)</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">(Unaudited)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="93%" border="0">
                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Nine Months Ended September 30,</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">2007</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BACKGROUND: white; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">2006</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <b><font size="1">CASH FLOWS FROM OPERATING ACTIVITIES:</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Net income</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">70,274</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">78,804</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Adjustments to reconcile net income to net cash provided
                            by operating activities:</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Depreciation</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">116,256</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">104,610</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 27pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Amortization</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">66,135</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">73,212</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 27pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Amortization of debt premiums</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(5,779</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(5,599</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Net amortization of above and below market
                            leases</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(8,280</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(9,739</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Gain on sales of real estate assets</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(10,565</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(6,831</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Gain on disposal of discontinued operations</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(3,902</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(7,217</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 27pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Abandoned development projects</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">955</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">294</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Share-based compensation expense</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">4,527</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">4,934</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Income tax benefit from stock options</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">4,139</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Loss on extinguishment of debt</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">227</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">935</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Equity in earnings of unconsolidated
                            affiliates</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(2,768</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(3,807</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Distributions of earnings from unconsolidated
                            affiliates</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">6,924</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6,517</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Loss on impairment of real estate assets</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <b><font size="1">&mdash;</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">274</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 27pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Minority interest in earnings</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">42,304</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">50,593</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Changes in:</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 38pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Tenant and other receivables</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(1,631</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(9,226</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 38pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Other assets</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(4,359</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(4,682</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 38pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Accounts payable and accrued liabilities</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">35,319</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(4,423</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: #eaf9e8 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 48pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Net cash provided by operating activities</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">309,776</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">268,649</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <b><font size="1">CASH FLOWS FROM INVESTING ACTIVITIES:</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 27pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Additions to real estate assets</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(415,019</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(288,569</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 27pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Acquisitions of real estate assets and other
                            assets</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(11,506</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Purchase of available-for-sale securities</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(24,325</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Cash placed in escrow</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(33,202</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Changes in other assets</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(2,493</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(8,975</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Proceeds from sales of real estate assets</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">52,923</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">113,834</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 27pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Additions to mortgage notes receivable</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(2,613</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(300</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Payments received on mortgage notes
                            receivable</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">4,584</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">155</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 27pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Additional investments in and advances to unconsolidated
                            affiliates</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(34,934</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(14,524</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Distributions in excess of equity in earnings of
                            unconsolidated affiliates</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">10,636</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">8,132</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Purchase of minority interest in the Operating
                            Partnership</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(17,429</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(3,610</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 38pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Net cash used in investing activities</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(473,378</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: #eaf9e8 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(193,857</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: #eaf9e8 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <b><font size="1">CASH FLOWS FROM FINANCING ACTIVITIES:</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Proceeds from mortgage and other notes
                            payable</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">825,294</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">742,082</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Principal payments on mortgage and other notes
                            payable</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(331,784</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(613,122</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 27pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Additions to deferred financing costs</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(4,960</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(5,365</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid" height="1">
                        <td style="BACKGROUND: white" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Prepayment fees on extinguishment of debt</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(227</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(557</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Proceeds from issuance of common stock</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">246</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">291</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Proceeds from exercises of stock options</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">5,656</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6,987</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Income tax benefit from stock options</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(4,139</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Purchase of common stock for retirement</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(1,393</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Redemption of preferred stock</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(100,000</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Contributions from minority partners</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">1,822</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Distributions to minority interests</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(86,721</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(84,187</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Dividends paid to holders of preferred stock</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(20,690</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(22,927</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Dividends paid to common shareholders</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(99,322</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: #eaf9e8 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(93,272</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: #eaf9e8 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 38pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Net cash provided by (used in) financing
                            activities</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">185,093</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(70,070</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: white 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">NET CHANGE IN CASH AND CASH EQUIVALENTS</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">20,180</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">4,722</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">CASH AND CASH EQUIVALENTS, beginning of
                            period</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">28,700</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">28,838</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">CASH AND CASH EQUIVALENTS, end of period</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">48,880</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">33,560</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">SUPPLEMENTAL INFORMATION:</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="66%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Cash paid for interest, net of amounts
                            capitalized</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">208,300</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">189,512</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">The
            accompanying notes are an integral part of these
            statements.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">5</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="3">CBL &amp; Associates Properties, Inc.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">Notes to Unaudited Condensed Consolidated Financial
            Statements</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">(In
            thousands, except per share data)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">Note
            1 &ndash; Organization and Basis of Presentation</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">CBL &amp; Associates Properties, Inc. (&ldquo;CBL&rdquo;), a Delaware
            corporation, is a self-managed, self-administered, fully integrated real estate
            investment trust (&ldquo;REIT&rdquo;) that is engaged in the ownership, development,
            acquisition, leasing, management and operation of regional shopping malls, open-air
            centers and community centers. CBL&rsquo;s shopping center properties are located in 26
            states, but primarily in the southeastern and midwestern United States.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">CBL conducts substantially all of its business through CBL &amp;
            Associates Limited Partnership (the &ldquo;Operating Partnership&rdquo;). At September
            30, 2007 the Operating Partnership owned controlling interests in 72 regional
            malls/open-air centers, 28 associated centers (each adjacent to a regional shopping
            mall), four community centers and CBL&rsquo;s corporate office building. The Operating
            Partnership consolidates the financial statements of all entities in which it has a
            controlling financial interest or where it is the primary beneficiary of a variable
            interest entity. The Operating Partnership owned non-controlling interests in seven
            regional malls, four associated centers and two community centers. Because one or more
            of the other partners have substantive participating rights, the Operating Partnership
            does not control these partnerships and, accordingly, accounts for these investments
            using the equity method. The Operating Partnership had five mall expansions, three
            associated/lifestyle centers, one mixed-use center, three community centers and an
            office building under construction at September 30, 2007. The Operating Partnership
            also holds options to acquire certain development properties owned by third
            parties.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">CBL is the 100% owner of two qualified REIT subsidiaries, CBL Holdings
            I, Inc. and CBL Holdings II, Inc. At September 30, 2007, CBL Holdings I, Inc., the sole
            general partner of the Operating Partnership, owned a 1.6% general partner interest in
            the Operating Partnership and CBL Holdings II, Inc. owned a 54.9% limited partner
            interest for a combined interest held by CBL of 56.5%.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The minority interest in the Operating Partnership is held primarily by
            CBL &amp; Associates, Inc. and its affiliates (collectively &ldquo;CBL&rsquo;s
            Predecessor&rdquo;) and by affiliates of The Richard E. Jacobs Group, Inc.
            (&ldquo;Jacobs&rdquo;). CBL&rsquo;s Predecessor contributed their interests in certain
            real estate properties and joint ventures to the Operating Partnership in exchange for
            a limited partner interest when the Operating Partnership was formed in November 1993.
            Jacobs contributed their interests in certain real estate properties and joint ventures
            to the Operating Partnership in exchange for limited partner interests when the
            Operating Partnership acquired the majority of Jacobs&rsquo; interests in 23 properties
            in January 2001 and the balance of such interests in February 2002. At September 30,
            2007, CBL&rsquo;s Predecessor owned a 15.0% limited partner interest, Jacobs owned a
            19.7% limited partner interest and various third parties owned an 8.8% limited partner
            interest in the Operating Partnership. CBL&rsquo;s Predecessor also owned 6.5 million
            shares of CBL&rsquo;s common stock at September 30, 2007, for a total combined
            effective interest of 20.6% in the Operating Partnership.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Operating Partnership conducts CBL&rsquo;s property management and
            development activities through CBL &amp; Associates Management, Inc. (the
            &ldquo;Management Company&rdquo;) to comply with certain requirements of the Internal
            Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;). The Operating Partnership
            owns 100% of the Management Company&rsquo;s preferred stock and common
            stock.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.44in; TEXT-ALIGN: left">
            <font size="2">CBL, the Operating Partnership and the Management Company are
            collectively referred to herein as &ldquo;the Company&rdquo;.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The accompanying condensed consolidated financial statements are
            unaudited; however, they have been prepared in accordance with accounting principles
            generally accepted in the United States of America for interim financial information
            and in conjunction with the rules and regulations of the Securities and Exchange
            Commission. Accordingly, they do not include all of the disclosures required by
            accounting</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">6</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <font size="2">principles generally accepted in the United States of America for
            complete financial statements. In the opinion of management, all adjustments
            (consisting solely of normal recurring matters) necessary for a fair presentation of
            the financial statements for these interim periods have been included. The results for
            the interim periods ended September 30, 2007, are not necessarily indicative of the
            results to be obtained for the full fiscal year. Certain prior year amounts have been
            reclassified for discontinued operations. See Note 11 for further
            discussion.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">These condensed consolidated financial statements should be read in
            conjunction with CBL&rsquo;s audited consolidated financial statements and notes
            thereto included in its Annual Report on Form 10-K for the year ended December 31,
            2006.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">Note
            2 &ndash; Joint Ventures</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <u><i><font size="2">Equity Method Investments</font></i></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            <font size="2">At September 30, 2007, the Company had investments in the following 13
            partnerships and joint ventures, which are accounted for using the equity method of
            accounting:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%" border="0">
                    <tr>
                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="205">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Joint</font></b><font size="1">&nbsp;</font>
                            <b><font size="1">Venture</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="380">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Property</font></b><font size="1">&nbsp;</font>
                            <b><font size="1">Owned</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="52">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Company's</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.3pt; TEXT-ALIGN: center">
                            <b><font size="1">Interest</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Governor&rsquo;s Square
                            IB&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="380">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Governor&rsquo;s Plaza</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">50.0</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: white" valign="bottom" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Governor&rsquo;s Square
                            Company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="380">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Governor&rsquo;s Square</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">47.5</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">High Pointe Commons,
                            LP&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="380">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">High Pointe Commons</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">50.0</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: white" valign="bottom" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Imperial Valley Mall
                            L.P.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="380">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Imperial Valley Mall</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">60.0</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Imperial Valley Peripheral
                            L.P.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="380">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Imperial Valley Mall (vacant land)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">60.0</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr height="1">
                        <td style="BACKGROUND: white" valign="bottom" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Imperial Valley Commons
                            L.P.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="380">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Imperial Valley Commons</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">60.0</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Kentucky Oaks Mall
                            Company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="380">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Kentucky Oaks Mall</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">50.0</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: white" valign="bottom" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Mall of South Carolina
                            L.P.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="380">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Coastal Grand&mdash;Myrtle Beach</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">50.0</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Mall of South Carolina Outparcel
                            L.P.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="380">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Coastal Grand&mdash;Myrtle Beach (vacant
                            land)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">50.0</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: white" valign="bottom" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Mall Shopping Center
                            Company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="380">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Plaza del Sol</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">50.6</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Parkway Place
                            L.P.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="380">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Parkway Place</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">45.0</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: white" valign="bottom" nowrap width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Triangle Town Member LLC
                            &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" nowrap width="380">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Triangle Town Center, Triangle Town Commons and Triangle
                            Town Place</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">50.0</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">York Town Center,
                            LP&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="380">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">York Town Center</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="52">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">50.0</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            <font size="2">Condensed combined financial statement information for the
            unconsolidated affiliates is as follows:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            &nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="36%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Total for the Three</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Months Ended September 30,</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" nowrap width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Company's Share for the Three</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Months Ended September 30</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" nowrap width="36%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 93pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">2007</font></b></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BACKGROUND: white; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">2006</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" nowrap width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 10.5pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">2007</font></b></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BACKGROUND: white; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BACKGROUND: white; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">2006</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" nowrap width="36%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Revenues</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" nowrap width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">24,248</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" nowrap width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">22,578</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" nowrap width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" nowrap width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">12,260</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" nowrap width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">11,429</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="36%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Depreciation and amortization expense</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(6,800</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(6,684</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(3,425</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(3,377</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="36%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Interest expense</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(8,364</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(8,880</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(4,178</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(4,485</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="36%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Other operating expenses</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(7,535</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(7,332</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(3,866</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(3,741</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="36%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Gain on sales of real estate assets</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">490</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,470</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">295</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">795</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" nowrap width="36%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Net income</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" nowrap width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">2,039</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" nowrap width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,152</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" nowrap width="3%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" nowrap width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">1,086</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" nowrap width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">621</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">7</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="99%" border="0">
                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="37%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Total for the Nine Months Ended September
                            30,</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Company's Share for the Nine Months Ended September
                            30,</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="37%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 95.25pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: center">
                            <b><font size="1">2007</font></b></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BACKGROUND: white; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: center">
                            <b><font size="1">2006</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 12pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: center">
                            <b><font size="1">2007</font></b></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: white" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BACKGROUND: white; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: center">
                            <b><font size="1">2006</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="37%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Revenues</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">71,417</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">69,573</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">36,067</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">35,075</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="37%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Depreciation and amortization expense</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.3pt; TEXT-ALIGN: right">
                            <b><font size="1">(20,832</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(19,807</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <b><font size="1">(10,550</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(10,020</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="37%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Interest expense</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(25,027</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(25,987</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <b><font size="1">(12,576</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(13,154</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="37%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Other operating expenses</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(22,360</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(20,456</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(11,391</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(10,396</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="37%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Gain on sales of real estate assets</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">2,281</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">4,283</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">1,218</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">2,302</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="37%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Net income</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">5,479</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">7,606</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">2,768</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">3,807</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <u><i><font size="2">Cost Method Investments</font></i></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            <font size="2">In February 2007, the Company acquired a 6.2% minority interest in
            subsidiaries of Jinsheng Group (&ldquo;Jinsheng&rdquo;), an established mall operating
            and real estate development company located in Nanjing, China, for $10,125. As of
            September 30, 2007, Jinsheng owns controlling interests in four home decor shopping
            malls and two general retail shopping centers.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            <font size="2">Jinsheng also issued to the Company a secured convertible promissory
            note in exchange for cash of $4,875. The note is secured by 16,565,534 Series 2
            Ordinary Shares of Jinsheng. The secured note is non-interest bearing and matures upon
            the earlier to occur of (i) January 22, 2012, (ii) the closing of the sale, transfer or
            other disposition of substantially all of Jinsheng&rsquo;s assets, (iii) the closing of
            a merger or consolidation of Jinsheng or (iv) an event of default, as defined in the
            secured note. In lieu of the Company&rsquo;s right to demand payment on the maturity
            date, at any time commencing upon the earlier to occur of January 22, 2010 or the
            occurrence of a Final Trigger Event, as defined in the secured note, the Company may,
            at its sole option, convert the outstanding amount of the secured note into 16,565,534
            Series A-2 Preferred Shares of Jinsheng (which equates to a 2.275% ownership
            interest).</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            <font size="2">Jinsheng also granted the Company a warrant to acquire 5,461,165 Series
            A-3 Preferred Shares for $1,875. The warrant expires upon the earlier of January 22,
            2010 or the date that Jinsheng distributes, as a dividend, shares of Jinsheng&rsquo;s
            successor should Jinsheng complete an initial public offering.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            <font size="2">The Company accounts for its minority interest in Jinsheng using the
            cost method because the Company does not exercise significant influence over Jinsheng
            and there is no readily determinable market value of Jinsheng&rsquo;s shares since they
            are not publicly traded. The Company recorded the secured note at its estimated fair
            value of $4,513, which reflects a discount of $362 due to the fact that it is
            non-interest bearing. The discount is amortized to interest income over the term of the
            secured note using the effective interest method. The minority interest and the secured
            note are reflected as investment in unconsolidated affiliates in the accompanying
            consolidated balance sheet. The Company recorded the warrant at its estimated fair
            value of $362, which is included in other assets in the accompanying consolidated
            balance sheet. There have been no significant changes to the fair values of the secured
            note and warrant.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <u><i><font size="2">Variable Interest Entities</font></i></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">In August 2007, the Company entered into a joint venture agreement with
            a third party to develop and operate Statesboro Crossing, an open-air shopping center
            in Statesboro, GA. The Company holds a 50% ownership interest in the joint venture. The
            Company determined that its investment represents a variable interest in a variable
            interest entity and that the Company is the primary beneficiary. As a result, the joint
            venture is presented in the accompanying financial statements as of September 30, 2007
            on a consolidated basis, with the interests of the third party reflected as minority
            interest.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">8</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">In May 2007, the Company entered into a joint venture agreement with
            certain third parties to develop and operate The Village at Orchard Hills, a lifestyle
            center in Grand Rapids Township, MI. The Company holds a 50% ownership interest in the
            joint venture. The Company determined that its investment represents a variable
            interest in a variable interest entity and that the Company is the primary beneficiary.
            As a result, the joint venture is presented in the accompanying financial statements as
            of September 30, 2007 on a consolidated basis, with the interests of the third parties
            reflected as minority interest.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">In March 2007, the Company entered into an amended and restated joint
            venture agreement with a third party to develop and operate Settlers Ridge, an open-air
            shopping center in Robinson Township, PA. The Company holds a 60% ownership interest in
            the joint venture. The Company determined that its investment represents a variable
            interest in a variable interest entity and that the Company is the primary beneficiary.
            The joint venture is presented in the accompanying financial statements on a
            consolidated basis, with the interests of the third party reflected as minority
            interest.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">In October 2006, the Company entered into a loan agreement with a third
            party to loan the third party up to $7,300 to fund land acquisition costs and certain
            predevelopment expenses for the purpose of developing a shopping center. The loan
            agreement provides that, in certain circumstances, the Company may convert the loan to
            a 25% ownership interest in the third party. As of December 31, 2006, the Company
            determined that its loan to the third party was a variable interest in a variable
            interest entity and that the Company was the primary beneficiary. As a result, the
            Company consolidated this entity as of December 31, 2006. During the first quarter of
            2007, the Company reconsidered its status as the primary beneficiary of this variable
            interest entity and determined that it no longer was the primary beneficiary.
            Therefore, the Company ceased consolidating this variable interest entity and has
            recorded the loan as a mortgage note receivable. The loan bears interest at 9.0% and
            originally was to mature on October 31, 2007. The Company has received notice from the
            third party that it has exercised its option to extend the loan for an additional
            year.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <b><font size="2">Note 3 &ndash; Mortgage and Other Notes Payable</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Mortgage and other notes payable consisted of the following at September
            30, 2007 and December 31, 2006, respectively:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.07in; TEXT-ALIGN: left">
            &nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="42%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">September 30, 2007</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">December 31, 2006</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="42%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Amount</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BACKGROUND: white; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Weighted</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Average</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Interest</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Rate(1)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Amount</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BACKGROUND: white; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Weighted</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Average</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Interest</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Rate(1)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="42%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Fixed-rate debt:</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="42%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 26pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Non-recourse loans on operating properties</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">4,049,524</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">5.93</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">%</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">3,517,710</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">5.99</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="42%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Variable-rate debt:</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="42%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 26pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Recourse term loans on operating properties</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">75,221</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">6.75</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">%</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">101,464</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6.48</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="42%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 26pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Construction loans</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">34,589</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">6.78</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">%</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">114,429</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6.61</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="42%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 26pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Lines of credit</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">892,932</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">6.28</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">%</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">830,932</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6.19</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="42%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 25pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Total variable-rate debt</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">1,002,742</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">6.33</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">%</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,046,825</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6.26</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="42%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Total</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">5,052,266</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">6.01</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">%</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">4,564,535</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6.06</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.07in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.21in; TEXT-INDENT: -0.21in; TEXT-ALIGN: left">
            <font size="1">(1) Weighted-average interest rate including the effect of debt
            premiums, but excluding amortization of deferred financing
            costs</font><font size="2">.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">During the second quarter of 2007, the Company obtained two separate
            ten-year, non-recourse loans totaling $207,520 that bear interest at fixed rates
            ranging from 5.60% to 5.66%, with a weighted average of 5.61%. The loans are secured by
            Gulf Coast Town Center and Eastgate Crossing. The proceeds were used to retire two
            variable rate loans totaling $143,258 and to reduce outstanding balances on the
            Company&rsquo;s credit facilities.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">9</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">During the first quarter of 2007, the Company obtained six separate
            ten-year, non-recourse loans totaling $417,040 that bear interest at fixed rates
            ranging from 5.67% to 5.68%, with a weighted average of 5.67%. The loans are secured by
            Mall of Acadiana, Citadel Mall, The Plaza at Fayette Mall, Layton Hills Mall and its
            associated center, Hamilton Corner and The Shoppes at St. Clair Square. The proceeds
            were used to retire $92,050 of mortgage notes payable that were scheduled to mature
            during the next twelve months and to reduce outstanding balances on the Company&rsquo;s
            credit facilities. The mortgage notes payable that were retired consisted of two
            variable rate term loans totaling $51,825 and three fixed rate loans totaling $40,225.
            The Company recorded a loss on extinguishment of debt of $227 in the nine months ended
            September 30, 2007, related to prepayment fees and the write-off of unamortized
            deferred financing costs associated with the loans that were retired.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <u><i><font size="2">Unsecured Line of Credit</font></i></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            <font size="2">The Company has one unsecured credit facility that is used for
            construction, acquisition and working capital purposes, as well as issuances of letters
            of credit. The unsecured credit facility has total availability of $560,000 that bears
            interest at the London Interbank Offered Rate (&ldquo;LIBOR&rdquo;) plus a margin of
            0.75% to 1.20% based on the Company&rsquo;s leverage, as defined in the agreement. The
            credit facility matures in August 2008 and has three one-year extension options, which
            are at the Company&rsquo;s election. At September 30, 2007, the outstanding borrowings
            of $283,232 under the unsecured credit facility had a weighted average interest rate of
            6.53%. Additionally, the Company pays an annual fee equal to 0.1% of the amount of
            total availability under the unsecured credit facility.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <u><i><font size="2">Secured Lines of Credit</font></i></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">The Company has four secured lines of credit that are used for
            construction, acquisition, and working capital purposes, as well as issuances of
            letters of credit. Each of these lines is secured by mortgages on certain of the
            Company&rsquo;s operating properties. Borrowings under the secured lines of credit bear
            interest at a rate of LIBOR plus a margin ranging from 0.80% to 0.90% and had a
            weighted average interest rate of 6.16% at September 30, 2007. The Company also pays a
            fee based on the amount of unused availability under its largest secured credit
            facility at a rate of 0.125% or 0.250%, depending on the level of unused availability.
            The following summarizes certain information about the secured lines of credit as of
            September 30, 2007:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="42%" border="0">
                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="top" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Total</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Available</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Total</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Outstanding</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="35%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Maturity Date</font></b></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="24%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">525,000</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="21%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">525,000</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="35%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">February 2009</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="24%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">100,000</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="21%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">47,500</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="35%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">June 2009</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="24%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">20,000</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="21%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">20,000</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="35%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">March 2010</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="24%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">17,200</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="21%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">17,200</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="35%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">April 2008</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="24%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">662,200</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="21%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">609,700</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="35%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">In September 2007, the Company amended the largest secured credit
            facility to increase the maximum availability from $476,000 to $525,000 and to
            substitute certain collateral under the facility.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <u><i><font size="2">Letters of Credit</font></i></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">At September 30, 2007, the Company had additional secured and unsecured
            lines of credit with a total commitment of $40,523 that are used only for issuing
            letters of credit. The letters of credit outstanding under these lines of credit
            totaled $31,231 at September 30, 2007.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <u><i><font size="2">Covenants and Restrictions</font></i></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">Thirty-nine malls/open-air centers, nine associated centers, three
            community centers and the corporate office building are owned by special purpose
            entities that are included in the Company&rsquo;s</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">10</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <font size="2">consolidated financial statements. The sole business purpose of the
            special purpose entities is to own and operate these properties, each of which is
            encumbered by a commercial-mortgage-backed-securities loan. The real estate and other
            assets owned by these special purpose entities are restricted under the loan agreements
            in that they are not available to settle other debts of the Company. However, so long
            as the loans are not under an event of default, as defined in the loan agreements, the
            cash flows from these properties, after payments of debt service, operating expenses
            and reserves, are available for distribution to the Company.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <u><i><font size="2">Maturities</font></i></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The weighted average remaining term of the Company&rsquo;s consolidated
            debt was 4.9 years at September 30, 2007 and 4.8 years at December 31, 2006. The
            Company has six loans and two lines of credit with amounts outstanding totaling
            $597,734 that are scheduled to mature before September 30, 2008. The Company expects to
            retire or refinance these borrowings.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">Note
            4 &ndash; Shareholders&rsquo; Equity and Minority Interests</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">On August 2, 2007, the Company&rsquo;s Board of Directors approved a
            $100,000 common stock repurchase plan effective for twelve months. Under the August
            2007 plan, purchases of shares of the Company&rsquo;s common stock may be made from
            time to time, subject to market conditions and at prevailing market prices, through
            open market purchases. Any stock repurchases are to be funded through the
            Company&rsquo;s available cash and credit facilities. The Company is not obligated to
            repurchase any shares of stock under the plan and the Company may terminate the plan at
            any time. Repurchased shares are deemed retired and are, accordingly, cancelled and no
            longer considered issued. During the three and nine months ended September 30, 2007,
            the Company repurchased 148,500 shares at a cost of approximately $5,169. The cost of
            repurchased shares is recorded as a reduction in the respective components of
            shareholders&rsquo; equity.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">On June 28, 2007, the Company redeemed its 2,000,000 outstanding shares
            of 8.75% Series B Cumulative Redeemable Stock (the &ldquo;Series B Preferred
            Stock&rdquo;) for $100,000, representing a liquidation preference of $50.00 per share,
            plus accrued and unpaid dividends of $2,139. In connection with the redemption of the
            Series B Preferred Stock, the Company incurred a charge of $3,630 to write off direct
            issuance costs that were recorded as a reduction of additional paid-in capital when the
            Series B Preferred Stock was issued. The charge is included in preferred dividends in
            the accompanying consolidated statement of operations for the nine months ended
            September 30, 2007.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">During the nine months ended September 30, 2007, holders of 220,670
            special common units of limited partnership interest in the Operating Partnership
            exercised their conversion rights. The Company elected to pay cash of $9,423 in
            exchange for the special common units. All of these units were redeemed during the
            first six months of 2007.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">Note
            5 &ndash; Segment Information</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">The Company measures performance and allocates resources according to
            property type, which is determined based on certain criteria such as type of tenants,
            capital requirements, economic risks, leasing terms, and short and long-term returns on
            capital. Rental income and tenant reimbursements from tenant leases provide the
            majority of revenues from all segments. Information on the Company&rsquo;s reportable
            segments is presented as follows:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">11</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="37%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">Three Months Ended September 30, 2007</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Malls</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Associated</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Centers</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Community</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Centers</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">All</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Other</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Total</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="37%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Revenues</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">230,812</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">11,320</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">3,272</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">5,818</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">251,222</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="37%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Property operating expenses (1)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(84,377</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(2,795</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(1,021</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">9,042</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(79,151</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="37%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Interest expense</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(59,002</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(2,336</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(1,665</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(9,786</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(72,789</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="37%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Other expense</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(3,647</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(3,647</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="37%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Gain (loss) on sales of real estate assets</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,668</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(1</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: #eaf9e8 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,569</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,101</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">4,337</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="37%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Segment profit and loss</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">89,101</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6,188</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">2,155</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">2,528</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">99,972</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="37%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Depreciation and amortization expense</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(58,893</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="37%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">General and administrative expense</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(8,305</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="37%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Interest and other income</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,990</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="37%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Equity in earnings of unconsolidated
                            affiliates</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,086</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="37%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Income tax provision</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(2,609</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="37%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Minority interest in earnings</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(15,409</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: white 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="37%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Income before discontinued operations</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">17,832</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="37%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Capital expenditures (2)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">66,508</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6,298</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">39</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">81,468</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">154,313</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -0.35in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -0.35in; TEXT-ALIGN: left">
            &nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="99%" border="0">
                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">Three Months Ended September 30, 2006</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Malls</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Associated</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Centers</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Community</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Centers</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">All</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Other</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Total</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Revenues</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">226,294</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">9,696</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,895</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">7,159</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">245,044</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Property operating expenses (1)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(77,455</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(2,443</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(774</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">5,894</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(74,778</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Interest expense</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(53,526</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(1,121</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(712</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(8,525</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(63,884</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Other expense</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(5,127</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(5,127</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Gain (loss) on sales of real estate assets</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">2,229</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(5</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: #eaf9e8 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(15</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: #eaf9e8 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,692</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">3,901</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Segment profit and loss</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">97,542</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6,127</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">394</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,093</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">105,156</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Depreciation and amortization expense</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(62,142</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">General and administrative expense</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(9,402</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Loss on extinguishment of debt</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(935</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Interest and other income</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">2,009</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Equity in earnings of unconsolidated
                            affiliates</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">621</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Minority interest in earnings</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(13,477</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: white 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Income before discontinued operations</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">21,830</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Capital expenditures (2)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">100,566</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">14,015</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,110</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">36,305</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">151,996</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -0.35in; TEXT-ALIGN: left">
            &nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%" border="0">
                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">Nine Months Ended September 30, 2007</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Malls</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Associated</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Centers</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Community</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Centers</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">All</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Other</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Total</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Revenues</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">685,776</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">31,933</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">7,610</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">21,568</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">746,887</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Property operating expenses (1)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(243,934</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(7,196</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(2,419</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">22,657</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(230,892</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Interest expense</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(171,865</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(6,465</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(3,655</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(25,745</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(207,730</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Other expense</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(12,088</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(12,088</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Gain (loss) on sales of real estate assets</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,496</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(11</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: #eaf9e8 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,558</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">7,522</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">10,565</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Segment profit and loss</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">271,473</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">18,261</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">3,094</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">13,914</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">306,742</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Depreciation and amortization expense</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(176,067</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">General and administrative expense</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(29,072</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Loss on extinguishment of debt</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(227</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Interest and other income</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">7,618</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Equity in earnings of unconsolidated
                            affiliates</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">2,768</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Income tax provision</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(4,360</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Minority interest in earnings</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(42,304</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: #eaf9e8 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Income before discontinued operations</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">65,098</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Total assets</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">5,880,107</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">350,597</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">175,467</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">408,825</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6,814,996</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="38%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Capital expenditures (2)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">210,193</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">21,964</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">9,794</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">188,606</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">430,557</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -0.35in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">12</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -0.35in; TEXT-ALIGN: left">
            </p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="97%" border="0">
                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="39%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">Nine Months Ended September 30, 2006</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Malls</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Associated</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Centers</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Community</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Centers</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">All</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Other</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Total</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" nowrap width="39%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Revenues</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">669,811</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">28,109</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">5,772</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">20,538</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">724,230</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" nowrap width="39%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Property operating expenses (1)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(226,835</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(6,718</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(2,033</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">18,408</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(217,178</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" nowrap width="39%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Interest expense</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(161,435</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(3,425</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(2,117</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(24,497</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(191,474</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" nowrap width="39%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Other expense</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(13,815</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(13,815</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" nowrap width="39%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Gain on sales of real estate assets</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">2,224</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,054</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">33</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">3,520</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6,831</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" nowrap width="39%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Segment profit and loss</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">283,765</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">19,020</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,655</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">4,154</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">308,594</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" nowrap width="39%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Depreciation and amortization expense</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(170,546</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" nowrap width="39%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">General and administrative expense</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(28,051</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" nowrap width="39%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Loss on impairment of real estate assets</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(274</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" nowrap width="39%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Loss on extinguishment of debt</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(935</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" nowrap width="39%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Interest and other income</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">5,687</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" nowrap width="39%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Equity in earnings of unconsolidated
                            affiliates</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">3,807</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" nowrap width="39%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Minority interest in earnings</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(50,593</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: #eaf9e8 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" nowrap width="39%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Income before discontinued operations</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">67,689</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" nowrap width="39%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Total assets</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">5,805,546</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">279,228</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">54,670</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">276,767</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6,416,211</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" nowrap width="39%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Capital expenditures (2)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">198,165</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">37,862</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,632</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">88,838</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">326,497</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -0.35in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="547" border="0">
                    <tr>
                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">(1)</font></p>
                        </td>

                        <td valign="top" nowrap width="499">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Property operating expenses include property operating
                            expenses, real estate taxes and maintenance and repairs.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">(2)</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Amounts include acquisitions of real estate assets and
                            investments in unconsolidated affiliates. Developments in progress are
                            included in the All Other category.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <b><font size="2">Note 6 &ndash; Earnings Per Share</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">Basic earnings per share (&ldquo;EPS&rdquo;) is computed by dividing net
            income available to common shareholders by the weighted-average number of unrestricted
            common shares outstanding for the period. Diluted EPS assumes the issuance of common
            stock for all potential dilutive common shares outstanding. The limited partners&rsquo;
            rights to convert their minority interest in the Operating Partnership into shares of
            common stock are not dilutive. The following summarizes the impact of potential
            dilutive common shares on the denominator used to compute earnings per
            share:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%" border="0">
                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="45%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="3">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Three Months Ended</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">September 30,</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="3">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Nine Months Ended</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">September 30,</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="45%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">2007</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BACKGROUND: white; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">2006</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">2007</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BACKGROUND: white; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">2006</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="45%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Weighted average shares outstanding</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">65,682</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">64,656</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">65,641</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">63,968</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="45%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Effect of nonvested stock awards</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(339</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: white 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(482</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: white 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">(408</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: white 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(352</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: white 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="45%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Denominator &ndash; basic earnings per share</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">65,343</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">64,174</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">65,233</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">63,616</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="45%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Dilutive effect of:</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="45%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Stock options</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">431</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,136</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">516</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,245</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="45%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Nonvested stock awards</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">60</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">138</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">112</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">165</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="45%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Deemed shares related to deferred compensation
                            arrangements</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">42</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">48</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">39</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">60</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="45%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Denominator &ndash; diluted earnings per
                            share</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">65,876</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">65,496</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">65,900</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">65,086</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">Note
            7 &ndash; Comprehensive Income</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Comprehensive income includes all changes in shareholders&rsquo; equity
            during a period, except those resulting from investments by and distributions to
            shareholders. Comprehensive income includes other comprehensive income (loss) of
            $(2,254) and $458 in the three months ended September 30, 2007 and 2006, respectively,
            and $(4,726) and $619 in the nine months ended September 30, 2007 and 2006,
            respectively. Other comprehensive income (loss) for all periods presented represents
            unrealized gain (loss) on marketable securities that are classified as available for
            sale. Comprehensive income was $20,289 and $22,437 for the three months ended September
            30, 2007 and 2006, respectively, and $65,548 and $79,423 for the nine months ended
            September 30, 2007 and 2006, respectively.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">
            <font size="2">13</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">Note
            8 &ndash; Contingencies</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Company is currently involved in certain litigation that arises in
            the ordinary course of business. It is management&rsquo;s opinion that the pending
            litigation will not materially affect the financial position or results of operations
            of the Company.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Company owns a parcel of land that it is ground leasing to a third
            party developer for the purpose of developing a shopping center. The Company has
            guaranteed 27% of the third party&rsquo;s construction loan and bond line of credit
            (the &ldquo;loans&rdquo;) of which the maximum guaranteed amount is $31,554. The total
            amount outstanding at September 30, 2007 on the loans was $15,616 of which the Company
            has guaranteed $4,216. The Company has recorded an obligation of $315 in the
            accompanying consolidated balance sheet as of September 30, 2007 to reflect the
            estimated fair value of the guaranty.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Company has guaranteed 50% of the debt of Parkway Place L.P., an
            unconsolidated affiliate in which the Company owns a 45% interest, which owns Parkway
            Place in Huntsville, AL. The total amount outstanding at September 30, 2007 was $53,200
            of which the Company has guaranteed $26,600. The guaranty will expire when the related
            debt matures in June 2008. The Company has not recorded an obligation for this guaranty
            because it has determined that the fair value of the guaranty is not
            material.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Company has guaranteed the performance of York Town Center, LP
            (&ldquo;YTC&rdquo;), an unconsolidated affiliate in which the Company owns a 50%
            interest, under the terms of an agreement with a third party that will own property
            adjacent to York Town Center. Under the terms of that agreement, YTC is obligated to
            cause performance of the third party&rsquo;s obligations as landlord under its lease
            with its sole tenant, including, but not limited to, provisions such as co-tenancy and
            exclusivity requirements. Should YTC fail to cause performance, then the tenant under
            the third party landlord&rsquo;s lease may pursue certain remedies ranging from rights
            to terminate its lease to receiving reductions in rent. The Company has guaranteed
            YTC&rsquo;s performance under this agreement up to a maximum of $22,000, which
            decreases by $800 annually until the guaranteed amount is reduced to $10,000. The
            guaranty expires on December 31, 2020. The maximum guaranteed obligation was $21,200 as
            of September 30, 2007. The Company has entered into an agreement with its joint venture
            partner under which the joint venture partner has agreed to reimburse the Company 50%
            of any amounts the Company is obligated to fund under the guaranty. The Company has not
            recorded an obligation for this guaranty because it has determined that the fair value
            of the guaranty is not material.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Company has issued various bonds that it would have to satisfy in
            the event of non-performance. At September 30, 2007, the total amount outstanding on
            these bonds was $23,997.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">Note
            9 &ndash; Share-Based Compensation</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">The share-based compensation cost that was charged against income was
            $1,278 and $1,470 for the three months ended September 30, 2007 and 2006, respectively,
            and $3,476 and $5,235 for the nine months ended September 30, 2007 and 2006,
            respectively. Compensation cost capitalized as part of real estate assets was $206 and
            $248 for the three months ended September 30, 2007 and 2006, respectively, and $597 and
            $461 for the nine months ended September 30, 2007 and 2006, respectively.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">14</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            <font size="2">The Company&rsquo;s stock option activity for the nine months ended
            September 30, 2007 is summarized as follows:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            &nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="75%" border="0">
                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Shares</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Weighted</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Average</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Exercise Price</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Outstanding at January 1, 2007</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">1,502,720</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">14.40</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Exercised</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(423,545</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">13.35</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Cancelled</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(1,000</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">18.27</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Expired</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(1,000</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: white 1pt solid" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">12.81</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Outstanding at September 30, 2007</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">1,077,175</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">14.81</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 7.05pt; page-break-inside: avoid">
                        <td style="BACKGROUND: white; HEIGHT: 7.05pt" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Vested or expected to vest at September 30,
                            2007</font></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 7.05pt" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double; HEIGHT: 7.05pt" valign="bottom" width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">1,077,175</font></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 7.05pt" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 7.05pt" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 7.05pt" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">14.81</font></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 7.05pt" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Options exercisable at September 30, 2007</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">1,077,175</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">14.81</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            <font size="2">A summary of the status of the Company&rsquo;s stock awards as of
            September 30, 2007, and changes during the nine months ended September 30, 2007, is
            presented below:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            &nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="75%" border="0">
                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="60%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Shares</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Weighted</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Average Grant-</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Date Fair Value</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="60%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Nonvested at January 1, 2007</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">457,344</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">34.35</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="60%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Granted</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">48,722</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">40.61</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="60%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Vested</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(170,654</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">34.57</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="60%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Forfeited</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(8,544</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: white 1pt solid" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">35.95</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="60%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Nonvested at September 30, 2007</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">326,868</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">35.33</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            <font size="2">As of September 30, 2007, there was $9,103 of total unrecognized
            compensation cost related to nonvested stock options and stock awards granted under the
            plan, which is expected to be recognized over a weighted average period of 3.0
            years.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">Note
            10 &ndash; Noncash Investing and Financing Activities</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">The Company&rsquo;s noncash investing and financing activities were as
            follows for the nine months ended September 30, 2007 and 2006:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="90%" border="0">
                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="68%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Nine Months Ended</font></b><br>
                            <b><font size="1">September 30,</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="68%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">2007</font></b></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">2006</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="68%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Additions to real estate assets accrued but not yet
                            paid</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">28,149</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">40,637</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="68%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Conversion of minority interest into common
                            stock</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">16,486</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="68%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Reclassification of developments in progress to mortgage
                            notes receivable</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6,528</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="68%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Note receivable received on sale of land</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">8,735</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,110</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="68%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Minority interest issued in acquisition of real estate
                            assets</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">330</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="68%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Payable for repurchase of Company's common
                            stock</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">3,775</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">Note
            11 &ndash; Discontinued Operations</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">During August 2007, the Company sold Twin Peaks Mall in Longmont, CO to
            a third party buyer for an aggregate sales price of $33,600 and recognized a gain on
            the sale of $3,971. The net proceeds received from the sale are being held in escrow
            for intended use in a like-kind exchange. The results of operations of the property and
            the related gain on the sale are included in discontinued operations for all periods
            presented in the accompanying consolidated financial statements.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">15</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">During May 2006, the Company sold three community centers for an
            aggregate sales price of $42,280 and recognized a gain of $7,215. The Company also sold
            two community centers in May 2006 for an aggregate sales price of $63,000 and
            recognized a loss on impairment of real estate assets of $274.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Total revenues for the properties included in discontinued operations in
            the accompanying consolidated statements of operations were $1,303 and $4,304 for the
            three and nine month periods ended September 30, 2007, respectively, and $1,449 and
            $9,469 for the three and nine month periods ended September 30, 2006,
            respectively.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <b><font size="2">Note 12 &ndash; Income Taxes</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: justify">
            <font size="2">The Company has elected taxable REIT subsidiary status for some of its
            subsidiaries. This enables the Company to receive income and provide services that
            would otherwise be impermissible for REITs. For these entities, deferred tax assets and
            liabilities are established for temporary differences between the financial reporting
            basis and the tax basis of assets and liabilities at the enacted tax rates expected to
            be in effect when the temporary differences reverse. A valuation allowance for deferred
            tax assets is provided if the Company believes all or some portion of the deferred tax
            asset may not be realized. An increase or decrease in the valuation allowance resulting
            from changes in circumstances that may affect the realizability of the related deferred
            tax asset is included in income.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: justify">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: justify">
            <font size="2">The Company recorded an income tax provision of $2,609 and $4,360 for
            the three and nine months ended September 30, 2007, respectively. The provision
            consists of current tax expense of $3,240 and a deferred tax benefit of $631,
            respectively, for the three months ended September 30, 2007, and a current and deferred
            tax provision of $4,135 and $225, respectively, for the nine months ended September 30,
            2007. There was no income tax provision recorded in the three and nine months ended
            September 30, 2006.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: justify">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: justify">
            <font size="2">The Company had a net deferred tax asset of $4,070 at September 30, 2007
            and $4,291 at December 31, 2006. The net deferred tax asset at September 30, 2007 and
            December 31, 2006 primarily consisted of operating expense accruals and differences
            between book and tax depreciation.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: justify">
            <font size="2">The Company reports any income tax penalties attributable to its
            properties as property operating expenses and any corporate-related income tax
            penalties as general and administrative expenses in its statement of operations. In
            addition, any interest incurred on tax assessments are reported as interest expense.
            The Company reported nominal interest and penalty amounts for the three months ended
            September 30, 2007 and 2006, respectively, and the nine months ended September 30, 2007
            and 2006, respectively.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <b><font size="2">Note 13 &ndash; Recent Accounting Pronouncements</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">On July 13, 2006, the Financial Accounting Standards Board
            (&ldquo;FASB&rdquo;) issued Interpretation No. 48,</font> <i><font size="2">Accounting
            for Uncertainty in Income Taxes</font></i> <font size="2">(&ldquo;FIN 48&rdquo;), which
            is effective for fiscal years beginning after December 15, 2006. FIN&nbsp;48 clarifies
            the accounting for uncertainty in income taxes recognized in the financial statements
            in accordance with SFAS No.109,</font> <i><font size="2">Accounting for Income
            Taxes</font></i><font size="2">, by prescribing the minimum recognition threshold a tax
            position is required to meet before being recognized in the financial statements. FIN
            48 also provides guidance on derecognition, measurement, classification, interest and
            penalties, accounting in interim periods, disclosure and transition.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Company adopted FIN 48 as of January 1, 2007 and has analyzed its
            various federal and state filing positions. Based on this evaluation, the Company
            believes that its accruals for income tax liabilities are adequate and, therefore, no
            reserves for uncertain income tax positions have been recorded pursuant to FIN 48.
            Additionally, the Company did not record a cumulative effect adjustment related to the
            adoption of FIN 48.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">In September&nbsp;2006, the FASB issued SFAS No.&nbsp;157,</font>
            <i><font size="2">Fair Value Measurements</font></i><font size="2">. SFAS No. 157
            defines fair value, establishes a framework that clarifies the fair value measurement
            objective within</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">16</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">GAAP
            and its application under the various pronouncements that require or permit fair value
            measurements, and expands disclosures about fair value measurements. It is intended to
            increase consistency and comparability among fair value estimates used in financial
            reporting. SFAS No. 157 is effective for financial statements issued for fiscal years
            beginning after November&nbsp;15, 2007, and interim periods within those fiscal years.
            The transition adjustment, which is measured as the difference between the carrying
            amount and the fair value of those financial instruments at the date SFAS No. 157 is
            initially applied, should be recognized as a cumulative effect adjustment to the
            opening balance of retained earnings for the fiscal year in which SFAS No. 157 is
            initially applied. The provisions of SFAS No.&nbsp;157 are effective for the Company
            beginning January&nbsp;1, 2008. The Company is currently evaluating the impact of
            adopting SFAS No.&nbsp;157 on its financial position and results of
            operations.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">In February 2007, the FASB issued SFAS No. 159,</font>
            <i><font size="2">The Fair Value Option for Financial Assets and Financial
            Liabilities</font></i><font size="2">. SFAS No. 159 permits entities to choose to
            measure many financial instruments and certain other items at fair value that are not
            currently required to be measured at fair value. SFAS No. 159 also establishes
            presentation and disclosure requirements designed to facilitate comparisons between
            entities that choose different measurement attributes for similar types of assets and
            liabilities. SFAS No. 159 is effective for financial statements issued for fiscal years
            beginning after November 15, 2007, although early application is allowed. The Company
            is currently evaluating the impact of adopting SFAS No.&nbsp;159 on its financial
            position and results of operations.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">Note
            14 &ndash; Subsequent Events</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Company closed on two separate transactions with the Westfield Group
            (&ldquo;Westfield&rdquo;) on October 16, 2007, involving four malls located in the St.
            Louis, MO area. In the first transaction, Westfield contributed three malls to a
            Company-controlled joint venture (the &ldquo;JV&rdquo;), and the Company contributed
            six malls and three associated centers. In the second transaction, the Company directly
            acquired the fourth mall, Chesterfield Mall, from Westfield. The total value of the
            three malls contributed to the JV by Westfield plus the mall that was directly acquired
            by the Company is approximately $1,031,765. The Company, either independently or
            through the JV, assumed total debt of approximately $458,182 with a weighted average
            fixed interest rate of 5.73% secured by the four Westfield malls and paid approximately
            $161,791 in cash, excluding closing costs. In addition, Westfield received
            approximately $404,112 of perpetual preferred joint venture units (&ldquo;PJV
            units&rdquo;) of the JV.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The PJV units of the JV pay an annual preferred distribution at a rate
            of 5.0%. The Company will have the right, but not the obligation, to purchase the PJV
            units following the fifth anniversary of the closing at liquidation value, plus accrued
            and unpaid distributions. The Company is responsible for management and leasing of the
            JV&rsquo;s properties and owns all of the common units of the JV, entitling it to
            receive 100% of the JV&rsquo;s cash flow after operating expenses, debt service
            payments and PJV unit distributions.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">In 2003, the Company formed Galileo America, a joint venture with
            Galileo America, Inc., the U.S. affiliate of Australia-based Galileo America Shopping
            Trust, to invest in community centers throughout the United States. In 2005, the
            Company transferred all of its ownership interest in the joint venture to Galileo
            America. In conjunction with this transfer, the Company sold its management and
            advisory contracts with Galileo America to New Plan Excel Realty Trust, Inc.
            (&ldquo;New Plan&rdquo;). New Plan retained the Company to manage nine properties that
            Galileo America had recently acquired from a third party for a term of 17 years
            beginning on August 10, 2008 and agreed to pay the Company a management fee of $1,000
            per year. In October 2007, the Company received notification that New Plan had
            determined to exercise its right to terminate the management agreement by paying the
            Company a termination fee of $7,000, payable on August 10, 2008. The Company will
            recognize the $7,000 as income, which will be offset by related income tax expense of
            approximately $2,660, in the fourth quarter of 2007.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            <font size="2">In November 2007, the Company announced that it has agreed to form a
            joint venture with Tenco Realty (&ldquo;Tenco&rdquo;), a retail owner, operator and
            developer based in Belo Horizonte, Brazil, to develop, redevelop and</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">17</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">acquire
            shopping center properties in Brazil. The Company will initially invest a total of
            approximately $15,332 to acquire a 60% interest in a new retail development in
            Maca&eacute;, Brazil. The 220,000-square-foot project, Plaza Maca&eacute;, is currently
            under construction with a grand opening scheduled for summer 2008. Tenco will develop
            and manage the center. Cash flows will be distributed on a pari passu basis between the
            partners. In addition, CBL will have the opportunity to purchase a minimum 51% interest
            in any future Tenco Realty developments.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">ITEM
            2: Management&rsquo;s Discussion and Analysis of Financial Condition and Results of
            Operations</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">The following discussion and analysis of financial condition and results
            of operations should be read in conjunction with the consolidated financial statements
            and accompanying notes that are included in this Form 10-Q. In this discussion, the
            terms &ldquo;we&rdquo;, &ldquo;us&rdquo;, &ldquo;our&rdquo;, and the
            &ldquo;Company&rdquo; refer to CBL &amp; Associates Properties, Inc. and its
            subsidiaries.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">Certain statements made in this section or elsewhere in this report may
            be deemed &ldquo;forward looking statements&rdquo; within the meaning of the federal
            securities laws. Although we believe the expectations reflected in any forward-looking
            statements are based on reasonable assumptions, we can give no assurance that these
            expectations will be attained, and it is possible that actual results may differ
            materially from those indicated by these forward-looking statements due to a variety of
            risks and uncertainties. In addition to the risk factors described in Part II, Item 1A.
            of this report, such risks and uncertainties include, without limitation, general
            industry, economic and business conditions, interest rate fluctuations, costs of
            capital and capital requirements, availability of real estate properties, inability to
            consummate acquisition opportunities, competition from other companies and retail
            formats, changes in retail rental rates in the Company&rsquo;s markets, shifts in
            customer demands, tenant bankruptcies or store closings, changes in vacancy rates at
            our properties, changes in operating expenses, changes in applicable laws, rules and
            regulations, the ability to obtain suitable equity and/or debt financing and the
            continued availability of financing in the amounts and on the terms necessary to
            support our future business. We disclaim any obligation to update or revise any
            forward-looking statements to reflect actual results or changes in the factors
            affecting the forward-looking information.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <b><font size="2">EXECUTIVE OVERVIEW</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">We are a self-managed, self-administered, fully integrated real estate
            investment trust (&ldquo;REIT&rdquo;) that is engaged in the ownership, development,
            acquisition, leasing, management and operation of regional shopping malls, open-air
            centers and community centers. Our shopping center properties are located in 26 states,
            but primarily in the southeastern and midwestern United States.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.43in; TEXT-ALIGN: left">
            <font size="2">As of September 30, 2007, we owned controlling interests in 72 regional
            malls/open-air centers, 28 associated centers (each adjacent to a regional shopping
            mall), four community centers and our corporate office building. We consolidate the
            financial statements of all entities in which we have a controlling financial interest
            or where we are the primary beneficiary of a variable interest entity. As of September
            30, 2007, we owned non-controlling interests in seven regional malls, four associated
            centers and two community centers. Because one or more of the other partners have
            substantive participating rights we do not control these partnerships and joint
            ventures and, accordingly, account for these investments using the equity method. We
            had five mall expansions, three associated/lifestyle centers, one mixed-use center,
            three community centers and an office building under construction at September 30,
            2007. We also hold options to acquire certain development properties owned by third
            parties.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">The majority of our revenues is derived from leases with retail tenants
            and generally includes base minimum rents, percentage rents based on tenants&rsquo;
            sales volumes and reimbursements from tenants for expenditures, including property
            operating expenses, real estate taxes and maintenance and repairs, as well as certain
            capital expenditures. We also generate revenues from sales of outparcel land at the
            properties and from sales of operating real estate assets when it is determined that we
            can realize the maximum value of the assets. Proceeds from such sales are generally
            used to pay off related construction</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">18</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">loans
            or reduce borrowings on our credit facilities.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <b><font size="2">RESULTS OF OPERATIONS</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">The following significant transactions impact the comparison of the
            results of operations for the three months and nine months ended September 30, 2007 to
            the results of operations for the comparable periods ended September 30,
            2006:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">We have opened two associated centers and five community
                            centers since January 1, 2006 (collectively referred to as the
                            &ldquo;New Properties&rdquo;). We do not consider a property to be one
                            of the Comparable Properties (defined below) until the property has
                            been owned or open for one complete calendar year. The New Properties
                            are as follows:</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                &nbsp;
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
            </p>

            <div align="left">
                <table style="MARGIN-LEFT: 35pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" border="0">
                    <tr>
                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" width="47%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">Property</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" width="24%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">Location</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" width="17%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">Date</font></b><font size="1">&nbsp;</font>
                            <b><font size="1">Opened</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="47%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">The Plaza at Fayette Mall</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="24%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Lexington, KY</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="17%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">October 2006</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: white" valign="bottom" width="47%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">High Pointe Commons (50/50 joint venture)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="24%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Harrisburg, PA</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="17%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">October 2006</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="47%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Lakeview Pointe</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="24%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Stillwater, OK</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="17%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">October 2006</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: white" valign="bottom" width="47%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">The Shops at Pineda Ridge</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="24%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Melbourne, FL</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="17%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">November 2006</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="47%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">The Shoppes at St. Clair Square</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="24%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Fairview Heights, IL</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="17%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">March 2007</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: white" valign="bottom" width="47%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Alamance Crossing East</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="24%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Burlington, NC</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="17%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">August 2007</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="47%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">York Town Center (50/50 joint venture)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="24%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">York, PA</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="17%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">September 2007</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                &nbsp;
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
            </p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Properties that were in operation as of January 1, 2006
                            and September 30, 2007 are referred to as the &ldquo;Comparable
                            Properties.&rdquo;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <b><font size="2">Comparison of the Three Months Ended September 30, 2007 to the Three
            Months Ended September 30, 2006</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <i><font size="2">Revenues</font></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The $6.2 million increase in revenues resulted from an increase of $5.2
            million attributable to the revenues from the Comparable Properties, an increase of
            $2.6 million in revenues from the New Properties, an increase in management,
            development and leasing fees of $0.2 million and a decrease in other revenues of $1.8
            million related to the Company&rsquo;s subsidiary that provides security and
            maintenance services to third parties.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The increase in revenues of the Comparable Properties is attributable to
            increases in rental income and tenant reimbursements for real estate taxes and common
            area maintenance. The increase was offset by a reduction of $4.8 million in lease
            termination fee income as compared to the prior year quarter. Additionally, as a result
            of revisions that were made in the prior year quarter to the depreciable lives of
            certain acquired assets, revenues for the three months ended September 30, 2007 related
            to the amortization of above and below market leases was $1.7 million less than the
            corresponding amount for the prior year quarter.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Our cost recovery ratio increased to 105.0% compared to 102.4% for the
            prior year period. As we continue to convert more tenants to fixed common area
            maintenance arrangements, fluctuations in tenant reimbursements will not correlate as
            closely with fluctuations in the corresponding expenses as they do with pro rata common
            area maintenance charges. As a result, there may be more variability in our cost
            recovery ratio from period to period.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Although we experienced an increase in rental income and tenant
            reimbursements as compared to the prior year quarter, the amount of the increase was
            less than we had anticipated for both the Comparable Properties and the New Properties.
            This was due to tenants not opening at several expansions of Comparable Properties and
            at New Properties as early as we had expected during the three months</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">19</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">ended
            September 30, 2007. Additionally, at Alamance Crossing East, which is one of the New
            Properties, certain tenants are not yet paying full rent as the co-tenancy requirements
            of their leases will not be met until early 2008.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <i><font size="2">Expenses</font></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The $4.4 million increase in property operating expenses, including real
            estate taxes and maintenance and repairs, resulted from increases of $3.7 million from
            the Comparable Properties and $0.7 million attributable to the New Properties. The
            increase in property operating expenses is primarily attributable to increases in real
            estate taxes as a result of prior year tax settlements and increased assessments on
            certain properties.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The $3.2 million decrease in depreciation and amortization expense
            resulted from a decrease of $4.4 million from the Comparable Properties, partially
            offset by an increase of $1.2 million from the New Properties. The decrease in
            depreciation and amortization of the Comparable Properties is due to revisions in the
            prior year quarter to the depreciable lives of certain acquired assets which resulted
            in an increase in depreciation and amortization expense in the prior year
            quarter.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">General and administrative expenses decreased $1.1 million due to a $0.7
            million increase in capitalized overhead and a decrease in current federal tax expense
            of $0.4 million.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <i><font size="2">Other Income and Expenses</font></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            <font size="2">Interest and other income was $2.0 million for each of the three months
            ended September 30, 2007 and 2006.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: justify">
            <font size="2">Interest expense increased by $8.9 million due to additional debt
            associated with the New Properties, the refinancing of certain existing properties with
            increased principal amounts and borrowings used to redeem our Series B preferred stock
            on June 28, 2007. In addition, we experienced an increase in the weighted average
            interest rate of our variable-rate debt as compared to the prior year
            quarter.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: justify">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            <font size="2">We recorded a loss on extinguishment of debt of $0.9 million during the
            three months ended September 30, 2006, as a result of retiring two loans prior to their
            scheduled maturity dates. The loss on extinguishment consisted of prepayment fees of
            $0.6 million and the write-off of unamortized deferred financing costs of $0.3 million.
            There was no loss on extinguishment of debt for the three months ended September 30,
            2007.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><i><font size="2">Gain
            on Sales</font></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">Gain on sales of real estate assets of $4.4 million in the three months
            ended September 30, 2007 relates to the sale of four parcels of land. Gain on sales of
            real estate assets of $3.9 million in the three months ended September 30, 2006 relates
            to the sale of three parcels of land.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <i><font size="2">Equity in Earnings of Unconsolidated Affiliates</font></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">Equity in earnings of unconsolidated affiliates increased $0.5 million
            during the three months ended September 30, 3007 as compared to the prior year quarter
            primarily due to improved operating performance of certain unconsolidated joint venture
            properties.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <i><font size="2">Income Tax Provision</font></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            <font size="2">The income tax provision of $2.6 million for the three months ended
            September 30, 2007 relates to the earnings of our taxable REIT subsidiary and consists
            of a provision for current income taxes of $3.3 million, which is partially offset by a
            deferred income tax benefit of $0.7 million. There was no income</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">20</font></p>
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            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">tax
            provision for the three months ended September 30, 2006.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <i><font size="2">Discontinued Operations</font></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">We recognized gain and income from discontinued operations of $4.7
            million for the three months ended September 30, 2007, compared to $0.1 million of gain
            and income from discontinued operations for the three months ended September 30, 2006.
            Discontinued operations in the three months ended September 30, 2007 and 2006 reflects
            the results of operations of Twin Peaks Mall in Longmont, CO, which was sold during the
            third quarter of 2007, plus the true up of estimated expenses to actual amounts for
            properties sold during previous periods.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <b><font size="2">Comparison of the Nine Months Ended September 30, 2007 to the Nine
            Months Ended September 30, 2006</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <i><font size="2">Revenues</font></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The $22.7 million increase in revenues resulted from an increase of
            $16.1 million attributable to the revenues from the Comparable Properties, an increase
            of $6.5 million in revenues from the New Properties, and an increase in management,
            development and leasing fees of $2.6 million. Partially offsetting these increases was
            a decrease in other income of $2.5 million related to the Company&rsquo;s subsidiary
            that provides security and maintenance services to third parties.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The increase in revenues of the Comparable Properties is primarily
            attributable to increases in rental income and tenant reimbursements for real estate
            taxes and common area maintenance. The increase was offset by a reduction of $7.1
            million in lease termination fee income as compared to the prior year quarter.
            Additionally, as a result of revisions that were made in the prior year quarter to the
            depreciable lives of certain acquired assets, revenues for the nine months ended
            September 30, 2007 related to the amortization of above and below-market leases was
            $1.7 million less than the corresponding amount for the prior year period.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Our cost recovery ratio declined to 102.1% compared to 104.3% for the
            prior year period. As we continue to convert more and more tenants to fixed common area
            maintenance arrangements, fluctuations in tenant reimbursements will not correlate as
            closely with fluctuations in the corresponding expenses as they do with pro rata common
            area maintenance charges. As a result, there may be more variability in our cost
            recovery ratio from period to period. In addition, the year-to-date decline is
            partially due to higher than expected snow removal costs incurred by the Company in the
            first quarter of 2007 and increases in bad debt expense.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Although we experienced an increase in rental income and tenant
            reimbursements as compared to the prior year period, the amount of the increase was
            less than we had anticipated for both the Comparable Properties and the New Properties.
            This was due to tenants not opening at several expansions of Comparable Properties and
            at New Properties as early as we had expected. Additionally, at Alamance Crossing East,
            which is one of the New Properties, certain tenants are not yet paying full rent as the
            co-tenancy requirements of their leases will not be met until early 2008.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <i><font size="2">Expenses</font></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The $13.7 million increase in property operating expenses, including
            real estate taxes and maintenance and repairs, resulted from increases of $12.3 million
            from the Comparable Properties and $1.4 million attributable to the New Properties. The
            increase in property operating expenses includes a $2.3 million increase in bad debt
            expense that resulted from bad debt expense of $1.3 million in the nine months ended
            September 30, 2007 compared to a net recovery of $1.0 million in the nine months ended
            September 30, 2006. We also incurred increased real estate taxes of $5.5 million as a
            result of prior year</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">21</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">tax
            settlements and increased assessments on certain properties and increased snow removal
            costs of $1.3 million during the nine months ended September 30, 2007 as compared to
            the prior year period.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The $5.5 million increase in depreciation and amortization expense
            resulted from increases of $3.1 million from the Comparable Properties and $2.4 million
            from the New Properties. The increase in depreciation and amortization of the
            Comparable Properties is due to ongoing capital expenditures for renovations,
            expansions, tenant allowances and deferred maintenance and for the write-off of certain
            tenant allowances related to early lease terminations.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">General and administrative expenses increased $1.0 million due to annual
            increases in salaries and benefits of existing personnel and the addition of new
            personnel to support our growth.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <i><font size="2">Other Income and Expenses</font></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: justify">
            <font size="2">Interest and other income for the nine months ended September 30, 2007
            increased primarily due to a fee of $1.0 million related to the grant of an access and
            utilities easement at one of our properties.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: justify">
            <font size="2">Interest expense increased by $16.3 million due to the additional debt
            associated with the New Properties, the refinancing of certain existing properties with
            increased principal amounts and borrowings used to redeem our Series B preferred stock
            on June 28, 2007. In addition, the weighted average interest rate of our variable-rate
            debt increased to 6.33% as of September 30, 2007 compared to 6.25% as of September 30,
            2006.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.25in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            <font size="2">During the nine months ended September 30, 2007, we recorded a loss on
            extinguishment of debt of $0.2 million as a result of prepayment fees related to a loan
            that we retired prior to its scheduled maturity date. We recorded a loss on
            extinguishment of debt of $0.9 million during the nine months ended September 30, 2006,
            as a result of retiring two loans prior to their scheduled maturity dates. The loss on
            extinguishment consisted of prepayment fees of $0.6 million and the write-off of
            unamortized deferred financing costs of $0.3 million.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><i><font size="2">Gain
            on Sales</font></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">Gain on sales of real estate assets of $10.6 million in the nine months
            ended September 30, 2007 relates to the sale of ten parcels of land, while the gain of
            $6.8 million in the nine months ended September 30, 2006 relates to the sale of six
            outparcels.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <i><font size="2">Equity in Earnings of Unconsolidated Affiliates</font></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Equity in earnings of unconsolidated affiliates decreased $1.0 million
            to $2.8 million for the three months ended September 30, 2007 as compared to $3.8
            million for the prior year period. The decrease is primarily due to a lower level of
            outparcel sales at certain unconsolidated affiliates as compared to the prior year
            period.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <i><font size="2">Income Tax Provision</font></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            <font size="2">The income tax provision of $4.4 million for the nine months ended
            September 30, 2007, relates to the earnings of our taxable REIT subsidiary and consists
            of provisions for current and deferred income taxes of $4.2 million and $0.2 million,
            respectively. We have cumulative stock-based compensation deductions that may be used
            to offset the current income tax payable of $4.2 million; therefore, we reduced the
            payable for current period income taxes to zero by recognizing a portion of the benefit
            of the cumulative stock-based compensation deductions. There was no income tax
            provision for the nine months ended September 30, 2006.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">22</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <em><font size="2">Discontinued Operations</font></em></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">We recognized gain and income from discontinued operations of $5.2
            million for the nine months ended September 30, 2007, which represents a decline of
            $5.9 million from the $11.1 million of gain and income from discontinued operations
            that we recognized during the nine months ended September 30, 2006. Discontinued
            operations in the nine months ended September 30, 2007 and 2006 reflects the results of
            operations of Twin Peaks Mall which was sold in the third quarter of 2007, plus the
            true up of estimated expenses to actual amounts for properties sold during previous
            periods. Discontinued operations in the nine months ended September 30, 2006 also
            reflects the results of operations and gain on disposal of five community centers that
            were sold in May 2006.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <b><font size="2">Operational Review</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">The shopping center business is, to some extent, seasonal in nature with
            tenants achieving the highest levels of sales during the fourth quarter because of the
            holiday season. Additionally, the malls earn most of their &ldquo;temporary&rdquo;
            rents (rents from short-term tenants), during the holiday period. Thus, occupancy
            levels and revenue production are generally the highest in the fourth quarter of each
            year. Results of operations realized in any one quarter may not be indicative of the
            results likely to be experienced over the course of the fiscal year.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">We classify our regional malls into two categories &ndash; malls that
            have completed their initial lease-up are referred to as stabilized malls and malls
            that are in their initial lease-up phase and have not been open for three calendar
            years are referred to as non-stabilized malls. The non-stabilized malls currently
            include Coastal Grand-Myrtle Beach in Myrtle Beach, SC, which opened in March 2004;
            Imperial Valley Mall in El Centro, CA, which opened in March 2005; Southaven Towne
            Center in Southaven, MS, which opened in October 2005; and Gulf Coast Town Center in
            Ft. Myers, FL, which opened in November 2005.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            <font size="2">We derive a significant amount of our revenues from the mall properties.
            The sources of our revenues by property type were as follows:&nbsp;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.76in; TEXT-ALIGN: left">
            &nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="66%" border="0">
                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="62%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" colspan="3">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Nine Months Ended</font></b><br>
                            <b><font size="1">September 30,</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="62%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">2007</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">2006</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="62%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Malls</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">91.8</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="middle" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">%</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">92.5</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="middle" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="62%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Associated centers</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">4.3</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="middle" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">%</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">3.9</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="middle" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="62%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Community centers</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">1.0</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="middle" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">%</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">0.8</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="middle" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="62%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Mortgages, office building and other</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">2.9</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="middle" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">%</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" width="13%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">2.8</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="middle" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.76in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.76in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <i><font size="2">Sales and Occupancy Costs</font></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            <font size="2">Same store sales (for those tenants who occupy 10,000 square feet or
            less and have reported sales) increased 1.2% for the nine months ended September 30,
            2007 compared to the prior year period. For the trailing twelve months ended September
            30, 2007, same store sales increased 1.5% to $345 per square foot compared with $340
            per square foot for the prior year period.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Occupancy costs as a percentage of sales for the stabilized malls were
            13.7% for the nine months ended September 30, 2007 compared to 13.4% for the nine
            months ended September 30, 2006.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">23</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <i><font size="2">Occupancy</font></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The occupancy of the portfolio was as follows:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="66%" border="0">
                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" width="62%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" colspan="3">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">At September 30,</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="19">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="62%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 104.25pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">2007</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="22">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BACKGROUND: white; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="42">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">2006</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="19">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="62%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Total portfolio</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">92.4</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="22">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="42">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">92.6</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="19">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="62%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Total mall portfolio</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">92.8</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="22">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="42">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">92.3</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="19">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="62%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 25pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Stabilized malls</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">93.2</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="22">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="42">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">92.4</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="19">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="62%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 26pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Non-stabilized malls</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">85.8</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="22">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="42">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">90.7</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="19">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="62%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Associated centers</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">92.0</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="22">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="42">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">94.9</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="19">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="62%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Community centers</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">85.5</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="22">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="42">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">88.3</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="19">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Timing delays at some of the New Properties have impacted occupancy for
            the non-stabilized malls and the community centers, which has affected total occupancy.
            At High Pointe Commons, the anchors have opened but many of the stores are still in the
            process of taking occupancy. At Gulf Coast Town Center, several stores have encountered
            delays in receiving building permits due to the lengthy process time involved in that
            geographic area. Occupancy for these two properties was approximately 80.4% and 74.0%,
            respectively, as of September 30, 2007. Alamance Crossing opened in August 2007 with
            occupancy of 69.4% at September 30, 2007; however, it is 95% leased and committed.
            Although York Town Center is over 98% leased and committed, it opened in September 2007
            with occupancy of&nbsp;67.9%. In addition, the lifestyle center developments generally
            open in staggered phases, reflecting initial lower occupancy rates, as compared to mall
            properties in which a greater number of tenants are typically open as of a mall&rsquo;s
            grand opening date.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <i><font size="2">Leasing</font></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">During the second quarter of 2007, the Company revised its lease
            reporting focus to small shop spaces less than 10,000 square feet in comparison to the
            previous reporting on spaces less than 20,000 square feet. This change allows for
            greater consistency and comparability with the data reported by our peers in the retail
            real estate industry.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Average annual base rents per square foot for small shop spaces less
            than 10,000 square feet were as follows for each property type:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            &nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="66%" border="0">
                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="62%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">At September 30,</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="62%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">2007</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">2006</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="62%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Stabilized malls</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">27.99</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">27.53</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="62%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Non-stabilized malls</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">26.88</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">27.75</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="62%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Associated centers</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">11.74</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">10.78</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="62%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Community centers</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">14.47</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">16.68</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="62%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Office</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">19.53</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">19.47</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The following table presents the results we achieved in new and renewal
            leasing during the three and nine months ended September 30, 2007 for same small shop
            spaces less than 10,000 square feet:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.76in; TEXT-INDENT: -0.28in; TEXT-ALIGN: justify">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">24</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.76in; TEXT-INDENT: -1.11in; TEXT-ALIGN: justify">
            </p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="22%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Square Feet</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Prior Gross</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Rent Per</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Square</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Foot (1)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">New Initial</font></b><br>
                            <b><font size="1">Gross Rent</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Per Square</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Foot (2)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">% Change Initial</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">New</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Average</font></b><br>
                            <b><font size="1">Gross Rent</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Per Square</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Foot (3)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">% Change Average</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="22%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <b><font size="1">Quarter:</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="22%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <b><font size="1">All Property Types</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">557,025</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">35.76</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">37.35</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">4.4</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">%</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">38.34</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">7.2</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">%</font></b></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="22%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Stabilized malls</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">513,303</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">37.28</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">38.90</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">4.3</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">39.91</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">7.1</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="22%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">New leases</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">214,293</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">40.08</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">43.07</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">7.5</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">44.42</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">10.8</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="22%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 23pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Renewal leases</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">299,010</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">35.27</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">35.92</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1.8</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">36.68</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">4.0</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="22%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="22%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <b><font size="1">Year to Date:</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="22%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <b><font size="1">All Property Types</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <b><font size="1">2,092,954</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">34.09</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">36.56</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">7.2</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">%</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">$</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">37.32</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <b><font size="1">9.5</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">%</font></b></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="22%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Stabilized malls</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">1,947,202</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">35.30</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">37.93</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">7.5</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">38.68</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">9.6</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="22%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">New leases</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">736,242</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">37.36</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">44.22</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">18.4</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">45.51</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">21.8</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="22%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 23pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Renewal leases</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">1,210,960</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">34.05</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">34.10</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">0.1</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">34.54</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1.4</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.76in; TEXT-INDENT: -1.11in; TEXT-ALIGN: justify">
            &nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="47">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="26">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">(1)</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="1">Represents the gross rent that was in place at the end
                            of the lease term.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="47">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="26">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">(2)</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="1">Represents the gross rent in place at beginning of the
                            lease term.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="47">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="26">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">(3)</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="1">Average gross rent over the term of the new lease. Does
                            not incorporate future annual increases for common area maintenance
                            expense reimbursements.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            <font size="2">During the third quarter of 2007, on an overall leasing basis, we signed
            leases totaling approximately 1.2 million square feet, including approximately 0.6
            million square feet of development leasing and 0.6 million square feet of leases in our
            operating portfolio. The 0.6 million square feet was comprised of 0.3 million square
            feet of new leases and 0.3 million square feet of renewal leases. This compares with a
            total of 1.0 million square feet of leases signed in the third quarter of 2006,
            including 0.3 million square feet of development leasing and 0.7 million square feet
            completed in the operating portfolio. Of the 0.7 million square feet in the operating
            portfolio, 0.3 million square feet were new leases and 0.4 million square feet were
            renewals.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <b><font size="2">LIQUIDITY AND CAPITAL RESOURCES</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">There was $48.9 million of cash and cash equivalents and $33.2 million
            cash held in escrow as of September 30, 2007, an aggregate increase of $53.4 million
            compared to cash and cash equivalents of $28.7 million at December 31, 2006. The cash
            held in escrow as of September 30, 2007, represents the proceeds from the sale of Twin
            Peaks Mall in August 2007 and is intended for use in a like-kind exchange. There was no
            cash held in escrow as of December 31, 2006. Cash flows from operations are used to
            fund short-term liquidity and capital needs such as tenant construction allowances,
            capital expenditures and payments of dividends and distributions. For longer-term
            liquidity needs such as acquisitions, new developments, renovations and expansions, we
            typically rely on property specific mortgages (which are generally non-recourse),
            construction and term loans, revolving lines of credit, common stock, preferred stock,
            joint venture investments and a minority interest in the Operating
            Partnership.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">Cash
            Flows</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">Cash provided by operating activities during the nine months ended
            September 30, 2007, increased by $41.2 million to $309.8 million from $268.6 million
            during the nine months ended September 30, 2006. This increase is primarily due to the
            timing of amounts that were retained in accounts payable at September 30, 2007, in
            addition to the timing of cash receipts from collections of tenant and other
            receivables prior to the end of the third quarter.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <b><font size="2">Debt</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">During the nine months ended September 30, 2007, we borrowed $825.3
            million under mortgage and other notes payable and paid $331.8 million to reduce
            outstanding borrowings under our lines of</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">25</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">credit
            and repay certain mortgage notes payable. We paid $5.0 million of costs directly
            related to borrowings and our credit facilities, as well as $0.2 million in prepayment
            fees related to the retirement of a loan before its scheduled maturity date.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">The following tables summarize debt based on our pro rata ownership
            share (including our pro rata share of unconsolidated affiliates and excluding minority
            investors&rsquo; share of shopping center properties) because we believe this provides
            investors a clearer understanding of our total debt obligations (in
            thousands):</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="34%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Consolidated</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Minority</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Interests</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Unconsolidated</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Affiliates</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="3">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Total</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Weighted</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Average</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Interest</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Rate(1)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td width="0%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="34%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <b><font size="1">September 30, 2007:</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td width="0%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="34%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Fixed-rate debt:</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td width="0%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="34%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Non-recourse loans on operating properties</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">4,049,524</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">(119,797</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: #eaf9e8 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">219,032</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">4,148,759</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">5.92</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>

                        <td width="0%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="34%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Variable-rate debt:</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td width="0%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="34%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Recourse term loans on operating properties</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">75,221</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(288</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">42,074</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">117,007</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6.58</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>

                        <td width="0%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="34%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Construction loans</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">34,589</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">34,589</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6.78</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>

                        <td width="0%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="34%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Lines of credit</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">892,932</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">892,932</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6.28</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>

                        <td width="0%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="34%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 38pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Total variable-rate debt</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,002,742</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(288</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">42,074</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,044,528</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6.33</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>

                        <td width="0%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="34%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Total</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">5,052,266</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">(120,085</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: #eaf9e8 2.25pt double" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">261,106</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">5,193,287</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6.00</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>

                        <td width="0%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="34%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="34%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <b><font size="1">December 31, 2006:</font></b></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="3">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="34%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Fixed-rate debt:</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="3">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="34%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Non-recourse loans on operating properties</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">3,517,710</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">(56,612</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: #eaf9e8 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">218,203</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="3">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">3,679,301</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">5.97</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="34%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Variable-rate debt:</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="3">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="34%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Recourse term loans on operating properties</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">101,464</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">27,816</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="3">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">129,280</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6.46</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="34%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Construction loans</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">114,429</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="3">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">114,429</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6.61</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="34%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Lines of credit</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">830,932</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="3">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">830,932</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6.19</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="34%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 38pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Total variable-rate debt</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,046,825</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">27,816</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="3">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,074,641</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6.27</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="34%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Total</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">4,564,535</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">(56,612</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: #eaf9e8 2.25pt double" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">246,019</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" colspan="3">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">4,753,942</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6.03</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="bottom" width="271">
                        </td>

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

                        <td width="13">
                        </td>

                        <td width="70">
                        </td>

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

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

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

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

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

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

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

                        <td width="7">
                        </td>

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

                        <td width="7">
                        </td>

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

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

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

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

                        <td width="8">
                        </td>

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

                        <td width="70">
                        </td>

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

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

                        <td width="75">
                        </td>

                        <td width="3">
                        </td>

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

                        <td width="1">
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="1">(1)
            Weighted average interest rate including the effect of debt premiums, but excluding
            amortization of deferred financing costs.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">We have four secured credit facilities with total availability of $662.2
            million, of which $609.7 million was outstanding as of September 30, 2007. The secured
            credit facilities bear interest at a rate of LIBOR plus a margin ranging from 0.80% to
            0.90%. Borrowings under the secured lines of credit had a weighted average interest
            rate of 6.16% at September 30, 2007.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">In September 2007, we amended the largest secured credit facility to
            increase the maximum availability from $476.0 million to $525.0 million and to
            substitute certain collateral under the facility. We also pay a fee based on the amount
            of unused availability under this secured credit facility at a rate of 0.125% or
            0.250%, depending on the level of unused availability.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">We have an unsecured credit facility with total availability of $560.0
            million, of which $283.2 million was outstanding as of September 30, 2007. The
            unsecured credit facility bears interest at LIBOR plus a margin of 0.75% to 1.20% based
            on our leverage. The credit facility matures in August 2008 and has three one-year
            extension options, which are at our election. At September 30, 2007, the outstanding
            borrowings under the unsecured credit facility had a weighted average interest rate of
            6.53%. Additionally, the Company pays an annual fee equal to 0.1% of the amount of
            total availability under the unsecured credit facility.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">We also have secured and unsecured lines of credit with total
            availability of $40.5 million that are used only to issue letters of credit. There was
            $31.2 million outstanding under these lines at September 30, 2007.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">26</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">During the second quarter of 2007, we obtained two separate ten-year,
            non-recourse loans totaling $207.5 million that bear interest at fixed rates ranging
            from 5.60% to 5.66%, with a weighted average of 5.61%. The loans are secured by Gulf
            Coast Town Center and Eastgate Crossing. The proceeds were used to retire two variable
            rate loans totaling $143.3 million and to reduce outstanding balances on the
            Company&rsquo;s credit facilities.</font>
            <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            <font size="2">During the first quarter of 2007, we obtained six separate ten-year,
            non-recourse loans totaling $417.0 million that bear interest at fixed rates ranging
            from 5.67% to 5.68%, with a weighted average of 5.67%. The loans are secured by Mall of
            Acadiana, Citadel Mall, The Plaza at Fayette Mall, Layton Hills Mall and its associated
            center, Hamilton Corner and The Shoppes at St. Clair Square. The proceeds were used to
            retire $92.1 million of mortgage notes payable that were scheduled to mature during the
            next twelve months and to pay outstanding balances on our credit facilities. The
            mortgage notes payable that were retired consisted of two variable rate term loans
            totaling $51.8 million and three fixed rate loans totaling $40.3 million. The Company
            recorded a loss on extinguishment of debt of $0.2 million related to prepayment fees
            and the write-off of unamortized deferred financing costs associated with the loans
            that were retired.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            <font size="2">The refinancings described in the preceding paragraph enabled us to
            significantly reduce our exposure to variable-rate debt. As of September 30, 2007, our
            share of consolidated and unconsolidated variable-rate debt represented 20.1% of our
            total share of debt, which was down from 22.6% as of December 31, 2006. As of September
            30, 2007, our share of consolidated and unconsolidated variable-rate debt represented
            10.9% of our total market capitalization (see Equity below) as compared to 10.6% as of
            December 31, 2006.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">The secured and unsecured credit facilities contain, among other
            restrictions, certain financial covenants including the maintenance of certain coverage
            ratios, minimum net worth requirements, and limitations on cash flow distributions. We
            were in compliance with all financial covenants and restrictions under our credit
            facilities at September 30, 2007.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">We expect to refinance the majority of mortgage and other notes payable
            maturing over the next five years with replacement loans. Based on our pro rata share
            of total debt, there are seven loans and two lines of credit totaling $624.3 million
            that are scheduled to mature before September 30, 2008. We expect to retire or
            refinance these loans.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="61" border="0">
                    <tr>
                        <td valign="top" nowrap width="61">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">Equity</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">On August 2, 2007, the Company&rsquo;s Board of Directors approved a
            $100 million common stock repurchase plan effective for twelve months. Under the August
            2007 plan, purchases of shares of the Company&rsquo;s common stock may be made from
            time to time, subject to market conditions and at prevailing market prices, through
            open market purchases. Any stock repurchases are to be funded through the
            Company&rsquo;s available cash and credit facilities. The Company is not obligated to
            repurchase any shares of stock under the plan and the Company may terminate the plan at
            any time. Repurchased shares are deemed retired and are, accordingly, cancelled and no
            longer considered issued. During the three months ended September 30, 2007, the Company
            repurchased 148,500 shares at a cost of approximately $5,169. The cost of repurchased
            shares is recorded as a reduction in the respective components of shareholders&rsquo;
            equity.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            <font size="2">On June 28, 2007, we redeemed the 2,000,000 outstanding shares of our
            8.75% Series B Cumulative Redeemable Stock (the &ldquo;Series B Preferred Stock&rdquo;)
            for $100.0 million, representing a liquidation preference of $50.00 per share, plus
            accrued and unpaid dividends of $2.1 million. In connection with the redemption of the
            Series B Preferred Stock, we recorded a charge of $3.6 million to write off direct
            issuance costs that were recorded as a reduction of additional paid-in capital when
            the</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">27</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Series
            B Preferred Stock was issued. The charge is included in preferred dividends in the
            accompanying consolidated statements of operations for the nine month period ended
            September 30, 2007.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            <font size="2">During the nine months ended September 30, 2007, we received $5.9
            million in proceeds from issuances of common stock related to exercises of employee
            stock options and from our dividend reinvestment plan. In addition, we paid dividends
            of $120.0 million to holders of our common stock and our preferred stock, as well as
            $86.7 million in distributions to the minority interest investors in our Operating
            Partnership and certain shopping center properties.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">During the nine months ended September 30, 2007, holders of 220,670
            special common units of limited partnership interest in the Operating Partnership
            exercised their conversion rights. We elected to pay cash of $9,423 in exchange for the
            special common units. All of these units were redeemed during the first six months of
            2007.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">As a publicly traded company, we have access to capital through both the
            public equity and debt markets. We currently have a shelf registration statement on
            file with the Securities and Exchange Commission authorizing us to publicly issue
            shares of preferred stock, common stock and warrants to purchase shares of common
            stock. There is no limit to the offering price or number of shares that we may issue
            under this shelf registration statement.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">We anticipate that the combination of equity and debt sources will, for
            the foreseeable future, provide adequate liquidity to continue our capital programs
            substantially as in the past and make distributions to our shareholders in accordance
            with the requirements applicable to real estate investment trusts.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">Our strategy is to maintain a conservative debt-to-total-market
            capitalization ratio in order to enhance our access to the broadest range of capital
            markets, both public and private. Based on our share of total consolidated and
            unconsolidated debt and the market value of equity, our debt-to-total-market
            capitalization (debt plus market value equity) ratio was as follows at September 30,
            2007 (in thousands, except stock prices):</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.35in; TEXT-INDENT: -0.32in; TEXT-ALIGN: left">
            &nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="91%" border="0">
                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="56%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Shares</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Outstanding</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Stock</font></b><br>
                            <b><font size="1">Price (1)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Value</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="56%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Common stock and operating partnership units</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">116,348</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">35.05</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">4,077,997</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="56%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">7.75% Series C cumulative redeemable preferred
                            stock</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">460</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">250.00</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">115,000</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="56%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">7.375% Series D cumulative redeemable preferred
                            stock</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">700</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">250.00</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">175,000</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="56%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Total market equity</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">4,367,997</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="56%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Company&rsquo;s share of total debt</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">5,193,287</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="56%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Total market capitalization</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">9,561,284</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="56%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Debt-to-total-market capitalization ratio</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">54.3</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: #eaf9e8 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.35in; TEXT-INDENT: -0.32in; TEXT-ALIGN: left">
            &nbsp;</p>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="16">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="27">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">(1)</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Stock price for common stock and operating partnership
                            units equals the closing price of the common stock on September 28,
                            2007. The stock price for the preferred stock represents the
                            liquidation preference of each respective series of preferred
                            stock.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.5in; TEXT-INDENT: -1.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <b><font size="2">Capital Expenditures</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">We expect to continue to have access to the capital resources necessary
            to expand and develop our business. Future development and acquisition activities will
            be undertaken as suitable opportunities arise. We do not expect to pursue these
            opportunities unless adequate sources of funding are available and a satisfactory
            budget with targeted returns on investment has been internally approved.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">An annual capital expenditures budget is prepared for each property that
            is intended to provide for all necessary recurring and non-recurring capital
            expenditures. We believe that property operating cash flows, which include
            reimbursements from tenants for certain expenses, will provide the necessary funding
            for these expenditures.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">28</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">The following tables summarize our development projects as of September
            30, 2007 (dollars in thousands):</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <b><font size="2">Properties Opened Year-to-date</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -0.69in; TEXT-ALIGN: left">
            &nbsp;</p>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr style="HEIGHT: 22.5pt">
                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid; HEIGHT: 22.5pt" valign="bottom" width="260" rowspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Property</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 22.5pt" valign="bottom" width="10" rowspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid; HEIGHT: 22.5pt" valign="bottom" width="113" rowspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Location</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 22.5pt" valign="bottom" width="10" rowspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid; HEIGHT: 22.5pt" valign="bottom" width="50" rowspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Total</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Project</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Square</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Feet</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 22.5pt" valign="bottom" width="16" rowspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid; HEIGHT: 22.5pt" valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">CBL&rsquo;s</font></b><font size="1">&nbsp;</font>
                            <b><font size="1">Share</font></b><font size="1">&nbsp;</font>
                            <b><font size="1">of</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 22.5pt" valign="bottom" width="13" rowspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid; HEIGHT: 22.5pt" valign="bottom" width="93" rowspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Date</font></b><br>
                            <b><font size="1">Opened</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 22.5pt" valign="bottom" width="7" rowspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid; HEIGHT: 22.5pt" valign="bottom" width="47" rowspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Initial</font></b><br>
                            <b><font size="1">Yield</font></b><font size="1">&nbsp;</font>
                            <b><font size="1">(d)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 22.5pt" valign="bottom" width="17" rowspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 22.5pt">
                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid; HEIGHT: 22.5pt" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Total</font></b><br>
                            <b><font size="1">Cost</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 22.5pt" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid; HEIGHT: 22.5pt" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Cost</font></b><font size="1">&nbsp;</font>
                            <b><font size="1">To</font></b><br>
                            <b><font size="1">Date</font></b></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: #eaf9e8" valign="top" width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">Mall
                            Expansion:</font></b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="113">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="16">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="93">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="17">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: white" valign="bottom" width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 10pt; TEXT-ALIGN: left">
                            <font size="1">Brookfield Square - Mitchell&rsquo;s Fish
                            Market&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="113">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Brookfield, WI</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">7,500</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="16">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">3,044</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">2,964</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="93">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">April 2007</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">8.4</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="17">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 10pt; TEXT-ALIGN: left">
                            <font size="1">Southpark Mall - Regal
                            Cinema&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" nowrap width="113">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Colonial Heights, VA</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">68,242</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="16">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">11,322</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">11,322</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="93">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">July 2007</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">11.0</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="17">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: white" valign="bottom" width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; TEXT-ALIGN: left">
                            <font size="1">The District at Valley View -
                            shops&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="113">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Roanoke, VA</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">61,200</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="16">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">18,026</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">16,576</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="93">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">July 2007</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">7.6</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="17">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 10pt; TEXT-ALIGN: left">
                            <font size="1">Brookfield Square - Fresh
                            Market&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="113">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Brookfield, WI</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">22,400</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="16">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">4,960</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">4,960</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="93">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">August 2007</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">7.6</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="17">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: white" valign="bottom" width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 10pt; TEXT-ALIGN: left">
                            <font size="1">Harford Mall - lifestyle
                            expansion&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="113">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Bel Air, MD</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">39,222</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="16">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">(b)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">9,736</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">7,119</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" nowrap width="93">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">September 2007</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6.1</font></p>
                        </td>

                        <td style="BACKGROUND: white" width="17">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: #eaf9e8" valign="top" width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="113">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="16">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="93">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="17">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: white" valign="top" width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">Community/Open-Air
                            Centers:</font></b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="113">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="16">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="93">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="17">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; TEXT-ALIGN: left">
                            <font size="1">Alamance Crossing
                            East&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="113">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Burlington, NC</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">655,630</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="16">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">79,950</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">79,939</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="93">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">August 2007</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">8.4</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="17">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: white" valign="bottom" width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 10pt; TEXT-ALIGN: left">
                            <font size="1">York Town Center
                            (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="113">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">York, PA</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">274,495</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="16">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">21,085</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">16,518</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" nowrap width="93">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">September 2007</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">9.8</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="17">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: #eaf9e8" valign="top" width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="113">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="16">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="93">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="17">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: white" valign="top" width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">Open-Air Center
                            Expansion:</font></b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="113">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="16">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="93">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="17">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" nowrap width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 10pt; TEXT-ALIGN: left">
                            <font size="1">Gulf Coast Town Center -Phase II-shops/Costco
                            (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="113">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Ft. Myers, FL</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">595,990</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="16">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">83,286</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">83,286</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="93">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Spring 2007</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">9.2</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="17">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: white" valign="top" width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="113">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="16">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="93">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="17">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: #eaf9e8" valign="top" width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">Associated
                            Center:</font></b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="113">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="16">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="93">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="17">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: white" valign="bottom" width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; TEXT-ALIGN: left">
                            <font size="1">The Shoppes at St. Clair
                            Square&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="113">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Fairview Heights, IL</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">84,080</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="16">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">27,487</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">31,746</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="93">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">March 2007</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">7.0</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="17">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: white" valign="top" width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="113">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="16">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="93">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="17">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: #eaf9e8" valign="top" width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">Associated Center
                            Renovation:</font></b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="113">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="16">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="93">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="17">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: white" valign="bottom" width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; TEXT-ALIGN: left">
                            <font size="1">Madison Plaza&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="113">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Huntsville, AL</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">153,085</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="16">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,320</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,320</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="93">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">June 2007</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">N/A</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="17">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: #eaf9e8" valign="top" width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="113">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="16">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="93">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="17">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: white" valign="top" width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">Redevelopments:</font></b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="113">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="16">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="93">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="17">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; TEXT-ALIGN: left">
                            <font size="1">Mall del Norte -
                            Theater&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="113">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Laredo, TX</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">82,500</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="16">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">14,403</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">10,299</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="93">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Spring 2007</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">7.4</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="17">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: white" valign="bottom" width="260">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; TEXT-ALIGN: left">
                            <font size="1">Westgate Mall - Former
                            Proffits&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="113">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Spartanburg, SC</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">153,000</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="16">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">N/A</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">N/A</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="93">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">August 2007</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">N/A</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="17">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: #eaf9e8" valign="top" width="260">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="113">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="10">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">2,177,184</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="16">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="41">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">274,619</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">237,477</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="93">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="17">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -0.69in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <b><font size="2">Announced Property Renovations and Redevelopments</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -0.69in; TEXT-ALIGN: left">
            &nbsp;</p>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr style="HEIGHT: 22.5pt">
                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid; HEIGHT: 22.5pt" valign="bottom" width="260" rowspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Property</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 22.5pt" valign="bottom" width="13" rowspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid; HEIGHT: 22.5pt" valign="bottom" width="114" rowspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Location</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 22.5pt" valign="bottom" width="7" rowspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid; HEIGHT: 22.5pt" valign="bottom" width="53" rowspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Total</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Project</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Square</font></b></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Feet</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 22.5pt" valign="bottom" width="13" rowspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid; HEIGHT: 22.5pt" valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">CBL&rsquo;s</font></b><font size="1">&nbsp;</font>
                            <b><font size="1">Share</font></b><font size="1">&nbsp;</font>
                            <b><font size="1">of</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 22.5pt" valign="bottom" width="13" rowspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid; HEIGHT: 22.5pt" valign="bottom" width="87" rowspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Date</font></b><br>
                            <b><font size="1">Opened</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 22.5pt" valign="bottom" width="7" rowspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid; HEIGHT: 22.5pt" valign="bottom" width="47" rowspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Initial</font></b><br>
                            <b><font size="1">Yield</font></b><font size="1">&nbsp;</font>
                            <b><font size="1">(d)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 22.5pt" valign="bottom" width="13" rowspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 22.5pt">
                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid; HEIGHT: 22.5pt" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Total</font></b><br>
                            <b><font size="1">Cost</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 22.5pt" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid; HEIGHT: 22.5pt" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Cost</font></b><font size="1">&nbsp;</font>
                            <b><font size="1">To</font></b><br>
                            <b><font size="1">Date</font></b></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: #eaf9e8" valign="top" width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">Mall
                            Renovations:</font></b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="114">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="53">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="87">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: white" valign="bottom" width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 8pt; TEXT-ALIGN: left">
                            <font size="1">Brookfield Square
                            &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="114">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Brookfield, WI</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="53">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,132,984</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">18,100</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">2,751</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="87">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Fall 2007</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">N/A</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 8pt; TEXT-ALIGN: left">
                            <font size="1">Georgia Square&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="114">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Athens, GA</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="53">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">674,738</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">16,900</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">5,146</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="87">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Spring 2008</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">N/A</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: white" valign="bottom" width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7pt; TEXT-ALIGN: left">
                            <font size="1">Mall del Norte&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="114">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Laredo, TX</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="53">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,207,687</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">20,400</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">18,810</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="87">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Fall 2007</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">N/A</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 8pt; TEXT-ALIGN: left">
                            <font size="1">Honey Creek
                            Mall&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="114">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Terre Haute, IN</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="53">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">678,763</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">5,600</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">4,319</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="87">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Fall 2007</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">N/A</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: white" valign="top" width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="114">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="53">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="87">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: #eaf9e8" valign="top" width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">Redevelopments:</font></b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="114">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="53">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="87">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: white" valign="bottom" width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7pt; TEXT-ALIGN: left">
                            <font size="1">Parkdale Mall - Former Dillards (Phase
                            I)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="114">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Beaumont, TX</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="53">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">50,720</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">14,720</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">8,062</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="87">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Fall 2007</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">4.1</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="260">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 8pt; TEXT-ALIGN: left">
                            <font size="1">Northpark Mall - Former
                            Wards&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="114">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Joplin, MO</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="53">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">90,688</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">9,750</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">7,327</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="87">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">October 2007</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">7.8</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: white" valign="bottom" width="260">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 8pt; TEXT-ALIGN: left">
                            <font size="1">Columbia Place - Former
                            JCPenney&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="114">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Columbia, SC</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="53">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">124,819</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">12,831</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">11,512</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="87">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Fall 2007</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">7.0</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BACKGROUND: #eaf9e8" valign="top" width="260">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="114">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="53">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">3,960,399</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">98,301</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">57,927</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="87">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -0.69in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">29</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <b><font size="2">Properties Under Development at September 30, 2007</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -0.69in; TEXT-ALIGN: left">
            &nbsp;</p>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr style="HEIGHT: 21.4pt">
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; BORDER-BOTTOM: black 1pt solid; HEIGHT: 21.4pt" valign="bottom" width="205" rowspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Property</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 21.4pt" valign="bottom" width="9" rowspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; BORDER-BOTTOM: black 1pt solid; HEIGHT: 21.4pt" valign="bottom" width="103" rowspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Location</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 21.4pt" valign="bottom" width="8" rowspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; BORDER-BOTTOM: black 1pt solid; HEIGHT: 21.4pt" valign="bottom" width="50" rowspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Total</font></b><font size="1">&nbsp;</font></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Project</font></b><br>
                            <b><font size="1">Square</font></b><font size="1">&nbsp;</font></p>

                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Feet</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 21.4pt" valign="bottom" width="14" rowspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid; HEIGHT: 21.4pt" valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">CBL&rsquo;s</font></b><font size="1">&nbsp;</font>
                            <b><font size="1">Share</font></b><font size="1">&nbsp;</font>
                            <b><font size="1">of</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 21.4pt" valign="bottom" width="6" rowspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; BORDER-BOTTOM: black 1pt solid; HEIGHT: 21.4pt" valign="bottom" width="60" rowspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Date</font></b><br>
                            <b><font size="1">Opened</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 21.4pt" valign="bottom" width="4" rowspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; BORDER-BOTTOM: black 1pt solid; HEIGHT: 21.4pt" valign="bottom" width="31" rowspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Initial</font></b><br>
                            <b><font size="1">Yield</font></b><font size="1">&nbsp;</font>
                            <b><font size="1">(d)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 21.4pt" valign="bottom" width="13" rowspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 21.35pt">
                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid; HEIGHT: 21.35pt" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Total</font></b><br>
                            <b><font size="1">Cost</font></b></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 21.35pt" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid; HEIGHT: 21.35pt" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Cost</font></b><font size="1">&nbsp;</font>
                            <b><font size="1">To</font></b><br>
                            <b><font size="1">Date</font></b></p>
                        </td>
                    </tr>

                    <tr height="25">
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">Mall
                            Expansions:</font></b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="9">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="103">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="14">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="bottom" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="bottom" width="60">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="31">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr height="22">
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 8pt; TEXT-ALIGN: left">
                            <font size="1">Brookfield Square - Claim
                            Jumpers&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="9">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="103">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Brookfield, WI</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">12,000</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="14">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">3,430</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">282</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="6">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="60">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Fall 2008</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="31">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">11.9</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7pt; TEXT-ALIGN: left">
                            <font size="1">The District at
                            CherryVale&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="9">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="103">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Rockford, IL</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">84,541</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="14">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">21,099</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">14,162</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="6">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="60">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Fall 2007</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="31">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">7.4</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 8pt; TEXT-ALIGN: left">
                            <font size="1">Coastal Grand - Old
                            Navy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="9">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="103">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Myrtle Beach, SC</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">23,269</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="14">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,813</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">736</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="6">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="60">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">October 2007</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="31">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">7.9</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 8pt; TEXT-ALIGN: left">
                            <font size="1">Coastal Grand -
                            JCPenney&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="9">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="103">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Myrtle Beach, SC</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">103,395</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="14">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">N/A</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">N/A</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="6">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="60">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Spring 2008</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="31">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">N/A</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 8pt; TEXT-ALIGN: left">
                            <font size="1">Coastal Grand - Ulta
                            Cosmetics&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="9">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="103">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Myrtle Beach, SC</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">10,000</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="14">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,449</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">794</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="6">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="60">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Spring 2008</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="31">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">8.7</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 8pt; TEXT-ALIGN: left">
                            <font size="1">Cary Towne Center - Mimi's
                            Caf&eacute;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="9">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="103">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Cary, NC</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">6,674</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="14">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">2,243</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">893</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="6">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="60">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Spring 2008</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="31">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">15.0</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7pt; TEXT-ALIGN: left">
                            <font size="1">Southpark Mall -
                            Foodcourt&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="9">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="103">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Colonial Heights, VA</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">17,150</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="14">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">4,188</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">849</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="6">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="60">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Spring 2008</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="31">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">11.0</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="9">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="103">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="14">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="60">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="31">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">Associated/Lifestyle
                            Centers:</font></b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="9">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="103">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="14">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="6">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="60">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="31">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7pt; TEXT-ALIGN: left">
                            <font size="1">Milford
                            Marketplace&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="103">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Milford, CT</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">105,638</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="14">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">25,729</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">15,372</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="60">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">October 2007</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="31">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">8.3</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 11.25pt">
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; HEIGHT: 11.25pt" valign="top" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7pt; TEXT-ALIGN: left">
                            <font size="1">Imperial Valley Commons (Phase I)
                            (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="bottom" width="9">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; HEIGHT: 11.25pt" valign="top" width="103">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">El Centro, CA</font></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; HEIGHT: 11.25pt" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">610,966</font></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="top" width="14">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; HEIGHT: 11.25pt" valign="top" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">11,471</font></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="top" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; HEIGHT: 11.25pt" valign="top" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">15,434</font></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="top" width="6">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; HEIGHT: 11.25pt" valign="top" width="60">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Fall 2008/</font></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="top" width="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; HEIGHT: 11.25pt" valign="top" width="31">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">8.1</font></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 11.25pt">
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; HEIGHT: 11.25pt" valign="top" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="top" width="9">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; HEIGHT: 11.25pt" valign="top" width="103">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; HEIGHT: 11.25pt" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="top" width="14">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; HEIGHT: 11.25pt" valign="top" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="top" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; HEIGHT: 11.25pt" valign="top" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="top" width="6">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; HEIGHT: 11.25pt" valign="top" width="60">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Summer 2009</font></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="top" width="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; HEIGHT: 11.25pt" valign="top" width="31">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 8pt; TEXT-ALIGN: left">
                            <font size="1">Brookfield Square - Corner
                            Development&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="103">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Brookfield, WI</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">19,745</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="14">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">8,372</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,229</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="6">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="60">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Fall 2008</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="31">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">8.0</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="103">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="14">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="6">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="60">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="31">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">Office:</font></b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="103">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="14">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="60">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="31">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 8pt; TEXT-ALIGN: left">
                            <font size="1">CBL Center II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="103">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Chattanooga, TN</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">74,598</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="14">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">17,120</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">7,564</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="6">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="60">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">January 2008</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="31">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">8.6</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="103">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="14">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="60">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="31">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">Mixed-Use
                            Center:</font></b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="103">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="14">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="bottom" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="6">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="60">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="31">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7pt; TEXT-ALIGN: left">
                            <font size="1">Pearland Town Center (Retail
                            Portion)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="103">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Pearland, TX</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">694,417</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="14">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">160,248</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">70,802</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="60">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Fall 2008</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="31">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">7.4</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr height="21">
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7pt; TEXT-ALIGN: left">
                            <font size="1">Pearland Town Center (Hotel
                            Portion)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="103">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Pearland, TX</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">72,500</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="14">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">17,886</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">476</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="6">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="60">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Fall 2008</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="31">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">8.3</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7pt; TEXT-ALIGN: left">
                            <font size="1">Pearland Town Center (Residential
                            Portion)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="103">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Pearland, TX</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">68,110</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="14">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">11,312</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">431</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="60">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Fall 2008</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="31">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">8.4</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7pt; TEXT-ALIGN: left">
                            <font size="1">Pearland Town Center (Office
                            Portion)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="103">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Pearland, TX</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">51,560</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="14">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">9,385</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">302</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="6">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="60">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Fall 2008</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="31">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">8.7</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr height="21">
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="103">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="14">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="60">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="31">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="1">Community/Open-Air
                            Centers:</font></b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="103">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="14">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="6">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="60">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="31">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7pt; TEXT-ALIGN: left">
                            <font size="1">Alamance Crossing -
                            Theater/Shops&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="103">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Burlington, NC</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">82,997</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="14">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">18,882</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">29</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="60">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Spring 2008</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="31">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">8.4</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 11.25pt">
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; HEIGHT: 11.25pt" valign="top" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7pt; TEXT-ALIGN: left">
                            <font size="1">Summit Fair&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="bottom" width="9">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; HEIGHT: 11.25pt" valign="top" width="103">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Lee's Summit, MO</font></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; HEIGHT: 11.25pt" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">512,551</font></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="bottom" width="14">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; HEIGHT: 11.25pt" valign="top" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">22,000</font></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; HEIGHT: 11.25pt" valign="top" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">22,000</font></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="bottom" width="6">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; HEIGHT: 11.25pt" valign="top" width="60">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Fall 2008/</font></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="top" width="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; HEIGHT: 11.25pt" valign="top" width="31">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">9.6</font></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 11.25pt">
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; HEIGHT: 11.25pt" valign="top" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="bottom" width="9">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; HEIGHT: 11.25pt" valign="top" width="103">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; HEIGHT: 11.25pt" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="bottom" width="14">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; HEIGHT: 11.25pt" valign="top" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; HEIGHT: 11.25pt" valign="top" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="bottom" width="6">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; HEIGHT: 11.25pt" valign="top" width="60">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Summer 2009</font></p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="bottom" width="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; HEIGHT: 11.25pt" valign="top" width="31">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; HEIGHT: 11.25pt" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="205">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 8pt; TEXT-ALIGN: left">
                            <font size="1">Cobblestone Village at Palm
                            Coast&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="103">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Palm Coast, FL</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">277,770</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="14">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">10,520</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">15,306</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="60">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">October 2007</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="4">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="31">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">7.7</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="top" width="13">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="205">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7pt; TEXT-ALIGN: left">
                            <font size="1">Settlers Ridge
                            (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" nowrap width="103">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Robinson Township, PA</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; BORDER-BOTTOM: black 1pt solid" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">515,444</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="14">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; BORDER-BOTTOM: black 1pt solid" valign="top" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">119,146</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; BORDER-BOTTOM: black 1pt solid" valign="top" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">26,689</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="6">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="60">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Summer 2009</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="4">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="31">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">8.6</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="top" width="13">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="205">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="103">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; BORDER-BOTTOM: black 2.25pt double" valign="top" width="50">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">3,343,325</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="14">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="top" width="6">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; BORDER-BOTTOM: black 2.25pt double" valign="top" width="47">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">466,293</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 2.25pt double" valign="top" width="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; BORDER-BOTTOM: black 2.25pt double" valign="top" width="40">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">193,350</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="6">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="top" width="60">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="4">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0.75pt; PADDING-LEFT: 0.75pt; BACKGROUND: #eaf9e8; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt" valign="bottom" width="31">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="13">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -0.69in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="1">(a)
            Amounts shown are 100% of total cost and cost to date for all of Phase II due to the
            fact that we fund all costs.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="1">(b)
            Total square footage includes redevelopment and expansion of 2,641 square
            feet.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="1">(c)
            50/50 joint venture.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="1">(d)
            Initial yields include reductions for management and development fees.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="1">(e)
            60/40 Joint Venture. Amounts shown are 100% of total costs and cost to date as CBL has
            funded all costs to date.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">As of September 30, 2007, there were construction loans in place for the
            development costs of Alamance Crossing, Milford Marketplace York Town Center, Pearland
            Town Center and CBL Center II. The remaining development costs will be funded with
            operating cash flows, credit facilities or construction loans that we plan to obtain in
            the near term.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.43in; TEXT-ALIGN: left">
            <font size="2">We have entered into a number of option agreements for the development
            of future regional malls, open-air centers and community centers. Except for the
            projects discussed under Developments and Expansions above, we do not have any other
            material capital commitments.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <i><font size="2">Dispositions</font></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">We received $52.9 million in net proceeds from the sales of ten parcels
            of land during the nine months ended September 30, 2007.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">30</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <i><font size="2">Other Capital Expenditures</font></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">Including our share of unconsolidated affiliates&rsquo; capital
            expenditures and excluding minority investors&rsquo; share of capital expenditures, we
            spent $45.4 million during the nine months ended September 30, 2007 for tenant
            allowances, which will generate increased rents from tenants over the terms of their
            leases. Deferred maintenance expenditures were $20.4 million for the nine months ended
            September 30, 2007 and included $12.8 million for roof repairs and replacements, $2.2
            million parking lots and parking lot lighting and $5.4 million for other capital
            expenditures. Renovation expenditures were $32.1 million for the nine months ended
            September 30, 2007.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">Deferred maintenance expenditures are generally billed to tenants as
            common area maintenance expense, and most are recovered over a 5 to 15-year period.
            Renovation expenditures are primarily for remodeling and upgrades of malls, of which
            approximately 30% is recovered from tenants over a 5 to 15-year period. We are
            recovering these costs through fixed amounts with annual increases or pro rata cost
            reimbursements based on the tenant&rsquo;s occupied space.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <b><font size="2">CRITICAL ACCOUNTING POLICIES</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">Our significant accounting policies are disclosed in Note 2 to the
            consolidated financial statements included in our Annual Report on Form 10-K for the
            year ended December 31, 2006. The following discussion describes our most critical
            accounting policies, which are those that are both important to the presentation of our
            financial condition and results of operations and that require significant judgment or
            use of complex estimates.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <b><font size="2">Revenue Recognition</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">Minimum rental revenue from operating leases is recognized on a
            straight-line basis over the initial terms, including rent holidays, of the related
            leases. Most tenants are required to pay percentage rent if their sales volumes exceed
            thresholds specified in their lease agreements. Percentage rent is recognized as
            revenue when the thresholds are achieved and the amounts become
            determinable.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">We receive reimbursements from tenants for real estate taxes, insurance,
            common area maintenance, utilities and other recoverable operating expenses as provided
            in the lease agreements. Tenant reimbursements are recognized as revenue in the period
            the related operating expenses are incurred. Tenant reimbursements related to certain
            capital expenditures are billed to tenants over periods of 5 to 15 years and are
            recognized as revenue when billed.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">We receive management, leasing and development fees from third parties
            and unconsolidated affiliates. Management fees are charged as a percentage of revenues
            (as defined in the management agreement) and are recognized as revenue when earned.
            Development fees are recognized as revenue on a pro rata basis over the development
            period. Leasing fees are charged for newly executed leases and lease renewals and are
            recognized as revenue when earned. Financing fees are earned in accordance with the
            terms of the applicable joint venture agreement. Development, leasing and financing
            fees received from unconsolidated affiliates are recognized as revenue to the extent of
            the third-party partners&rsquo; ownership interest. Fees to the extent of our ownership
            interest are recorded as a reduction to our investment in the unconsolidated
            affiliate.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">Gains on sales of real estate assets are recognized when it is
            determined that the sale has been consummated, the buyer&rsquo;s initial and continuing
            investment is adequate, our receivable, if any, is not subject to future subordination,
            and the buyer has assumed the usual risks and rewards of ownership of the asset. When
            we have an ownership interest in the buyer, gain is recognized to the extent of the
            third party partner's</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <font size="2">ownership interest and the portion of the gain attributable to our
            ownership interest is deferred.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">31</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <b><font size="2">Real Estate Assets</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">We capitalize predevelopment project costs paid to third parties. All
            previously capitalized predevelopment costs are expensed when it is no longer probable
            that the project will be completed. Once development of a project commences, all direct
            costs incurred to construct the project, including interest and real estate taxes, are
            capitalized. Additionally, certain general and administrative expenses are allocated to
            the projects and capitalized based on the amount of time applicable personnel work on
            the development project. Ordinary repairs and maintenance are expensed as incurred.
            Major replacements and improvements are capitalized and depreciated over their
            estimated useful lives.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">All acquired real estate assets are accounted for using the purchase
            method of accounting and, accordingly, the results of operations are included in the
            consolidated statements of operations from the respective dates of acquisition. The
            purchase price is allocated to (i) tangible assets, consisting of land, buildings and
            improvements, and tenant improvements, (ii) and identifiable intangible assets and
            liabilities generally consisting of above and below-market leases and in-place leases.
            We use estimates of fair value based on estimated cash flows, using appropriate
            discount rates, and other valuation methods to allocate the purchase price to the
            acquired tangible and intangible assets. Liabilities assumed generally consist of
            mortgage debt on the real estate assets acquired. Assumed debt with a stated interest
            rate that is significantly different from market interest rates is recorded at its fair
            value based on estimated market interest rates at the date of acquisition.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">Depreciation is computed on a straight-line basis over estimated lives
            of 40 years for buildings, 10 to 20 years for certain improvements and 7 to 10 years
            for equipment and fixtures. Tenant improvements are capitalized and depreciated on a
            straight-line basis over the term of the related lease. Lease-related intangibles from
            acquisitions of real estate assets are amortized over the remaining terms of the
            related leases. Any difference between the face value of the debt assumed and its fair
            value is amortized to interest expense over the remaining term of the debt using the
            effective interest method.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <b><font size="2">Carrying Value of Long-Lived Assets</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">We periodically evaluate long-lived assets to determine if there has
            been any impairment in their carrying values and record impairment losses if the
            undiscounted cash flows estimated to be generated by those assets are less than the
            assets&rsquo; carrying amounts or if there are other indicators of impairment. If it is
            determined that an impairment has occurred, the excess of the asset&rsquo;s carrying
            value over its estimated</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">fair
            value will be charged to operations. We did recognize an impairment of $0.3 million
            during the nine months ended September 30, 2006. No impairments have been incurred
            during the current year as of September 30, 2007.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <b><font size="2">RECENT ACCOUNTING PRONOUNCEMENTS</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">On July 13, 2006, the FASB issued Interpretation No. 48,</font>
            <i><font size="2">Accounting for Uncertainty in Income Taxes</font></i>
            <font size="2">(&ldquo;FIN 48&rdquo;), which is effective for fiscal years beginning
            after December 15, 2006. FIN&nbsp;48 clarifies the accounting for uncertainty in income
            taxes recognized in the financial statements in accordance with FASB Statement
            No.109,</font> <i><font size="2">Accounting for Income Taxes</font></i><font size="2">,
            by prescribing the minimum recognition threshold a tax position is required to meet
            before being recognized in the financial statements. FIN 48 also provides guidance on
            derecognition, measurement, classification, interest and penalties, accounting in
            interim periods, disclosure and transition.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">We adopted FIN 48 as of January 1, 2007 and have analyzed our various
            federal and state filing positions. Based on this evaluation, we believe that our
            accruals for income tax liabilities are adequate</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">32</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">and,
            therefore, no reserves for uncertain income tax positions have been recorded pursuant
            to FIN 48. Additionally, we did not record a cumulative effect adjustment related to
            the adoption of FIN 48.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">In September&nbsp;2006, the FASB issued Statement of Financial
            Accounting Standards (&ldquo;SFAS&rdquo;) No.&nbsp;157,</font> <i><font size="2">Fair
            Value Measurements</font></i><font size="2">. SFAS No. 157 defines fair value,
            establishes a framework that clarifies the fair value measurement objective within GAAP
            and its application under the various pronouncements that require or permit fair value
            measurements, and expands disclosures about fair value measurements. It is intended to
            increase consistency and comparability among fair value estimates used in financial
            reporting. SFAS No. 157 is effective for financial statements issued for fiscal years
            beginning after November&nbsp;15, 2007, and interim periods within those fiscal years.
            The transition adjustment, which is measured as the difference between the carrying
            amount and the fair value of those financial instruments at the date SFAS No. 157 is
            initially applied, should be recognized as a cumulative effect adjustment to the
            opening balance of retained earnings for the fiscal year in which SFAS No. 157 is
            initially applied. The provisions of SFAS No.&nbsp;157 are effective for us beginning
            January&nbsp;1, 2008. We are currently evaluating the impact of adopting SFAS
            No.&nbsp;157 on our financial position and results of operations.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">In February 2007, the FASB issued SFAS No. 159,</font>
            <i><font size="2">The Fair Value Option for Financial Assets and Financial
            Liabilities</font></i><font size="2">. SFAS No. 159 permits entities to choose to
            measure many financial instruments and certain other items at fair value that are not
            currently required to be measured at fair value. SFAS No. 109 also establishes
            presentation and disclosure requirements designed to facilitate comparisons between
            entities that choose different measurement attributes for similar types of assets and
            liabilities. SFAS No. 159 is effective for financial statements issued for fiscal years
            beginning after November 15, 2007, although early application is allowed. We are
            currently evaluating the impact of adopting SFAS No.&nbsp;159 on our financial position
            and results of operations.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <b><font size="2">IMPACT OF INFLATION</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">In the last three years, inflation has not had a significant impact on
            us because of the relatively low inflation rate. Substantially all tenant leases do,
            however, contain provisions designed to protect us from the impact of inflation. These
            provisions include clauses enabling us to receive percentage rent based on
            tenants&rsquo; gross sales, which generally increase as prices rise, and/or escalation
            clauses, which generally increase rental rates during the terms of the leases. In
            addition, many of the leases are for terms in the range of five to ten years, which may
            enable us to replace existing leases with new leases at higher base and/or percentage
            rents if rents of the existing leases are below the then existing market rate. Most of
            the leases require tenants to pay their share of operating expenses, including common
            area maintenance, real estate taxes and insurance, thereby reducing our exposure to
            increases in costs and operating expenses resulting from inflation.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <b><font size="2">FUNDS FROM OPERATIONS</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">Funds From Operations (&ldquo;FFO&rdquo;) 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
            (&ldquo;GAAP&rdquo;). The National Association of Real Estate Investment Trusts
            (&ldquo;NAREIT&rdquo;) defines FFO as net income (computed in accordance with GAAP)
            excluding gains or losses on sales of operating properties, plus depreciation and
            amortization, and after adjustments for unconsolidated partnerships and joint ventures
            and minority interests. Adjustments for unconsolidated partnerships and joint ventures
            and minority interests are calculated on the same basis. We define FFO allocable to
            common shareholders as defined above by NAREIT less dividends on preferred stock. Our
            method of calculating FFO allocable to common shareholders may be different from
            methods used by other REITs and, accordingly, may not be comparable to such other
            REITs.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">33</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            <font size="2">We believe that FFO provides an additional indicator of the operating
            performance of our Properties without giving effect to real estate depreciation and
            amortization, which assumes the value of real estate assets declines predictably over
            time. Since values of well-maintained real estate assets have historically increased or
            decreased based on prevailing market conditions, we believe that FFO enhances
            investors&rsquo; understanding of our operating performance. The use of FFO as an
            indicator of financial performance is influenced not only by the operations of our
            Properties and interest rates, but also by our capital structure.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            &nbsp;</p>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            &nbsp;</p>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            &nbsp;</p>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">FFO allocable to common shareholders decreased 2.3% for the three months
            ended September 30, 2007 to $49.7 million from $50.9 million for the same period in
            2006. FFO allocable to common shareholders decreased 2.3% for the nine months ended
            September 30, 2007 to $149.1 million compared to $152.6 million for the same period in
            2006.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">FFO of our operating partnership decreased 3.7% for the three months
            ended September 30, 2007 to $88.3 million from $91.6 million for the same period in
            2006. FFO of our operating partnership decreased 4.3% for the nine months ended
            September 30, 2007 to $265.0 million compared to $276.8 million for the same period in
            2006.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The decline in FFO for both the three and nine months ended September
            30, 2007 was primarily the result of a decrease in lease termination fees, the non-cash
            income tax provision and a decrease in the amortization of above and below-market
            leases. The write-off of the direct issuance costs during the nine month period ended
            September 30, 2007, related to the redemption of our Series B preferred stock also
            impacted FFO. No comparable charges were incurred in the prior year periods.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">34</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            <font size="2">The reconciliation of net income available to common shareholders to FFO
            allocable to common shareholders is as follows:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="46%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Three Months Ended</font></b><br>
                            <b><font size="1">September 30,</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Nine Months Ended</font></b><br>
                            <b><font size="1">September 30,</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="46%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">2007</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BACKGROUND: white; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">2006</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">2007</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BACKGROUND: white; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">2006</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="46%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="46%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Net income available to common shareholders</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">17,088</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">14,337</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">45,954</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">55,878</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="46%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Minority interest in earnings of operating
                            partnership</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">13,288</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">12,075</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">35,886</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">47,930</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid" height="22">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="46%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Depreciation and amortization expense of:</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="46%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Consolidated properties</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">58,893</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">62,142</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">176,067</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">170,546</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="46%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Unconsolidated affiliates</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">3,425</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">3,377</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">10,550</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">10,020</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="46%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Discontinued operations</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">462</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">859</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">1,810</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="46%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Non-real estate assets</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(228</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(218</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(690</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(623</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="46%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Minority investors' share of depreciation and
                            amortization</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(300</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(568</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">190</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(1,675</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="46%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">(Gain) loss on:</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="46%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Sales of operating real estate assets</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">49</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">87</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="46%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 28pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Discontinued operations</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(3,957</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: #eaf9e8 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(2</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: #eaf9e8 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(3,902</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: #eaf9e8 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">(7,217</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: #eaf9e8 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="46%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Funds from operations of the operating
                            partnership</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">88,209</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">91,654</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">264,914</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">276,756</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="46%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Percentage allocable to Company shareholders
                            (1)</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">56.34</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: #eaf9e8 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">55.55</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: #eaf9e8 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">56.28</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: #eaf9e8 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">55.14</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: #eaf9e8 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">%</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="bottom" width="46%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Funds from operations allocable to Company
                            shareholders</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">49,697</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">50,914</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">149,094</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">152,603</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="620" border="0">
                    <tr>
                        <td valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">(1)</font></p>
                        </td>

                        <td valign="top" nowrap width="580">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Represents the weighted average number of common shares
                            outstanding for the period divided by the sum of the weighted
                            average</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.28in; TEXT-ALIGN: left">
            <font size="1">&nbsp;&nbsp;&nbsp;&nbsp; number of common shares and the weighted
            average number of operating partnership units outstanding during the period.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">ITEM
            3: Quantitative and Qualitative Disclosures About Market Risk</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">We are exposed to interest rate risk on our debt obligations and
            derivative financial instruments. We may elect to use derivative financial instruments
            to manage our exposure to changes in interest rates, but will not use them for
            speculative purposes. Our interest rate risk management policy requires that derivative
            instruments be used for hedging purposes only and that they be entered into only with
            major financial institutions based on their credit ratings and other
            factors.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">Based on our proportionate share of consolidated and unconsolidated
            variable rate debt at September 30, 2007, a 0.5% increase or decrease in interest rates
            on this variable-rate debt would decrease or increase annual cash flows by
            approximately $5.2 million and, after the effect of capitalized interest, annual
            earnings by approximately $4.6 million.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">Based on our proportionate share of total consolidated and
            unconsolidated debt at September 30, 2007, a 0.5% increase in interest rates would
            decrease the fair value of debt by approximately $94.0 million, while a 0.5% decrease
            in interest rates would increase the fair value of debt by approximately $97.2
            million.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.48in; TEXT-ALIGN: left">
            <font size="2">We did not have any derivative financial instruments during the nine
            months ended September 30, 2007.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">ITEM
            4: Controls and Procedures</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <i><font size="2">Disclosure Controls and Procedures</font></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            <font size="2">Because of its inherent limitations, internal control over financial
            reporting may not prevent or detect misstatements. Also, projections of any evaluation
            of its effectiveness to future periods are subject to the risk that controls may become
            inadequate because of changes in conditions, or that the degree of compliance with the
            policies or procedures may deteriorate.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">35</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            <font size="2">As of the end of the period covered by this quarterly report, an
            evaluation was performed under the supervision of our Chief Executive Officer and Chief
            Financial Officer and with the participation of our management, of the effectiveness of
            the design and operation of our disclosure controls and procedures pursuant to Exchange
            Act Rule 13a-15. Based on that evaluation, the Chief Executive Officer and Chief
            Financial Officer have concluded that our disclosure controls and procedures are
            effective to ensure that information that we are required to disclose in the reports we
            file or submit under the Exchange Act, is recorded, processed, summarized and reported
            within the time periods specified in the Securities and Exchange Commission rules and
            forms.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <i><font size="2">Changes in Internal Control over Financial Reporting</font></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            <font size="2">There have been no changes in our internal control over financial
            reporting during our most recent fiscal quarter that have materially affected, or are
            reasonably likely to materially affect, our internal control over financial
            reporting.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">PART
            II - OTHER INFORMATION</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="223" border="0">
                    <tr>
                        <td valign="top" nowrap width="87">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">ITEM 1:</font></b></p>
                        </td>

                        <td valign="top" nowrap width="136">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">Legal Proceedings</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="139" border="0">
                    <tr>
                        <td valign="top" nowrap width="87">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="52">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">None</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="187" border="0">
                    <tr>
                        <td valign="top" nowrap width="87">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">ITEM 1A.</font></b></p>
                        </td>

                        <td valign="top" nowrap width="100">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">Risk Factors</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The following information updates the information disclosed in
            &ldquo;Item 1A &ndash; Risk Factors&rdquo; of our Annual Report on Form 10-K for the
            year ended December 31, 2006, by providing information that is current as of September
            30, 2007:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <b><font size="2">RISKS RELATED TO REAL ESTATE INVESTMENTS</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.25in; TEXT-ALIGN: left">
            <font size="2">A number of factors may decrease the income generated by a retail
            shopping center property, including:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">National, regional and local economic climates, which
                            may be negatively impacted by plant closings, industry slowdowns,
                            adverse weather conditions, natural disasters, acts of terrorism and
                            other factors which tend to reduce consumer spending on retail
                            goods.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Local real estate conditions, such as an oversupply of,
                            or reduction in demand for, retail space or retail goods, and the
                            availability and creditworthiness of current and prospective
                            tenants.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Increased operating costs, such as increases in real
                            property taxes, utility rates and insurance premiums.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Perceptions by retailers or shoppers of the safety,
                            convenience and attractiveness of the shopping center.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">The willingness and ability of the shopping
                            center&rsquo;s owner to provide capable management and maintenance
                            services.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">The convenience and quality of competing retail
                            properties and other retailing options, such as the
                            Internet.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">36</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.25in; TEXT-ALIGN: left">
            <font size="2">In addition, other factors may adversely affect the value of our
            Properties without affecting their current revenues, including:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Adverse changes in governmental regulations, such as
                            local zoning and land use laws, environmental regulations or local tax
                            structures that could inhibit our ability to proceed with development,
                            expansion, or renovation activities that otherwise would be beneficial
                            to our Properties.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Potential environmental or other legal liabilities that
                            reduce the amount of funds available to us for investment in our
                            Properties.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Any inability to obtain sufficient financing (including
                            both construction financing and permanent debt), or the inability to
                            obtain such financing on commercially favorable terms, to fund new
                            developments, acquisitions, and property expansions and renovations
                            which otherwise would benefit our Properties.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">An environment of rising interest rates, which could
                            negatively impact both the value of commercial real estate such as
                            retail shopping centers and the overall retail climate.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            <font size="2">Regional malls are typically anchored by well-known department stores
            and other significant tenants who generate shopping traffic at the mall. A decision by
            an anchor tenant or other significant tenant to cease operations at one or more
            Properties could have a material adverse effect on those Properties and, by extension,
            on our financial condition and results of operations. The closing of an anchor or other
            significant tenant may allow other anchors and/or tenants at an affected Property to
            terminate their leases, to seek rent relief and/or cease operating their stores or
            otherwise adversely affect occupancy at the Property. In addition, key tenants at one
            or more Properties might terminate their leases as a result of mergers, acquisitions,
            consolidations, dispositions or bankruptcies in the retail industry. The bankruptcy
            and/or closure of one or more significant tenants, if we are not able to successfully
            re-tenant the affected space, could have a material adverse effect on both the
            operating revenues and underlying value of the Properties involved.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Under various federal, state and local environmental laws, ordinances
            and regulations, a current or previous owner or operator of real property may be liable
            for the costs of removal or remediation of hazardous or toxic substances on, under or
            in that real property. These laws often impose liability whether or not the owner or
            operator knew of, or was responsible for, the presence of hazardous or toxic
            substances. The costs of investigation, removal or remediation of hazardous or toxic
            substances may be substantial. In addition, the presence of hazardous or toxic
            substances, or the failure to remedy environmental hazards properly, may adversely
            affect the owner&rsquo;s or operator&rsquo;s ability to sell or rent affected real
            property or to borrow money using affected real property as collateral.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Persons or entities that arrange for the disposal or treatment of
            hazardous or toxic substances may also be liable for the costs of removal or
            remediation of hazardous or toxic substances at the disposal or treatment facility,
            whether or not that facility is owned or operated by the person or entity arranging for
            the disposal or treatment of hazardous or toxic substances. Laws exist that impose
            liability for release of asbestos-containing materials into the air, and third parties
            may seek recovery from owners or operators of real property for personal injury
            associated with exposure to asbestos-</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">37</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <font size="2">containing materials. In connection with our ownership, operation,
            management, development and redevelopment of our Properties, or any other Properties we
            acquire in the future, we may be potentially liable under these laws and may incur
            costs in responding to these liabilities, which could have an adverse effect on our
            results of operations, cash flow and the funds available to us to pay
            dividends.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <b><font size="2">RISKS RELATED TO OUR BUSINESS AND THE MARKET FOR OUR
            STOCK</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">We intend to pursue development and expansion activities as
            opportunities arise. In connection with any development or expansion, we will incur
            various risks including the risk that development or expansion opportunities explored
            by us may be abandoned and the risk that construction costs of a project may exceed
            original estimates, possibly making the project not profitable. Other risks include the
            risk that we may not be able to refinance construction loans which are generally with
            full recourse to us, the risk that occupancy rates and rents at a completed project
            will not meet projections and will be insufficient to make the project profitable, and
            the risk that we will not be able to obtain anchor, mortgage lender and property
            partner approvals for certain expansion activities. In the event of an unsuccessful
            development project, our loss could exceed our investment in the project.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">We have in the past elected not to proceed with certain development
            projects and anticipate that we will do so again from time to time in the future. If we
            elect not to proceed with a development opportunity, the development costs ordinarily
            will be charged against income for the then-current period. Any such charge could have
            a material adverse effect on our results of operations for the period in which the
            charge is taken.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <i><b><font size="2">Competition from other retail formats could adversely affect the
            revenues generated by our Properties, resulting in a reduction in funds available for
            distribution to our stockholders.</font></b></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">There are numerous shopping facilities that compete with our Properties
            in attracting retailers to lease space. In addition, retailers at our Properties face
            competition for customers from:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Discount shopping centers</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Outlet malls</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Wholesale clubs</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Direct mail</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Telemarketing</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Television shopping networks</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Shopping via the Internet</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Each of these competitive factors could adversely affect the amount of
            rents that we are able to collect from our tenants, thereby reducing our revenues and
            the funds available for distribution to our stockholders.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <i><b><font size="2">Since our Properties are located principally in the Southeastern
            and Midwestern United States, our financial position, results of operations and funds
            available for distribution to shareholders are subject generally to economic conditions
            in these regions.</font></b></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">38</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.49in; TEXT-ALIGN: left">
            <font size="2">Our Properties are located principally in the southeastern and
            midwestern United States. Our Properties located in the southeastern United States
            accounted for approximately 50.4% of our total revenues from all Properties for the
            nine months ended September 30, 2007 and currently include 42 malls, 19 associated
            centers, two community centers and our corporate office building. Our Properties
            located in the midwestern United States accounted for approximately 29.2% of our total
            revenues from all Properties for the nine months ended September 30, 2007 and currently
            include 22 malls, 4 associated centers and one community center. Our results of
            operations and funds available for distribution to shareholders therefore will be
            subject generally to economic conditions in the southeastern and midwestern United
            States. We will continue to look for opportunities to geographically diversify our
            portfolio in order to minimize dependency on any particular region; however, the
            expansion of the portfolio through both acquisitions and developments is contingent on
            many factors including consumer demand, competition and economic conditions.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <i><b><font size="2">Certain of our Properties are subject to ownership interests held
            by third parties, whose interests may conflict with ours and thereby constrain us from
            taking actions concerning these properties which otherwise would be in the best
            interests of the Company and our stockholders.</font></b></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">We own partial interests in eleven malls, eight associated centers and
            one office building. We manage all of these properties except for Governor&rsquo;s
            Square, Governor&rsquo;s Plaza and Kentucky Oaks. A property manager affiliated with
            the managing general partner performs the property management and leasing services for
            these Properties and receives a fee for its services. The managing partner of each of
            these three Properties controls the cash flow distributions, although our approval is
            required for certain major decisions.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Where we serve as managing general partner of the partnerships that own
            our Properties, we may have certain fiduciary responsibilities to the other partners in
            those partnerships. In certain cases, the approval or consent of the other partners is
            required before we may sell, finance, expand or make other significant changes in the
            operations of such Properties. To the extent such approvals or consents are required,
            we may experience difficulty in, or may be prevented from, implementing our plans with
            respect to expansion, development, financing or other similar transactions with respect
            to such Properties.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">With respect to Governor&rsquo;s Square, Governor&rsquo;s Plaza and
            Kentucky Oaks we do not have day-to-day operational control or control over certain
            major decisions, including leasing and the timing and amount of distributions, which
            could result in decisions by the managing general partner that do not fully reflect our
            interests. This includes decisions relating to the requirements that we must satisfy in
            order to maintain our status as a REIT for tax purposes. However, decisions relating to
            sales, expansion and disposition of all or substantially all of the assets and
            financings are subject to approval by the Operating Partnership.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <i><b><font size="2">Certain agreements with prior owners of Properties that we have
            acquired may inhibit our ability to enter into future sale or refinancing transactions
            affecting such Properties, which otherwise would be in the best interests of the
            Company and our stockholders.</font></b></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Certain Properties that we originally acquired from third parties had
            unrealized gain attributable to the difference between the fair market value of such
            Properties and the third parties&rsquo; adjusted tax basis in the Properties
            immediately prior to their contribution of such Properties to the Operating Partnership
            pursuant to our acquisition. For this reason, a taxable sale by us of any of such
            Properties, or a significant reduction in the debt encumbering such Properties, could
            result in adverse tax consequences to the third parties who contributed these
            Properties in exchange for interests in the Operating Partnership. Under the terms of
            these transactions, we have generally agreed that we either will not sell or refinance
            such an acquired Property for a number of years in any transaction that would trigger
            adverse tax consequences for the parties from whom we acquired such Property,
            or</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">39</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">else we
            will reimburse such parties for all or a portion of the additional taxes they are
            required to pay as a result of the transaction. Accordingly, these agreements may cause
            us not to engage in future sale or refinancing transactions affecting such Properties
            which otherwise would be in the best interests of the Company and our stockholders, or
            may increase the costs to us of engaging in such transactions.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.31in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <i><b><font size="2">Our financial position, results of operations and funds available
            for distribution to shareholders could be adversely affected by any economic downturn
            affecting the operating results at our Properties in the Nashville, TN, Pittsburgh, PA,
            Kansas City, KS, Madison, WI and Chattanooga, TN metropolitan areas, which are our five
            largest markets.</font></b></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.31in; TEXT-ALIGN: left">
            <font size="2">Our Properties located in the Nashville, TN, Pittsburgh, PA, Kansas City
            (Overland Park), KS, Madison, WI and Chattanooga, TN&nbsp;&nbsp;metropolitan areas
            accounted for 5.3%, 4.5%, 3.7%, 3.1% and 3.0% of our revenues for the nine months ended
            September 30, 2007, respectively. No other market accounted for 3.0% or more of our
            revenues for the nine months ended September 30, 2007. Our financial position and
            results of operations will therefore be affected by the results experienced at
            Properties located in these metropolitan areas.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <i><b><font size="2">Rising interest rates could both increase our borrowing costs,
            thereby adversely affecting our cash flow and the amounts available for distributions
            to our stockholders, and decrease our stock price, if investors seek higher yields
            through other investments.</font></b></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.31in; TEXT-ALIGN: left">
            <font size="2">An environment of rising interest rates could lead holders of our
            securities to seek higher yields through other investments, which could adversely
            affect the market price of our stock. One of the factors that may influence the price
            of our stock in public markets is the annual distribution rate we pay as compared with
            the yields on alternative investments. Numerous other factors, such as governmental
            regulatory action and tax laws, could have a significant impact on the future market
            price of our stock. In addition, increases in market interest rates could result in
            increased borrowing costs for us, which may adversely affect our cash flow and the
            amounts available for distributions to our stockholders.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <i><b><font size="2">Recent changes in the U.S. federal income tax treatment of
            corporate dividends may make our stock less attractive to investors, thereby lowering
            our stock price.</font></b></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.31in; TEXT-ALIGN: left">
            <font size="2">The maximum U.S. federal income tax rate for dividends received by
            individual taxpayers has been reduced generally from 38.6% to 15.0% (currently
            effective from January&nbsp;1, 2003 through 2010). However, dividends payable by REITs
            are generally not eligible for such treatment. Although this legislation did not have a
            directly adverse effect on the taxation of REITs or dividends paid by REITs, the more
            favorable treatment for non-REIT dividends could cause individual investors to consider
            investments in non-REIT corporations as more attractive relative to an investment in a
            REIT, which could have an adverse impact on the market price of our stock.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <i><b><font size="2">Certain of our credit facilities, the loss of which could have a
            material, adverse impact on our financial condition and results of operations, are
            conditioned upon the Operating Partnership continuing to be managed by certain members
            of its current senior management and by such members of senior management continuing to
            own a significant direct or indirect equity interest in the Operating
            Partnership.</font></b></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.31in; TEXT-ALIGN: left">
            <font size="2">Certain of the Operating Partnership&rsquo;s lines of credit are
            conditioned upon the Operating Partnership continuing to be managed by certain members
            of its current senior management and by such members of senior management continuing to
            own a significant direct or indirect equity interest in the Operating Partnership
            (including any shares of our common stock owned by such members of senior management).
            If the failure of one or more of these conditions resulted in the loss of
            these</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">40</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">credit
            facilities and we were unable to obtain suitable replacement financing, such loss could
            have a material, adverse impact on our financial position and results of
            operations.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <i><b><font size="2">Our insurance coverage may change in the future, and may not
            include coverage for acts of terrorism.</font></b></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.31in; TEXT-ALIGN: left">
            <font size="2">The general liability and property casualty insurance policies on our
            Properties currently include coverage for loss resulting from acts of terrorism,
            whether foreign or domestic. The cost of general liability and property casualty
            insurance policies that include coverage for acts of terrorism has risen significantly
            post-September&nbsp;11, 2001. The cost of coverage for acts of terrorism is currently
            mitigated by the Terrorism Risk Insurance Act (&ldquo;TRIA&rdquo;). If TRIA is not
            extended beyond its current expiration date of December 31, 2007, we may incur higher
            insurance costs and greater difficulty in obtaining insurance that covers
            terrorist-related damages. Our tenants may also experience similar
            difficulties.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <b><font size="2">RISKS RELATED TO FEDERAL INCOME TAX LAWS</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <i><b><font size="2">If we fail to qualify as a REIT in any taxable year, our funds
            available for distribution to stockholders will be reduced.</font></b></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.31in; TEXT-ALIGN: left">
            <font size="2">We intend to continue to operate so as to qualify as a REIT under the
            Internal Revenue Code. Although we believe that we are organized and operate in such a
            manner, no assurance can be given that we currently qualify and in the future will
            continue to qualify as a REIT. Such qualification involves the application of highly
            technical and complex Internal Revenue Code provisions for which there are only limited
            judicial or administrative interpretations. The determination of various factual
            matters and circumstances not entirely within our control may affect our ability to
            qualify. In addition, no assurance can be given that legislation, new regulations,
            administrative interpretations or court decisions will not significantly change the tax
            laws with respect to qualification or its corresponding federal income tax
            consequences. Any such change could have a retroactive effect.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.31in; TEXT-ALIGN: left">
            <font size="2">If in any taxable year we were to fail to qualify as a REIT, we would
            not be allowed a deduction for distributions to stockholders in computing our taxable
            income and we would be subject to federal income tax on our taxable income at regular
            corporate rates. Unless entitled to relief under certain statutory provisions, we also
            would be disqualified from treatment as a REIT for the four taxable years following the
            year during which qualification was lost. As a result, the funds available for
            distribution to our stockholders would be reduced for each of the years involved. This
            would likely have a significant adverse effect on the value of our securities and our
            ability to raise additional capital. In addition, we would no longer be required to
            make distributions to our stockholders. We currently intend to operate in a manner
            designed to qualify as a REIT. However, it is possible that future economic, market,
            legal, tax or other considerations may cause our board of directors, with the consent
            of a majority of our stockholders, to revoke the REIT election.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <i><b><font size="2">Any issuance or transfer of our capital stock to any person in
            excess of the applicable limits on ownership necessary to maintain our status as a REIT
            would be deemed void ab initio, and those shares would automatically be transferred to
            a non-affiliated charitable trust.</font></b></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.31in; TEXT-ALIGN: left">
            <font size="2">To maintain our status as a REIT under the Internal Revenue Code, not
            more than 50% in value of our outstanding capital stock may be owned, directly or
            indirectly, by five or fewer individuals (as defined in the Internal Revenue Code to
            include certain entities) during the last half of a taxable year. Our certificate of
            incorporation generally prohibits ownership of more than 6% of the outstanding shares
            of our capital stock by any single stockholder determined by vote, value or number of
            shares (other than Charles B. Lebovitz, our Chief Executive Officer, David Jacobs, the
            estate of Richard Jacobs and their affiliates under the Internal Revenue Code&rsquo;s
            attribution rules). The affirmative vote</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">41</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">of
            66<sup>&nbsp;2</sup>/<sub>3</sub>% of our outstanding voting stock is required to amend
            this provision.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.31in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.31in; TEXT-ALIGN: left">
            <font size="2">Our board of directors may, subject to certain conditions, waive the
            applicable ownership limit upon receipt of a ruling from the IRS or an opinion of
            counsel to the effect that such ownership will not jeopardize our status as a REIT.
            Absent any such waiver, however, any issuance or transfer of our capital stock to any
            person in excess of the applicable ownership limit or any issuance or transfer of
            shares of such stock which would cause us to be beneficially owned by fewer than 100
            persons, will be null and void and the intended transferee will acquire no rights to
            the stock. Instead, such issuance or transfer with respect to that number of shares
            that would be owned by the transferee in excess of the ownership limit provision would
            be deemed void</font><i><font size="2">ab initio</font></i> <font size="2">and those
            shares would automatically be transferred to a trust for the exclusive benefit of a
            charitable beneficiary to be designated by us, with a trustee designated by us, but who
            would not be affiliated with us or with the prohibited owner. Any acquisition of our
            capital stock and continued holding or ownership of our capital stock constitutes,
            under our certificate of incorporation, a continuous representation of compliance with
            the applicable ownership limit.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <i><b><font size="2">In order to maintain our status as a REIT and avoid the imposition
            of certain additional taxes under the Internal Revenue Code, we must satisfy minimum
            requirements for distributions to shareholders, which may limit the amount of cash we
            might otherwise have been able to retain for use in growing our
            business.</font></b></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.31in; TEXT-ALIGN: left">
            <font size="2">To maintain our status as a REIT under the Internal Revenue Code, we
            generally will be required each year to distribute to our stockholders at least 90% of
            our taxable income after certain adjustments. However, to the extent that we do not
            distribute all of our net capital gain or distribute at least 90% but less than 100% of
            our REIT taxable income, as adjusted, we will be subject to tax on the undistributed
            amount at ordinary and capital gains corporate tax rates, as the case may be. In
            addition, we will be subject to a 4% nondeductible excise tax on the amount, if any, by
            which certain distributions paid by us during each calendar year are less than the sum
            of 85% of our ordinary income for such calendar year, 95% of our capital gain net
            income for the calendar year and any amount of such income that was not distributed in
            prior years. In the case of property acquisitions, including our initial formation,
            where individual Properties are contributed to our Operating Partnership for Operating
            Partnership units, we have assumed the tax basis and depreciation schedules of the
            entities&rsquo; contributing Properties. The relatively low tax basis of such
            contributed Properties may have the effect of increasing the cash amounts we are
            required to distribute as dividends, thereby potentially limiting the amount of cash we
            might otherwise have been able to retain for use in growing our business. This low tax
            basis may also have the effect of reducing or eliminating the portion of distributions
            made by us that are treated as a non-taxable return of capital.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <b><font size="2">RISKS RELATED TO OUR ORGANIZATIONAL STRUCTURE</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <i><b><font size="2">The ownership limit described above, as well as certain provisions
            in our amended and restated certificate of incorporation and bylaws, our stockholder
            rights plan, and certain provisions of Delaware law may hinder any attempt to acquire
            us.</font></b></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.31in; TEXT-ALIGN: left">
            <font size="2">There are certain provisions of Delaware law, our amended and restated
            certificate of incorporation, our bylaws, and other agreements to which we are a party
            that may have the effect of delaying, deferring or preventing a third party from making
            an acquisition proposal for us. These provisions may also inhibit a change in control
            that some, or a majority, of our stockholders might believe to be in their best
            interest or that could give our stockholders the opportunity to realize a premium over
            the then-prevailing market prices for their shares. These provisions and agreements are
            summarized as follows:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">42</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <u><font size="2">The Ownership Limit</font></u> <font size="2">&ndash;
                            As described above, to maintain our status as a REIT under the Internal
                            Revenue Code, not more than 50% in value of our outstanding capital
                            stock may be owned, directly or indirectly, by five or fewer
                            individuals (as defined in the Internal Revenue Code to include certain
                            entities) during the last half of a taxable year. Our certificate of
                            incorporation generally prohibits ownership of more than 6% of the
                            outstanding shares of our capital stock by any single stockholder
                            determined by value (other than Charles B. Lebovitz, David Jacobs, the
                            estate of Richard Jacobs and their affiliates under the Internal
                            Revenue Code&rsquo;s attribution rules). In addition to preserving our
                            status as a REIT, the ownership limit may have the effect of precluding
                            an acquisition of control of us without the approval of our board of
                            directors.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <u><font size="2">Classified Board of Directors; Removal for
                            Cause</font></u> <font size="2">&ndash; Our certificate of
                            incorporation provides for a board of directors divided into three
                            classes, with one class elected each year to serve for a three-year
                            term. As a result, at least two annual meetings of stockholders may be
                            required for the stockholders to change a majority of our board of
                            directors. In addition, our stockholders can only remove directors for
                            cause and only by a vote of 75% of the outstanding voting stock.
                            Collectively, these provisions make it more difficult to change the
                            composition of our board of directors and may have the effect of
                            encouraging persons considering unsolicited tender offers or other
                            unilateral takeover proposals to negotiate with our board of directors
                            rather than pursue non-negotiated takeover attempts.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <u><font size="2">Advance Notice Requirements for Stockholder
                            Proposals</font></u> <font size="2">&ndash; Our bylaws establish
                            advance notice procedures with regard to stockholder proposals relating
                            to the nomination of candidates for election as directors or new
                            business to be brought before meetings of our stockholders. These
                            procedures generally require advance written notice of any such
                            proposals, containing prescribed information, to be given to our
                            Secretary at our principal executive offices not less than 60 days nor
                            more than 90 days prior to the meeting.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-ALIGN: left">
            &nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <u><font size="2">Vote Required to Amend Bylaws</font></u>
                            <font size="2">&ndash; A vote of 66<sup>&nbsp; 2</sup>/<sub>3</sub>% of
                            the outstanding voting stock is necessary to amend our
                            bylaws.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <u><font size="2">Stockholder Rights Plan</font></u>
                            <font size="2">&ndash; We have a stockholder rights plan, which may
                            delay, deter or prevent a change in control unless the acquirer
                            negotiates with our board of directors and the board of directors
                            approves the transaction. The rights plan generally would be triggered
                            if an entity, group or person acquires (or announces a plan to acquire)
                            15% or more of our common stock. If such transaction is not approved by
                            our board of directors, the effect of the stockholder rights plan would
                            be to allow our stockholders to purchase shares of our common stock, or
                            the common stock or other merger consideration paid by the acquiring
                            entity, at an effective 50% discount.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <u><font size="2">Delaware Anti-Takeover Statute</font></u>
                            <font size="2">&ndash; We are a Delaware corporation and are subject to
                            Section 203 of the Delaware General Corporation Law. In general,
                            Section 203 prevents an &ldquo;interested stockholder&rdquo; (defined
                            generally as a person owning 15% or more of a company&rsquo;s
                            outstanding voting stock) from engaging in a &ldquo;business
                            combination&rdquo; (as defined in Section 203) with us for three years
                            following the date that person becomes an interested stockholder
                            unless:</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.75in; TEXT-ALIGN: left">
            <font size="2">(a)</font><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">before that person became an interested holder, our board of directors
            approved the transaction in which the interested holder became an interested
            stockholder or approved the business combination;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.75in; TEXT-ALIGN: left">
            <font size="2">(b)</font><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">upon completion of the transaction that resulted in the interested
            stockholder becoming an interested stockholder, the interested stockholder owns 85% of
            our voting</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.75in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">43</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.75in; TEXT-ALIGN: left">
            <font size="2">stock outstanding at the time the transaction commenced (excluding stock
            held by directors who are also officers and by employee stock plans that do not provide
            employees with the right to determine confidentially whether shares held subject to the
            plan will be tendered in a tender or exchange offer); or</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.75in; TEXT-ALIGN: left">
            <font size="2">(c)</font><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <font size="2">following the transaction in which that person became an interested
            stockholder, the business combination is approved by our board of directors and
            authorized at a meeting of stockholders by the affirmative vote of the holders of at
            least two-thirds of our outstanding voting stock not owned by the interested
            stockholder.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Under Section 203, these restrictions also do not apply to certain
            business combinations proposed by an interested stockholder following the announcement
            or notification of certain extraordinary transactions involving us and a person who was
            not an interested stockholder during the previous three years or who became an
            interested stockholder with the approval of a majority of our directors, if that
            extraordinary transaction is approved or not opposed by a majority of the directors who
            were directors before any person became an interested stockholder in the previous three
            years or who were recommended for election or elected to succeed such directors by a
            majority of directors then in office.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <i><b><font size="2">Certain ownership interests held by members of our senior
            management may tend to create conflicts of interest between such individuals and the
            interests of the Company and our Operating Partnership.</font></b></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <u><font size="2">Retained Property Interests</font></u>
                            <font size="2">&ndash; Members of our senior management own interests
                            in certain real estate Properties that were retained by them at the
                            time of our initial public offering. These consist primarily of
                            outparcels at certain of our properties, which are being offered for
                            sale through our management company. As a result, these members of our
                            senior management have interests that could conflict with the interests
                            of the Company, our shareholders and the Operating Partnership with
                            respect to any transaction involving these Properties.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <u><font size="2">Tax Consequences of the Sale or Refinancing of
                            Certain Properties</font></u> <font size="2">&ndash; Since certain of
                            our Properties had unrealized gain attributable to the difference
                            between the fair market value and adjusted tax basis in such Properties
                            immediately prior to their contribution to the Operating Partnership, a
                            taxable sale of any such Properties, or a significant reduction in the
                            debt encumbering such Properties, could cause adverse tax consequences
                            to the members of our senior management who owned interests in our
                            predecessor entities. As a result, members of our senior management
                            might not favor a sale of a property or a significant reduction in debt
                            even though such a sale or reduction could be beneficial to us and the
                            Operating Partnership. Our bylaws provide that any decision relating to
                            the potential sale of any property that would result in a
                            disproportionately higher taxable income for members of our senior
                            management than for us and our stockholders, or that would result in a
                            significant reduction in such property&rsquo;s debt, must be made by a
                            majority of the independent directors of the board of directors. The
                            Operating Partnership is required, in the case of such a sale, to
                            distribute to its partners, at a minimum, all of the net cash proceeds
                            from such sale up to an amount reasonably believed necessary to enable
                            members of our senior management to pay any income tax liability
                            arising from such sale.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <u><font size="2">Interests in Other Entities; Policies of the Board of
                            Directors</font></u> <font size="2">&ndash; Certain entities owned in
                            whole or in part by members of our senior management, including the
                            construction company that built or renovated most of our properties,
                            may continue to perform services for, or transact business with, us and
                            the Operating Partnership. Furthermore, certain property tenants are
                            affiliated with members of our senior management. Accordingly, although
                            our</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">44</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: left">
            <font size="2">bylaws provide that any contract or transaction between us or the
            Operating Partnership and one or more of our directors or officers, or between us or
            the Operating Partnership and any other entity in which one or more of our directors or
            officers are directors or officers or have a financial interest, must be approved by
            our disinterested directors or stockholders after the material facts of the
            relationship or interest of the contract or transaction are disclosed or are known to
            them, these affiliations could nevertheless create conflicts between the interests of
            these members of senior management and the interests of the Company, our shareholders
            and the Operating Partnership in relation to any transactions between us and any of
            these entities.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="491" border="0">
                    <tr>
                        <td valign="top" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">ITEM 2:</font></b></p>
                        </td>

                        <td valign="top" nowrap width="395">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">Unregistered Sales of Equity Securities and Use of
                            Proceeds</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.75in; TEXT-ALIGN: left">
            &nbsp;</p>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="72">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(c)</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">The following table presents information with respect to
                            repurchases of common stock made by us during the three months ended
                            September 30, 2007:</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.75in; TEXT-ALIGN: left">
            &nbsp;</p>

            <div align="left">
                <table style="MARGIN-LEFT: 70.4pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="81%" border="0">
                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="22%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Period</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="15%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Total Number</font></b><br>
                            <b><font size="1">of Shares</font></b><br>
                            <b><font size="1">Purchased (1)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Average</font></b><br>
                            <b><font size="1">Price</font></b><br>
                            <b><font size="1">Paid per</font></b><br>
                            <b><font size="1">Share (2)</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="17%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Total Number of</font></b><br>
                            <b><font size="1">Shares Purchased as</font></b><br>
                            <b><font size="1">Part of a Publicly</font></b><br>
                            <b><font size="1">Announced Plan</font></b></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="21%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Maximum Number of</font></b><br>
                            <b><font size="1">Shares that May Yet</font></b><br>
                            <b><font size="1">Be Purchased</font></b><br>
                            <b><font size="1">Under the Plan (3)</font></b></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="top" width="22%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">July 1&ndash;31, 2007</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="15%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid; BACKGROUND: #eaf9e8" valign="bottom" width="12%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="17%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="21%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="top" width="22%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">August 1&ndash;31, 2007</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="15%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="12%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="17%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">&mdash;</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="21%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">3,033,981</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: #eaf9e8" valign="top" width="22%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">September 1&ndash;30, 2007</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="15%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">148,500</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="12%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">34.81</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="17%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">148,500</font></p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: #eaf9e8; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="21%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">2,705,584</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white" valign="top" width="22%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
                            <font size="1">Total</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="15%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">148,500</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">$</font></p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="12%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">34.81</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="17%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">148,500</font></p>
                        </td>

                        <td style="BACKGROUND: white" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="21%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="1">2,705,584</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.42in; TEXT-INDENT: -0.42in; TEXT-ALIGN: left">
            &nbsp;</p>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="40">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">(1)</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Represents 148,500 shares repurchased by the Company
                            pursuant to the one year, $100 million common stock repurchase plan
                            approved by the Company&rsquo;s Board of Directors on August 2,
                            2007.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="40">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">(2)</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Represents the weighted average price per share of the
                            common stock on the repurchase dates.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="40">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">(3)</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Represents the maximum number of shares of common stock
                            that may be repurchased, as of the end of each respective period,
                            pursuant to the August 2007 plan referenced in Note (1) prior to its
                            expiration in August 2008. Such maximum number of shares has been
                            estimated, based on the closing market price for the Company&rsquo;s
                            common stock on the New York Stock Exchange on (a) August 31, 2007
                            ($32.96 per share) and (b) September 28, 2007, the last business day of
                            September 2007 ($35.05 per share).</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                    <tr>
                        <td valign="top" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">ITEM 3:</font></b></p>
                        </td>

                        <td valign="top" nowrap width="220">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">Defaults Upon Senior Securities</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="148" border="0">
                    <tr>
                        <td valign="top" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="52">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="2">None</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="443" border="0">
                    <tr>
                        <td valign="top" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">ITEM 4:</font></b></p>
                        </td>

                        <td valign="top" nowrap width="347">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">Submission of Matters to a Vote of Security
                            Holders</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
            &nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="148" border="0">
                    <tr>
                        <td valign="top" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="52">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="2">None</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="235" border="0">
                    <tr>
                        <td valign="top" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">ITEM 5:</font></b></p>
                        </td>

                        <td valign="top" nowrap width="139">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">Other Information</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.97in; TEXT-ALIGN: left">
            <font size="2">None</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="169" border="0">
                    <tr>
                        <td valign="top" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">ITEM 6:</font></b></p>
                        </td>

                        <td valign="top" nowrap width="73">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">Exhibits</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: left">
            <font size="2">The Exhibit Index attached to this report is incorporated by reference
            into this Item 6.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">45</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">SIGNATURE</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.47in; TEXT-ALIGN: justify">
            <font size="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the
            registrant has duly caused this report to be signed on its behalf by the undersigned
            thereunto duly authorized.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">CBL
            &amp; ASSOCIATES PROPERTIES, INC.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">/s/
            John N. Foy</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">_____________________________________</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">John
            N. Foy</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">Vice
            Chairman of the Board, Chief Financial</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">Officer and Treasurer</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">(Authorized Officer and Principal Financial Officer)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Date: November 9, 2007</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">46</font></p>
            <!-- EEDocs PBStart-->

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">INDEX TO EXHIBITS</font></b></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="683" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="121">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="2">Exhibit</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <u><b><font size="2">Number</font></b></u></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="562">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <u><b><font size="2">Description</font></b></u></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="121">
                            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">10.17.6</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="562">
                            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Fifth Amendment to Sixth Amended and Restated Credit
                            Agreement between CBL &amp; Associates Limited Partnership and Wells
                            Fargo Bank, National Association, et al., dated September 24,
                            2007.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="121">
                            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">10.22.1</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="562">
                            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Contribution Agreement among Westfield America Limited
                            Partnership, as Transferor, and CW Joint Venture, LLC, as Transferee,
                            and CBL &amp; Associates Limited Partnership, dated August 9,
                            2007.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="121">
                            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">10.22.2</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="562">
                            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Contribution Agreement among CBL &amp; Associates
                            Limited Partnership, as Transferor, St. Clair Square, GP, Inc. and CW
                            Joint Venture, LLC, as Transferee, and Westfield America Limited
                            Partnership, dated August 9, 2007.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="121">
                            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">10.22.3</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="562">
                            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Purchase and Sale Agreement between Westfield America
                            Limited Partnership, as Transferor, and CBL &amp; Associates Limited
                            Partnership, as Transferee, dated August 9, 2007.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="121">
                            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">12.1</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="562">
                            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Computation of Ratio of Earnings to Combined Fixed
                            Charges and Preferred Dividends.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="121">
                            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">31.1</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="562">
                            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Certification pursuant to Securities Exchange Act Rule
                            13a-14(a) by the Chief Executive Officer, as adopted pursuant to
                            Section 302 of the Sarbanes-Oxley Act of 2002.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="121">
                            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">31.2</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="562">
                            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Certification pursuant to Securities Exchange Act Rule
                            13a-14(a) by the Chief Financial Officer, as adopted pursuant to
                            Section 302 of the Sarbanes-Oxley Act of 2002.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="121">
                            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">32.1</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="562">
                            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Certification pursuant to Securities Exchange Act Rule
                            13a-14(b) by the Chief Executive Officer, as adopted pursuant to
                            Section 906 of the Sarbanes-Oxley Act of 2002.</font></p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 37.75pt">
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 37.75pt" valign="top" width="121">
                            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.5in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">32.2</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 37.75pt" valign="top" width="562">
                            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Certification pursuant to Securities Exchange Act Rule
                            13a-14(b) by the Chief Financial Officer as adopted pursuant to Section
                            906 of the Sarbanes-Oxley Act of 2002.</font></p>
                        </td>
                    </tr>
                </table>
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            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">47</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>3
<FILENAME>exhibit10176.htm
<DESCRIPTION>EXHIBIT 10.17.6
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><b><font size=2>Exhibit 10.17.6</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>FIFTH AMENDMENT</font></B></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SIXTH AMENDED AND RESTATED CREDIT AGREEMENT</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.52in;text-align:justify;'><B><font SIZE=2>THIS FIFTH AMENDMENT TO SIXTH AMENDED AND RESTATED CREDIT AGREEMENT</font></B><font size=2> (this &#147;Amendment&#148;) is made and entered into as of the 24<sup>th</sup> day of September, 2007, by and among </font><b><font size=2>CBL &amp; ASSOCIATES LIMITED PARTNERSHIP</font></b><font size=2>, a Delaware limited partnership (hereinafter referred to as &#147;Borrower&#148;), </font><b><font size=2>CBL &amp; ASSOCIATES PROPERTIES, INC., </font></b><font size=2>a Delaware corporation (hereinafter referred to as the &#147;Parent&#148;), </font><B><font SIZE=2>WELLS FARGO BANK, NATIONAL ASSOCIATION, </font></B><font size=2>a national banking association, </font><B><font SIZE=2>WACHOVIA BANK, NATIONAL ASSOCIATION</font></B><font size=2>, a national banking association, </font><B><font SIZE=2>U.S. BANK NATIONAL ASSOCIATION</font></B><font size=2>, a national banking association,
</font><B><font SIZE=2>COMMERZBANK AG, NEW YORK AND GRAND CAYMAN BRANCHES, </font></B><font size=2>a German banking corporation, </font><B><font SIZE=2>PNC BANK, NATIONAL ASSOCIATION,</font></B><font size=2> a national banking association, </font><B><font SIZE=2>SUNTRUST BANK</font></B><font size=2>, a Georgia banking corporation, </font><B><font SIZE=2>KEYBANK NATIONAL ASSOCIATION,</font></B><font size=2> a national banking association, </font><B><font SIZE=2>ALLIED IRISH BANKS, P.L.C.</font></B><font size=2>, an Irish publicly quoted company, </font><B><font SIZE=2>LASALLE BANK NATIONAL ASSOCIATION, </font></B><font size=2>a national banking association, </font><B><font SIZE=2>SOCIETE GENERALE</font></B><font size=2>, </font><B><font SIZE=2>UNION BANK OF CALIFORNIA, N.A., </font></B><font size=2>a national banking association, and </font><B><font SIZE=2>WESTDEUTSCHE IMMOBILIENBANK, </font></B><font size=2>a German banking corporation (hereinafter referred to individually as an
&#147;Existing Lender&#148; and collectively as &#147;Existing Lenders&#148;), and  </font><B><font SIZE=2>AAREAL BANK AG</font></B><font size=2>, a German banking association (hereinafter referred to as &#147;New Lender&#148;) (New Lender and Existing Lenders are sometimes hereinafter referred to individually as a &#147;Lender&#148; and collectively as the &#147;Lenders&#148;) and </font><B><font SIZE=2>WELLS FARGO BANK, NATIONAL ASSOCIATION, </font></B><font size=2>a national banking association, as contractual representative of the Lenders (in such capacity, the &#147;Agent&#148;).</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:12.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="160" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><U><font SIZE=2>W</font></U><font size=2> </font><U><font SIZE=2>I</font></U><font size=2> </font><U><font SIZE=2>T</font></U><font size=2> </font><U><font SIZE=2>N</font></U><font size=2> </font><U><font SIZE=2>E</font></U><font size=2> </font><U><font SIZE=2>S</font></U><font size=2> </font><U><font SIZE=2>S</font></U><font size=2> </font><U><font SIZE=2>E</font></U><font size=2> </font><U><font SIZE=2>T</font></U><font size=2> </font><U><font SIZE=2>H</font></U><font size=2>:</font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.51in;text-align:justify;'><font size=2>WHEREAS, Borrower, Parent, the Existing Lenders party thereto and Agent entered into that certain Sixth Amended and Restated Credit Agreement dated as of February 28, 2003 (the &#147;Credit Agreement&#148;), pursuant to which the Existing Lenders party thereto agreed to extend to Borrower a credit facility (the &#147;Credit Facility&#148;) in the aggregate principal amount of up to Two Hundred Fifty-Five Million and No/100 Dollars ($255,000,000.00) at any one time outstanding; and</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.51in;text-align:justify;'><font size=2>WHEREAS, Borrower, Parent, the Existing Lenders party thereto and Agent entered into that certain First Amendment to Sixth Amended and Restated Credit Agreement dated as of May 3, 2004 (the &#147;First Amendment&#148;), pursuant to which the parties modified and amended the Credit Agreement to, among other matters, increase the aggregate principal amount of the Credit Facility to up to Three Hundred Seventy-Three Million and No/100 Dollars ($373,000,000.00) at any one time outstanding; and</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.51in;text-align:justify;'><font size=2>WHEREAS, Borrower, Parent, the Existing Lenders party thereto and Agent entered into that certain Second Amendment to Sixth Amended and Restated Credit Agreement dated as of September 21, 2005 (the &#147;Second Amendment&#148;), pursuant to which the parties modified and amended the Credit Agreement as more particularly set forth therein; and </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>1832700_2.DOC</font></p> </td>
        <td width="28" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.51in;text-align:justify;'><font size=2>WHEREAS, Borrower, Parent, the Existing Lenders party thereto and Agent entered into that certain Third Amendment to Sixth Amended and Restated Credit Agreement dated as of February&nbsp;14, 2006 (the &#147;Third Amendment&#148;), pursuant to which the parties modified the Credit Agreement to, among other matters, increase the maximum aggregate principal amount of the Credit Facility to up to Four Hundred Seventy-Six Million Dollars ($476,000,000.00) at any one time outstanding </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:0.51in;text-align:justify;'><font size=2>WHEREAS, Borrower, Parent, the Existing Lenders party thereto and Agent entered into that certain Fourth Amendment to Sixth Amended and Restated Credit Agreement dated as of August&nbsp;29, 2006 (the &#147;Fourth Amendment&#148;), pursuant to which the parties modified and amended the Credit Agreement as more particularly set forth therein (the Credit Agreement as modified by the First Amendment, the Second Amendment, the Third Amendment and the Fourth Amendment being hereinafter referred to as the &#147;Credit Agreement&#148;); and</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.51in;text-align:justify;'><font size=2>WHEREAS, Borrower, Parent, Lenders and Agent desire to further modify and amend the Credit Agreement in order to increase the maximum aggregate principal amount of the Credit Facility to up to Five Hundred Twenty-Five Million Dollars ($525,000,000.00), to make the New Lender a party thereto, and for the other purposes set forth herein, all as more particularly set forth hereinbelow.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.51in;text-align:justify;'><font size=2>NOW THEREFORE, for and in consideration of the premises, for Ten and No/100 Dollars ($10.00) in hand paid by the parties to each other, and for other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged by Borrower, Parent, Lenders, and Agent, Borrower, Parent, Lenders and Agent do hereby covenant and agree as follows:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.51in;text-align:justify;'><font size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>Definitions</font></b></u><b><font size=2>. </font></b><font size=2> Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to such terms in the Credit Agreement.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>Exercise of Accordion</font></b></u><b><font size=2>.</font></b><font size=2>  Borrower has notified Agent that it has exercised its rights under Section 2.11 of the Credit Agreement to request an increase of $49,000,000.00 in the aggregate amount of the Commitments.  After giving effect to such increase, the aggregate amount of the Commitments shall not exceed $525,000,000.00.  </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>Commitment</font></b></u><b><font size=2>.  </font></b><font size=2>(a) From and after the effective date hereof, the Commitment of each Lender shall be the amount set forth beside each Lender&#146;s name below:</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-align:justify;'><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="535" style='border-collapse:collapse'>
    <tr >
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:12.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="384" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Lender</font></u></p> </td>
        <td width="103" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Commitment</font></u></p> </td> </tr></table>
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<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="552" style='border-collapse:collapse'>
    <tr >
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:12.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="384" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Wells Fargo Bank, National Association</font></p> </td>
        <td width="120" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>$85,000,000.00</font></p> </td> </tr></table>
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<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="552" style='border-collapse:collapse'>
    <tr >
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:12.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="384" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Wachovia Bank, National Association</font></p> </td>
        <td width="120" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>$47,000,000.00</font></p> </td> </tr></table>
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<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="552" style='border-collapse:collapse'>
    <tr >
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:12.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="384" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>U.S. Bank National Association</font></p> </td>
        <td width="120" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>$71,000,000.00</font></p> </td> </tr></table>
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<table border="0" cellspacing=0 cellpadding=0 width="552" style='border-collapse:collapse'>
    <tr >
        <td width="48" nowrap 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="384" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Commerzbank AG, New York and Grand Cayman</font></p> </td>
        <td width="120" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>$47,000,000.00</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>2</font></p>
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<table border="0" cellspacing=0 cellpadding=0 width="127" style='border-collapse:collapse'>
    <tr >
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:12.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="79" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Branches</font></p> </td> </tr></table>
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<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="552" style='border-collapse:collapse'>
    <tr >
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:12.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="384" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>PNC Bank, National Association</font></p> </td>
        <td width="120" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>$47,000,000.00</font></p> </td> </tr></table>
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<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="552" style='border-collapse:collapse'>
    <tr >
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:12.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="384" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>SunTrust Bank</font></p> </td>
        <td width="120" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>$32,000,000.00</font></p> </td> </tr></table>
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<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="552" style='border-collapse:collapse'>
    <tr >
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:12.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="384" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>KeyBank National Association</font></p> </td>
        <td width="120" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>$47,000,000.00</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="552" style='border-collapse:collapse'>
    <tr >
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:12.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="384" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>LaSalle Bank National Association</font></p> </td>
        <td width="120" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>$20,000,000.00</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="552" style='border-collapse:collapse'>
    <tr >
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:12.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="384" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Allied Irish Banks, p.l.c.</font></p> </td>
        <td width="120" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>$20,000,000.00</font></p> </td> </tr></table>
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<table border="0" cellspacing=0 cellpadding=0 width="552" style='border-collapse:collapse'>
    <tr >
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:12.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="384" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Societe Generale</font></p> </td>
        <td width="120" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>$20,000,000.00</font></p> </td> </tr></table>
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<table border="0" cellspacing=0 cellpadding=0 width="552" style='border-collapse:collapse'>
    <tr >
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:12.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="384" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Union Bank of California N.A.</font></p> </td>
        <td width="120" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>$20,000,000.00</font></p> </td> </tr></table>
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    <tr >
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:12.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="384" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Westdeutsche ImmobilienBank</font></p> </td>
        <td width="120" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>$20,000,000.00</font></p> </td> </tr></table>
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    <tr >
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:12.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="384" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Aareal Bank AG</font></p> </td>
        <td width="120" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>$49,000,000.00</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>Availability of Proceeds</font></b></u><font size=2>.  Notwithstanding anything to the contrary in the foregoing, in no event shall Borrower be entitled to any Advance if immediately after the making of such Advance, the aggregate principal amount of all outstanding Advances together with the aggregate amount of all Letter of Credit Liabilities would exceed either (a) the aggregate amount of the Commitments or (b) the Borrowing Base, as adjusted to reflect the release of the Collateral Property commonly known as Twin Peaks Mall located in Boulder County, Colorado from the Liens created by the Collateral Documents (the "Twin Peaks Release").  Giving effect to the Twin Peaks Release, the Borrowing Base is the amount set forth as such in the Borrowing Base Certificate submitted by Borrower in connection with this 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:0.5in;text-align:justify;'><font size=2>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>Additional Collateral Property</font></b></u><font size=2>.  Borrower has notified Agent that it desires to include a Property commonly known as Turtle Creek Mall located in Hattiesburg, Mississippi as Collateral Property (the "Hattiesburg Mall").  Notwithstanding anything to the contrary contained herein, the Hattiesburg Mall shall not be deemed to be a Collateral Property and shall not be included in the Borrowing Base until all conditions for Hattiesburg Mall to become a Collateral Property pursuant to Section 4.1 and Section 6.3 of the Credit Agreement have been satisfied in full.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>Litigation</font></b></u><font size=2>.  Borrower warrants and represents that Schedule 7.1(f) attached to the Credit Agreement is true, accurate and complete as of the date hereof.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>Addition of New Lender</font></b></u><b><font size=2>.</font></b><font size=2>  Borrower, Agent, Existing Lenders and New Lender hereby acknowledge, agree and confirm that, by its execution of this Amendment, immediately upon the effectiveness of this Amendment, New Lender will be deemed to be a party to the Credit Agreement, as amended, and a &#147;Lender&#148; for all purposes under the Credit Agreement and the other Loan Documents, and shall have all of the rights and benefits of a Lender thereunder as fully as if it had executed the Credit Agreement and the other Loan Documents.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>3</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>Conditions Precedent</font></b></u><b><font size=2>.</font></b><font size=2>  Subject to the other terms and conditions hereof, this Amendment shall not become effective until the Agent shall have received each of the following instruments, documents or agreements, each in form and substance satisfactory to the Agent:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.55in;text-align:justify;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;counterparts of this Amendment duly executed and delivered by Borrower, Parent, Agent and each of the Lenders;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.55in;text-align:justify;'><font size=2> (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promissory Note executed by the Borrower, payable to New Lender, in the face amount of such New Lender&#146;s Commitment (the &#147;Note&#148;);</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.55in;text-align:justify;'><font size=2> (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an amendment to each Mortgage (collectively, the &#147;Mortgage Amendments&#148;) encumbering a Collateral Property, amending each such Mortgage to reflect this Amendment and the transactions contemplated hereby;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.55in;text-align:justify;'><font size=2> (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;endorsements to each of the title insurance policies insuring the validity and priority of the Mortgages (as amended by the Mortgage Amendments) covered thereby as a first priority Lien upon the Property described therein, subject to Permitted Liens, and increasing the amounts of such policies to amounts approved by Agent;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.55in;text-align:justify;'><font size=2> (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acknowledgements and Consents executed by the Parent and each Guarantor (collectively, the &#147;Guarantor Consents&#148;), consenting to this Amendment and the transactions contemplated hereby;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.55in;text-align:justify;'><font size=2> (f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a certificate of the Secretary of CBL Holdings I, Inc. dated as of the date hereof certifying (i)&nbsp;that the Certificate of Incorporation and By-laws of CBL Holdings I, Inc. have not been modified since August 29, 2006; (ii) that the Partnership Agreement and Certificate of Limited Partnership of Borrower have not been modified since August 29, 2006; (iii)&nbsp;that attached thereto is a true and complete copy of Resolutions adopted by the Board of Directors of CBL Holdings I, Inc., authorizing the execution and delivery on behalf of Borrower of this Amendment and the other instruments, documents or agreements executed and delivered by or on behalf of Borrower in connection herewith (all such instruments, documents or agreements executed and delivered in connection herewith by or on behalf of CBL Holdings I, Inc. or Borrower are
hereinafter collectively referred to as the &#147;Borrower Amendment Documents&#148;); and (iv)&nbsp;as to the incumbency and genuineness of the signatures of the officers of CBL Holdings I, Inc. executing the Borrower Amendment Documents to which CBL Holdings I, Inc. or Borrower is a party; </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.55in;text-align:justify;'><font size=2> (g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a certificate of the Secretary of CBL Holdings I, Inc. dated as of the date hereof certifying (i)&nbsp;that the Partnership Agreements, Certificates of Limited Partnership, Articles of Incorporation, Articles of Organization, Bylaws and other organizational documents of each Loan Party owning a Collateral Property have not been modified since August 29, 2006; (ii)&nbsp;that attached thereto is a true and complete copy of Resolutions adopted by the Board of Directors of CBL Holdings I, Inc., authorizing the execution and delivery on behalf of each Loan Party owning a Collateral Property of the Mortgage Amendments, the Guarantor Consents and the other instruments, documents or agreements executed and delivered by or on behalf of such Loan Parties in connection herewith (all such instruments, documents or agreements executed and delivered in
connection herewith by or on behalf of CBL Holdings I, Inc. or any Loan Party are hereinafter collectively referred to as the &#147;Loan Party Amendment Documents&#148;); and (iii)&nbsp;as to </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:center;'><font size=2>4</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>the incumbency and genuineness of the signatures of the officers of CBL Holdings I, Inc. executing the Loan Party Amendment Documents to which any Loan Party is a party; </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.55in;text-align:justify;'><font size=2> (h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a certificate of the Secretary of CBL &amp; Associates Properties, Inc. dated as of the date hereof certifying (i)&nbsp;that the Certificate of Incorporation and By-laws of CBL &amp; Associates Properties, Inc. have not been modified since August 29, 2006; (ii)&nbsp;that attached thereto is a true and complete copy of Resolutions adopted by the Board of Directors of CBL &amp; Associates Properties, Inc., authorizing the execution and delivery on behalf of CBL &amp; Associates Properties, Inc. of this Amendment and the other instruments, documents or agreements executed and delivered by CBL &amp; Associates Properties, Inc. in connection herewith (all such instruments, documents or agreements executed and delivered in connection herewith by or on behalf of CBL &amp; Associates Properties, Inc., Inc., Borrower or any Subpartnership are
hereinafter collectively referred to as the &#147;Properties Amendment Documents&#148;); and (iii)&nbsp;as to the incumbency and genuineness of the signatures of the officers of CBL &amp; Associates Properties, Inc. executing the Properties Amendment Documents to which CBL &amp; Associates Properties, Inc. is a party; </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.55in;text-align:justify;'><font size=2> (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the opinions of Borrower&#146;s counsel, addressed to Agent and each Lender and satisfactory in form and substance to Agent, covering such matters relating to the transaction contemplated by this Amendment as Agent may reasonably request; and</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.55in;text-align:justify;'><font size=2> (j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;payment to Agent, for the benefit of Lenders, of all loan fees due in connection with the increase in the amount of the Commitments and this Amendment.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.52in;text-align:justify;'><font size=2>Upon fulfillment of the foregoing conditions precedent, this Amendment shall become effective as of the date hereof.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>Representations and Warranties; No Default</font></b></u><b><font size=2>.</font></b><font size=2>  Borrower hereby represents and warrants to the Agent and the Lenders that: </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.55in;text-align:justify;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all of Borrower&#146;s representations and warranties contained in the Credit Agreement and the other Loan Documents are true and correct on and as of the date of Borrower&#146;s execution of this Amendment; </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.55in;text-align:justify;'><font size=2> (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no Default or Event of Default has occurred and is continuing as of such date under any Loan Document; </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.55in;text-align:justify;'><font size=2> (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower and Parent have the power and authority to enter into this Amendment and to perform all of its obligations hereunder; </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.55in;text-align:justify;'><font size=2> (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the execution, delivery and performance of this Amendment by Borrower and Parent have been duly authorized by all necessary corporate, partnership or other action; </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.55in;text-align:justify;'><font size=2> (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the execution and delivery of this Amendment and performance thereof by Borrower and Parent do not and will not violate the Partnership Agreements or other organizational documents of Borrower or the Certificate of Incorporation, By-laws or other organizational documents of CBL Holdings I, Inc. or Parent and do not and will not violate or conflict with any law, order, writ, injunction, or decree of any court, administrative agency or </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:center;'><font size=2>5</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>other governmental authority applicable to Borrower, Parent, CBL Holdings I, Inc., or their respective properties; and</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.55in;text-align:justify;'><font size=2> (f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;this Amendment, the Note, the Mortgage Amendments, the Guarantor Consents, and all other documents executed in connection herewith, constitute legal, valid and binding obligations of the parties thereto, in accordance with the respective terms thereof, subject to bankruptcy, insolvency and similar laws of general application affecting the rights and remedies of creditors and, with respect to the availability of the remedies of specific enforcement, subject to the discretion of the court before which any proceeding therefor may be brought.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>Expenses</font></b></u><b><font size=2>.</font></b><font size=2>  Borrower agrees to pay, immediately upon demand by the Agent, all reasonable costs, expenses, fees and other charges and expenses actually incurred by the Agent in connection with the negotiation, preparation, execution and delivery of this Amendment, the Borrower Amendment Documents, the Loan Party Amendment Documents, and the Properties Amendment Documents.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>Defaults Hereunder</font></b></u><b><font size=2>.</font></b><font size=2>  The breach of any representation, warranty or covenant contained herein or in any document executed in connection herewith, or the failure to observe or comply with any term or agreement contained herein shall constitute a Default or Event of Default under the Credit Agreement (subject to any applicable cure period set forth in the Credit Agreement) and the Agent and the Lenders shall be entitled to exercise all rights and remedies they may have under the Credit Agreement, any other documents executed in connection therewith and applicable law.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>References</font></b></u><b><font size=2>.</font></b><font size=2>  All references in the Credit Agreement and the Loan Documents to the Credit Agreement shall hereafter be deemed to be references to the Credit Agreement as amended hereby and as the same may hereafter be amended from time to time.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>Limitation of Agreement</font></b></u><b><font size=2>.</font></b><font size=2>  Except as especially set forth herein, this Amendment shall not be deemed to waive, amend or modify any term or condition of the Credit Agreement, each of which is hereby ratified and reaffirmed and which shall remain in full force and effect, nor to serve as a consent to any matter prohibited by the terms and conditions thereof.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>Counterparts</font></b></u><b><font size=2>.</font></b><font size=2>  To facilitate execution, this Amendment may be executed in as many counterparts as may be convenient or required.  It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any party, appear on each counterpart.  All counterparts shall collectively constitute a single document.  It shall not be necessary in making proof of this document to produce or account for more than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto.  Any signature page to any counterpart may be detached from such counterpart without impairing the legal effect of the signature thereon and thereafter attached to another counterpart identical thereto
having attached to it additional signature pages.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>Further Assurances</font></b></u><b><font size=2>.</font></b><font size=2>  Borrower agrees to take such further action as the Agent or the Lenders shall reasonably request in connection herewith to evidence the amendments herein contained to the Credit Agreement.</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>6</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>Successors and Assigns</font></b></u><b><font size=2>.</font></b><font size=2>  This Amendment shall be binding upon and inure to the benefit of the successors and permitted assigns of the parties hereto.  </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>Governing Law</font></b></u><b><font size=2>.</font></b><font size=2>  This Amendment shall be governed by, and construed in accordance with, the laws of the State of Georgia, without regard to principles of conflicts of law.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>[Signatures Begin on Following Page]</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>7</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.51in;text-align:left;'><B><font SIZE=2>IN WITNESS WHEREOF</font></B><font size=2>, the parties hereto have caused this Fifth Amendment to Sixth Amended and Restated Credit Agreement to be executed by their authorized officers all as of the day and year first above written.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>BORROWER:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>CBL &amp; ASSOCIATES LIMITED PARTNERSHIP, a Delaware limited partnership</font></p>


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        <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>By:</font></p> </td>
        <td width="365" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>CBL Holdings I, Inc., a Delaware corporation, its sole</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:24.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="115" nowrap valign=top style='padding:0in 0in 24.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>general partner</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><font size=2>By:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>/s/ Charles W.A. Willett, Jr.</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><font size=2>Name:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Charles W. A. Willett, Jr.</font></u><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="288" valign=top style='padding:0in 0in 24.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:24.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:0in 0in 24.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Title:</font></p> </td>
        <td  valign=top style='padding:0in 0in 24.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Senior Vice President - Real Estate Finance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p> </td> </tr></table>
</div>


<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font SIZE=2>PARENT:</font></p>

<p style=' margin-bottom:24pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>CBL &amp; ASSOCIATES PROPERTIES, INC., a Delaware corporation, solely for the limited purposes set forth in Section&nbsp;13.20 of the Credit Agreement.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><font size=2>By:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>/s Charles W.A. Willett, Jr.</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><font size=2>Name:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Charles W. A. Willett, Jr.</font></u><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="288" valign=top style='padding:0in 0in 24.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:24.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:0in 0in 24.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Title:</font></p> </td>
        <td  valign=top style='padding:0in 0in 24.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Senior Vice President - Real Estate Finance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>[Signatures Continued on Following Page]</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>1832700_2.DOC</font><font size=2> </font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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

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

<p style=' margin-bottom:24pt; margin-top:0pt;text-align:center;'>
<b><font size=2>[Signature Page to Fifth Amendment to Sixth Amended and Restated Credit Agreement</font></b><font size=2>]</font></p>

<p style=' margin-bottom:24pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>WELLS FARGO BANK, NATIONAL ASSOCIATION, as Agent and as a Lender</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>By:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>/s/ C. Jackson Hoover</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>Name:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>C. Jackson Hoover</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>Title:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Senior Vice President</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><b><font size=2>Commitment Amount:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>$85,000,000.00</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><b><font size=2>Lending Office (all Types of Advances) and</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><b><font size=2>Address for Notices:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>2859 Paces Ferry Road, Suite 1200</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Atlanta, GA  30339</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Attn:  Loan Administration Manager</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Telecopier:  (770) 435-2262</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Telephone:  (770) 435-3800</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>[Signatures Continued on Following Page]</font></p>

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

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

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

<p style=' margin-bottom:36pt; margin-top:0pt;text-align:center;'>
<b><font size=2>[Signature Page to Fifth Amendment to Sixth Amended and Restated Credit Agreement</font></b><font size=2>]</font></p>

<p style=' margin-bottom:24pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font SIZE=2>U.S. BANK NATIONAL ASSOCIATION</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>By:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>/s/ Michael Raarup</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>Name:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Michael Raarup</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>Title:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Senior Vice President</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><b><font size=2>Commitment Amount:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>$71,000,000.00</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><b><font size=2>Lending Office (all Types of Advances) and</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><b><font size=2>Address for Notices:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>800 Nicollet Mall</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>3<sup>rd</sup> Floor</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Minneapolis, MN  55402</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Attn:  Michael Raarup</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Telecopier:  (612) 303-2270</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Telephone:  (612) 303-3586</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>[Signatures Continued on Following Page]</font></p>

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

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

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

<p style=' margin-bottom:36pt; margin-top:0pt;text-align:center;'>
<b><font size=2>[Signature Page to Fifth Amendment to Sixth Amended and Restated Credit Agreement</font></b><font size=2>]</font></p>

<p style=' margin-bottom:24pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>COMMERZBANK AG, NEW YORK AND GRAND CAYMAN BRANCHES</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>By:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>/s/ Terrence P. Sweeney</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>Name:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Terrence P. Sweeney</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>Title:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Senior Vice President</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>By:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>/s/ Jurgen Boysen</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>Name:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Jurgen Boysen</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>Title:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Senior Vice President</font></u><font size=2>&nbsp;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><b><font size=2>Commitment Amount:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>$47,000,000.00</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:3in; text-indent:-0.5in;text-align:left;'><b><font size=2>Lending Office (all Types of Advances) and</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><b><font size=2>Address for Notices:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><u><b><font size=2>Lending Office and Loan Administration:</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>2 World Financial Center</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>32<sup>nd</sup> Floor</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>New York, NY  10281-1050</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Attention:  Commercial Lending Services &#150; 32<sup>nd</sup> Floor</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Telecopier: (212) 266-7396</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Telephone: (212) 266-7747</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><u><b><font size=2>Loan Administration:</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>Eurohypo AG, New York Branch</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>1114 Avenue of the Americas</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>2<sup>nd</sup> Floor</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>New York, NY 10036</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Attention:  Portfolio Admin</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Telecopier:  (866) 267-7680</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Telephone:  (212) 479-5700</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

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

<p style=' margin-bottom:36pt; margin-top:0pt;text-align:center;'><font size=2>[Signatures Continued on Following Page]</font></p>

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

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

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

<p style=' margin-bottom:36pt; margin-top:0pt;text-align:center;'><b><font size=2>[Signature Page to Fifth Amendment to Sixth Amended and Restated Credit Agreement</font></b><font size=2>]</font></p>

<p style=' margin-bottom:24pt; margin-top:0pt; text-indent:2in;text-align:center;'><font SIZE=2>WACHOVIA BANK, NATIONAL ASSOCIATION</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>By:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>/s/ Rex Rudy</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>Name:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Rex E. Rudy</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>Title:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Managing Director</font></u><font size=2>&nbsp;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><b><font size=2>Commitment Amount:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>$47,000,000.00</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:3in; text-indent:-0.5in;text-align:left;'><b><font size=2>Lending Office (all Types of Advances) and</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><b><font size=2>Address for Notices:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>301 South College Street</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font SIZE=2>NC - 0172</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="440" style='border-collapse:collapse; '>
    <tr >
        <td width="240" nowrap 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="101" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Charlotte, NC  </font></p> </td>
        <td width="99" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>28288-0172</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Attention:  Rex Rudy</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Telecopier:  (704) 383-6505</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Telephone:  (704) 383-7534</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>[Signatures Continued on Following Page]</font></p>

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

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

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

<p style=' margin-bottom:36pt; margin-top:0pt;text-align:center;'>
<b><font size=2>[Signature Page to Fifth Amendment to Sixth Amended and Restated Credit Agreement</font></b><font size=2>]</font></p>

<p style=' margin-bottom:24pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font SIZE=2>KEYBANK NATIONAL ASSOCIATION</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>By:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>/s/ Michael P. Szuba</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>Name:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Michael P. Szuba</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>Title:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Vice President</font></u><font size=2>&nbsp;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><b><font size=2>Commitment Amount:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>$47,000,000.00</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><b><font size=2>Lending Office (all Types of Advances) and</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><b><font size=2>Address for Notices:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Keybank REC - Institutional</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>127 Public Square, 6th Floor</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Cleveland, OH  44114-1306</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Attn:  Mike Szuba</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Telecopier:  (216) 689-4997</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Telephone:  (216) 689-5984</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>[Signatures Continued on Following Page]</font></p>

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

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

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

<p style=' margin-bottom:36pt; margin-top:0pt;text-align:center;'>
<b><font size=2>[Signature Page to Fifth Amendment to Sixth Amended and Restated Credit Agreement</font></b><font size=2>]</font></p>

<p style=' margin-bottom:24pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font SIZE=2>PNC BANK, NATIONAL ASSOCIATION</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>By:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>/s/ Andrew T. White</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>Name:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Andrew T. White</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>Title:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Vice President</font></u><font size=2>&nbsp;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><b><font size=2>Commitment Amount:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>$47,000,000.00</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><b><font size=2>Lending Office (all Types of Advances) and</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><b><font size=2>Address for Notices:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>PNC Real Estate Finance</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>1600 Market Street, 30<sup>th</sup> Floor</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="420" style='border-collapse:collapse; '>
    <tr >
        <td width="240" nowrap 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="120" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Philadelphia, PA  </font></p> </td>
        <td width="60" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>19103</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Attention:  Andrew White</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Telecopier:  (215) 585-5806</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Telephone:  (215) 585-6123</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>[Signatures Continued on Following Page]</font></p>

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

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

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

<p style=' margin-bottom:36pt; margin-top:0pt;text-align:center;'>
<b><font size=2>[Signature Page to Fifth Amendment to Sixth Amended and Restated Credit Agreement</font></b><font size=2>]</font></p>

<p style=' margin-bottom:24pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font SIZE=2>SUNTRUST BANK</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>By:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>/s W. John Wendler</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>Name:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>W. John Wendler</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>Title:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Senior Vice President</font></u><font size=2>&nbsp;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><b><font size=2>Commitment Amount:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>$32,000,000.00</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:3in; text-indent:-0.5in;text-align:left;'><b><font size=2>Lending Office (all Types of Advances) and</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><b><font size=2>Address for Notices:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Mail Code ALX 2608</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="377" style='border-collapse:collapse; '>
    <tr >
        <td width="240" nowrap 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="137" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>8330 Boone Blvd.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="315" style='border-collapse:collapse; '>
    <tr >
        <td width="240" nowrap 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="75" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>8<sup>th</sup> Floor</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Vienna, VA  22182-3871</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Attention:  John Wendler</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Telecopier:  (703) 442-1570</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Telephone:  (703) 442-1563</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>[Signatures Continued on Following Page]</font></p>

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

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

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

<p style=' margin-bottom:36pt; margin-top:0pt;text-align:center;'>
<b><font size=2>[Signature Page to Fifth Amendment to Sixth Amended and Restated Credit Agreement</font></b><font size=2>]</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font SIZE=2>ALLIED IRISH BANKS, P.L.C.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>By:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>/s/ Kathryn E. Murdoch</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>Name:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Kathryn E. Murdoch</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>Title:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Vice President</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>By:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>/s/ Brian Deegan</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>Name:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Brian Deegan</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>Title:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Vice President</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><b><font size=2>Commitment Amount:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>$20,000,000.00</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><b><font size=2>Lending Office (all Types of Advances) and</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><b><font size=2>Address for Notices:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>Allied Irish Banks, p.l.c.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>405 Park Avenue</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>10<sup>th</sup> Floor</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>New York, NY 10022</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Attention:  Kathryn Murdoch </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Telecopier:  (212) 515-6710</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Telephone:  (212) 515-6811</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2> [Signatures Continued on Following Page]</font></p>

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

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

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

<p style=' margin-bottom:36pt; margin-top:0pt;text-align:center;'>
<b><font size=2>[Signature Page to Fifth Amendment to Sixth Amended and Restated Credit Agreement</font></b><font size=2>]</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font SIZE=2>LASALLE BANK NATIONAL ASSOCIATION</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>By:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>/s/ Katon A. Susid</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>Name:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Katon A. Susid</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>Title:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Vice President</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><b><font size=2>Commitment Amount:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>$20,000,000.00</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><b><font size=2>Lending Office (all Types of Advances) and</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><b><font size=2>Address for Notices:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>135 South LaSalle Street</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>Suite 1225</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="417" style='border-collapse:collapse'>
    <tr >
        <td width="240" nowrap 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="117" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Chicago, Illinois  </font></p> </td>
        <td width="60" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>60603</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>Attention:  Kathryn Schad</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>Telecopier:  (312) 992-1324</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>Telephone:  (312) 992-4908</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>[Signatures Continued on Following Page]</font></p>

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

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

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

<p style=' margin-bottom:36pt; margin-top:0pt;text-align:center;'>
<b><font size=2>[Signature Page to Fifth Amendment to Sixth Amended and Restated Credit Agreement</font></b><font size=2>]</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font SIZE=2>SOCIETE GENERALE</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>By:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>/s/ C.H Butterworth</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>Name:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>C. H. Butterworth</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>Title:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Director</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><b><font size=2>Commitment Amount:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>$20,000,000.00</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><b><font size=2>Lending Office (all Types of Advances) and</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><b><font size=2>Address for Notices:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>Trammell Crow Center</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>2001 Ross Avenue</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>Suite 4900</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>Dallas, TX  75201</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>Attn:  Chuck Butterworth</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>Telecopier:  (214) 979-2727</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>Telephone:  (214) 979-2779</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>[Signatures Continued on Following Page]</font></p>

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

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

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

<p style=' margin-bottom:36pt; margin-top:0pt;text-align:center;'>
<b><font size=2>[Signature Page to Fifth Amendment to Sixth Amended and Restated Credit Agreement</font></b><font size=2>]</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font SIZE=2>UNION BANK OF CALIFORNIA N.A.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>By:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>/s/ Lawrence Andow</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>Name:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Lawrence Andow</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>Title:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Vice President</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><b><font size=2>Commitment Amount:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>$20,000,000.00</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><b><font size=2>Lending Office (all Types of Advances) and</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><b><font size=2>Address for Notices:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><u><b><font size=2>Lending Office:</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>350 California Street</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>Suite 710</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>San Francisco, CA  94104</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>Attn:  Larry Andow</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>Telecopier:  (415) 433-7438</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>Telephone:  (415) 705-5032</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>E-mail Address:  Lawrence.Andow@uboc.com</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><u><b><font size=2>Loan Administration:</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>Commercial Real Estate Loan Administration</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>18300 Von Karman Avenue, Suite 200</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="379" style='border-collapse:collapse'>
    <tr >
        <td width="240" nowrap 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="79" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Irvine, CA  </font></p> </td>
        <td width="60" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>92612</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>Attn:  Rosalind Johnson</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>Telecopier:  (949) 553-7123</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>Telephone:  (949) 553-7154</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>E-mail Address:  </font><font color="#0000FF"><u><font size=2>Rosalind.Johnson@uboc.com</font></u></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>[Signatures Continued on Following Page]</font></p>

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

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

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

<p style=' margin-bottom:36pt; margin-top:0pt;text-align:center;'>
<b><font size=2>[Signature Page to Fifth Amendment to Sixth Amended and Restated Credit Agreement</font></b><font size=2>]</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font SIZE=2>WESTDEUTSCHE IMMOBILIENBANK</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>By:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>/s/ Armin Gemmerich</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>Name:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Armin Gemmerich</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>Title:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Executive Director</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><b><font size=2>Commitment Amount:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>$20,000,000.00</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><b><font size=2>Lending Office (all Types of Advances) and</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><b><font size=2>Address for Notices:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>Grosse Bieiche 46</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>55131 Mainz</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>Germany</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>Attention:  Martin Stevener</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Telecopier:  1 6131 9280 7308</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Telephone:  1 6131 9280 7426</font></p>

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

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

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

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

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

<p style=' margin-bottom:36pt; margin-top:0pt;text-align:center;'>
<b><font size=2>[Signature Page to Fifth Amendment to Sixth Amended and Restated Credit Agreement</font></b><font size=2>]</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font SIZE=2>AAREAL BANK AG</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>By:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>/s/ Stefan Kolle</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>Name:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Stefan Kolle</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>Title:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Director</font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><b><font size=2>Commitment Amount:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>$49,000,000.00</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><b><font size=2>Lending Office (all Types of Advances) and</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><b><font size=2>Address for Notices:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>410 Park Ave. Suite 910</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>New York, NY  10022</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>Attention:  Ralph C. Marra, Jr.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Telecopier:  917-322-0285</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-0.5in;text-align:left;'><font size=2>Telephone:  212-508-4082</font></p>

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

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

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>[End of Signatures]</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>1832700_2.DOC</font></p>
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<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>4
<FILENAME>exhibit10221.htm
<DESCRIPTION>EXHIBIT 10.22.1
<TEXT>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><b><font size=2>Exhibit 10.22.1</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;'><B><font SIZE=2>CONTRIBUTION AGREEMENT</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>AMONG</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>WESTFIELD AMERICA LIMITED PARTNERSHIP,</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>as Transferor</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>AND</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>CW JOINT VENTURE, LLC, </font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>as Transferee</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>AND</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>CBL &amp; ASSOCIATES LIMITED PARTNERSHIP</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:left;'><font size=2>&nbsp;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22452514v30</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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

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

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

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



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<table border="0" cellspacing=0 cellpadding=0 width="644" >
    <tr >
        <td width="616" nowrap valign=top style='padding:12.0pt 0in 6.0pt 0in; '>
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC2"><u><font size=2>ARTICLE I  Contribution of Contributed Interests</font></u></a></p> </td>
        <td width="28" nowrap valign=top style='padding:12.0pt 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC2"><u><font size=2>3</font></u></a></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><font size=2>Table of Contents</font></u></p>

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

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

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

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

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

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

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

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><a name="toc107"></a>&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>iii</font></p>

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

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

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><a href="#TOC107"></a>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><U><B><font SIZE=2>CONTRIBUTION AGREEMENT</font></B></U></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><B><font SIZE=2>THIS CONTRIBUTION AGREEMENT</font></B><font size=2> (this &#147;</font><u><b><font size=2>Agreement</font></b></u><font size=2>&#148;) is made as of August 9, 2007, by and among WESTFIELD AMERICA LIMITED PARTNERSHIP, a Delaware limited partnership (&#147;</font><u><b><font size=2>Transferor</font></b></u><font size=2>&#148;), CW JOINT VENTURE, LLC, a Delaware limited liability company (&#147;</font><u><b><font size=2>Transferee</font></b></u><font size=2>&#148;), and CBL &amp; ASSOCIATES LIMITED PARTNERSHIP, a Delaware limited partnership (&#147;</font><U><B><font SIZE=2>CBL OP</font></B></U><font size=2>&#148;).  All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth herein or in </font><u><b><font size=2>Schedule 1</font></b></u><font size=2> attached hereto.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, Transferee was formed on July 17, 2007 by filing a Certificate of Formation with the Secretary of State of the State of Delaware.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, CBL OP, as the sole member of Transferee, adopted that certain Limited Liability Company Agreement of CW Joint Venture, LLC, dated effective as of July 17, 2007 (the &#147;</font><u><b><font size=2>Original Operating Agreement</font></b></u><font size=2>&#148;).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, CBL OP entered into that certain Contribution Agreement, dated as of even date herewith, by and between CBL OP, as transferor, and Transferee, as transferee (the &#147;</font><u><b><font size=2>CBL Contribution Agreement</font></b></u><font size=2>&#148;), pursuant to which CBL OP has agreed to contribute to Transferee (the &#147;</font><u><b><font size=2>CBL Contribution</font></b></u><font size=2>&#148;) those certain properties more particularly described therein.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, in consideration for the CBL Contribution, Transferee has agreed to issue to CBL OP, upon the closing under the CBL Contribution Agreement, common units in Transferee that, following their issuance, will represent 100% of all of the authorized, issued and outstanding common units in Transferee (the &#147;</font><u><b><font size=2>Common Membership Interests</font></b></u><font size=2>&#148;).  Each holder of the Common Membership Interests shall be referred to herein as the &#147;</font><u><b><font size=2>Common Member</font></b></u><font size=2>&#148;.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, Transferor owns, and immediately prior to Closing will own, directly or indirectly, 100% of the limited liability company interests (collectively, the &#147;</font><u><b><font size=2>Contributed Interests</font></b></u><font size=2>&#148;) in each of (a) Mid Rivers Mall LLC, a Delaware limited liability company (&#147;</font><u><b><font size=2>Mid Rivers Mall Owner</font></b></u><font size=2>&#148;), (b) Mid Rivers Land LLC, a Delaware limited liability company (&#147;</font><u><b><font size=2>Mid Rivers Land I Owner</font></b></u><font size=2>&#148;), (c) Mid Rivers Land LLC II, a Delaware limited liability company (&#147;</font><u><b><font size=2>Mid Rivers Land II Owner</font></b></u><font size=2>&#148;), (d) South County Shoppingtown LLC, a Delaware limited liability company (&#147;</font><u><b><font size=2>South County Mall Owner</font></b></u><font size=2>&#148;), (e)
West County Shoppingtown LLC, a Delaware limited liability company (&#147;</font><u><b><font size=2>West County Mall Owner</font></b></u><font size=2>&#148;), and (f) West County Parcel, LLC, a Delaware limited liability company (&#147;</font><u><b><font size=2>L&amp;T Owner</font></b></u><font size=2>&#148;; and together with Mid Rivers Mall Owner, Mid Rivers Land I Owner, Mid Rivers Land II Owner, South County Mall Owner, and West County Mall Owner, collectively, the &#147;</font><u><b><font size=2>Property Owners</font></b></u><font size=2>&#148;, and each, a &#147;</font><u><b><font size=2>Property Owner</font></b></u><font size=2>&#148;).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, each of the Property Owners is disregarded as an entity separate from Transferor for tax purposes.</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, (a)&nbsp;Mid Rivers Mall Owner owns fee title to the shopping center located at St. Peters, Missouri, commonly known as &#147;Westfield Mid Rivers&#148; (including the Land described on </font><u><b><font size=2>Exhibit G-1</font></b></u><font size=2> attached hereto and all Improvements located thereon, the &#147;</font><u><b><font size=2>Mid Rivers Mall Property</font></b></u><font size=2>&#148;), (b)&nbsp;Mid Rivers Land II Owner owns fee title to a certain parcel of real property upon which a Best Buy store is located (including the Land described on </font><u><b><font size=2>Exhibit G-2</font></b></u><font size=2> attached hereto and all Improvements located thereon, the &#147;</font><u><b><font size=2>Mid Rivers Land II Property</font></b></u><font size=2>&#148;), (c) South County Mall Owner owns fee title to the shopping center located in St. Louis, Missouri, commonly
known as &#147;Westfield South County&#148; (including the Land described on </font><u><b><font size=2>Exhibit G-3</font></b></u><font size=2> attached hereto and all Improvements located thereon, the &#147;</font><u><b><font size=2>South County Mall Property</font></b></u><font size=2>&#148;), (d) West County Mall Owner owns fee title to the shopping center located in Des Peres, Missouri, commonly known as &#147;Westfield West County&#148; (including the Land described on </font><u><b><font size=2>Exhibit G-4</font></b></u><b><font size=2> </font></b><font size=2>attached hereto and all Improvements located thereon, the &#147;</font><u><b><font size=2>West County Mall Property</font></b></u><font size=2>&#148;), and (e) L&amp;T Owner owns fee title to a certain parcel of real property adjacent to the West County Mall Property upon which a former Lord &amp; Taylor department store is located (including the Land described on </font><u><b><font size=2>Exhibit G-5</font></b></u><b><font
size=2> </font></b><font size=2>attached hereto and all Improvements located thereon, the &#147;</font><u><b><font size=2>L&amp;T Property</font></b></u><font size=2>&#148;). </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, Mid Rivers Land I Owner will own at Closing fee title to those certain parcels of real property set forth on </font><u><b><font size=2>Schedule 2</font></b></u><font size=2> attached hereto, including a certain parcel of real property located in the vicinity of the Mid Rivers Mall Property upon which an office building is located (including the Land described on </font><u><b><font size=2>Exhibit G-6</font></b></u><font size=2> attached hereto and all Improvements located thereon, the &#147;</font><u><b><font size=2>Mid Rivers Office Property</font></b></u><font size=2>&#148;), which parcel of real property is subject to that certain Ground Lease, dated as of June 1, 1982, by and between May Centers, Inc. (as predecessor-in-interest to Mid Rivers Land I Owner), as ground lessor, and Mid Rivers Limited Partnership (the &#147;</font><u><b><font size=2>MRO Leasehold
Owner</font></b></u><font size=2>&#148;), as ground lessee (as amended, supplemented or otherwise modified to date, collectively, the &#147;</font><u><b><font size=2>MRO Ground Lease</font></b></u><font size=2>&#148;).  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, Transferor desires to contribute, or to cause to be contributed, to Transferee, and Transferee desires to accept, the Contributed Interests (the &#147;</font><u><b><font size=2>Contribution</font></b></u><font size=2>&#148;), in exchange for the Preferred Membership Interests, upon and subject to the terms and conditions set forth in this Agreement.  Each holder of the Preferred Membership Interests shall be referred to herein as the &#147;</font><u><b><font size=2>Preferred Member</font></b></u><font size=2>&#148;.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, upon consummation of the Contribution, Transferor shall be admitted as a Preferred Member in Transferee.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, simultaneous with the consummation of the Contribution and the admission of Transferor as a Preferred Member in Transferee, the Original Operating Agreement will be amended and restated in its entirety.</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22452514v30</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><U><B><font SIZE=2>AGREEMENT</font></B></U></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed as follows:</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc2"></a>Contribution of Contributed Interests</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc3"></a>1.1&nbsp;</font><u><font size=2>Contribution</font></u><font size=2>.  For the consideration hereinafter set forth, but subject to the terms, provisions, covenants and conditions contained herein, Transferor hereby agrees to make, or cause to be made, the Contribution.  In consideration of the Contribution, Transferor shall be admitted as a Preferred Member in Transferee and shall receive preferred units in Transferee that, (a) immediately following their issuance, will constitute 100% of all of the authorized, issued and outstanding preferred units in Transferee (the &#147;</font><u><b><font size=2>Preferred Membership Interests</font></b></u><font size=2>&#148;), and (b) will have a total liquidation preference equal to the initial Contributed Interests Value.  Any subsequent adjustments to the Contributed Interests Value in accordance with the terms hereof shall be
allocated, to the extent feasible, to the Contributed Interests to which such adjustment relates, and otherwise shall be allocated among the Contributed Interests in proportion to their respective Allocated Contributed Interests Value.</font></p>
<a name="toc4"></a>&nbsp;


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        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p   style='text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
        <td width="24" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>1.2</font></p> </td>
        <td width="200" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Contributed Interests Value</font></u><font size=2>.  </font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total value of the Contributed Interests shall be $741,975,333</font><font size=2>, </font><font size=2>less the outstanding principal balances of the Existing Mortgage Loans as of the Closing Date, and subject to the adjustments as set forth in </font><u><b><font size=2>Sections 1.2(b)</font></b></u><font size=2> and </font><u><b><font size=2>(c)</font></b></u><font size=2> and </font><u><b><font size=2>Section 10.1</font></b></u><font size=2> (such reduced and adjusted amount being hereinafter referred to as the &#147;</font><u><b><font size=2>Contributed Interests Value</font></b></u><font size=2>&#148;).  The Contributed Interests Value has initially been allocated among the Contributed Interests as set forth on </font><u><b><font size=2>Schedule 1.2(a)</font></b></u><font size=2> attached hereto.
Such allocations may be revised pursuant to Section 3.1(c) of the Amended and Restated Operating Agreement.  The Contributed Interest Value may also be subsequently increased as set forth in Section 3.1(b) of the LLC Agreement to reflect the resolution of a disagreement as to value of the Contributed Interests.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Contributed Interests Value shall be increased by an amount equal to:  </font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="638" >
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        <td width="213" rowspan=2 style='border-bottom:solid white 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p  align=right style='margin:0in;margin-bottom:.0001pt; text-align:right;text-indent:0in'><b><font size=2>[  </font></b><font size=2>97% of  </font><b><font size=2>(</font></b></p> </td>
        <td width="359" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='margin:0in;margin-bottom:.0001pt; text-align:center;text-indent:0in'><u><font size=2>New Income &#150; Lost Rent</font></u><u></u></p> </td>
        <td width="67" rowspan=2 style='border-bottom:solid white 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='margin:0in;margin-bottom:.0001pt; text-align:left;text-indent:0in'><b><font size=2>)</font></b><font size=2>  </font><b><font size=2>]</font></b></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="359" valign=top style='border-bottom: solid white 1.0pt;padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p  align=center style='margin:0in;margin-bottom:.0001pt; text-align:center;text-indent:0in'><font size=2>0.06</font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that if the above-described amount is equal to less than zero, the Contributed Interests Value shall not be adjusted pursuant to this </font><u><b><font size=2>Section 1.2(b)</font></b></u><font size=2>.  The adjustments made to the Contributed Interests Value pursuant to this </font><u><b><font size=2>Section 1.2(b)</font></b></u><font size=2> shall be deemed final and not subject to further adjustments if no such adjustments have been requested in good faith within one year after the Closing Date.  All post-Closing adjustments to the </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22452514v30</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>Contributed Interests Value pursuant to this </font><u><b><font size=2>Section 1.2(b)</font></b></u><font size=2> shall be subject to </font><u><b><font size=2>Sections 10.1(h)</font></b></u><font size=2> and </font><u><b><font size=2>(m)</font></b></u><font size=2>.  For purposes of this </font><u><b><font size=2>Section 1.2(b)</font></b></u><font size=2>, the following definitions shall apply:</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:0.5in; text-indent:1in;text-align:justify;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</font><u><b><font size=2>Early Terminated Tenant Lease</font></b></u><font size=2>&#148; shall mean each Tenant Lease which expires or terminates after April 24, 2007 and prior to the Closing Date.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:0.5in; text-indent:1in;text-align:justify;'><font size=2>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</font><u><b><font size=2>Lost Rent</font></b></u><font size=2>&#148; means the aggregate annualized reduction in income which is expected to occur from the Early Terminated Tenant Leases, calculated based on the annualized amount of minimum rent payable under each Early Terminated Tenant Lease during the last full calendar month period immediately prior to the expiration or termination thereof.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:0.5in; text-indent:1in;text-align:justify;'><font size=2>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</font><u><b><font size=2>New Income</font></b></u><font size=2>&#148; means the aggregate annualized increase in income which is expected to occur from the New Tenant Leases, calculated based on the annualized amount of minimum rent payable under each New Tenant Lease for the first  full calendar month after the rent commencement date thereunder.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:0.5in; text-indent:1in;text-align:justify;'><font size=2>(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</font><u><b><font size=2>New Tenant Lease</font></b></u><font size=2>&#148; means each new Tenant Lease entered into by any Property Owner after April 24, 2007 and prior to the Closing Date in accordance with </font><u><b><font size=2>Section 6.1(c)</font></b></u><font size=2> or otherwise with the approval of Transferee; </font><u><font size=2>provided</font></u><font size=2>, that the Tenant thereunder is scheduled to open for business on or prior to December 31, 2007 (except as may otherwise be agreed to by Transferee); </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>further</font></u><font size=2>, that, with respect to each New Tenant Lease:</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:1.5in; text-indent:0.75in;text-align:justify;'><font size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferee shall receive a credit for (A) all unpaid, non-disbursed Tenant incentives, allowances or inducements (including work to be performed by or at the applicable Property Owner&#146;s expense pursuant to the terms of such New Tenant Lease) for the initial term of such Tenant Lease, and (B) all third party brokerage and leasing agreements for which fees or commissions are or will be payable relating to such New Tenant Lease, in each case, as and to the extent set forth in </font><u><b><font size=2>Section 10.1(k)</font></b></u><font size=2>; and </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:1.5in; text-indent:0.75in;text-align:justify;'><font size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;without duplication of any credits received under </font><u><b><font size=2>clause (1)</font></b></u><font size=2>, Transferee shall receive a credit for the value of any rent concessions, abatements, free rent amounts, rent &#147;holidays&#148;, or other &#147;lost&#148; rent between the Closing Date and the scheduled (as of the Closing Date) rent commencement date under such New Tenant Lease; </font><u><font size=2>provided</font></u><font size=2>, that there shall be a post-closing adjustment based on the actual rent commencement date under such New Tenant Lease.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Deposit</font></u><font size=2>.  Within 2 Business Days after the full execution and delivery of this Agreement by Transferor and Transferee, Transferee shall deliver to Escrow Agent the amount of Eleven Million Two Hundred Fifty Thousand and No/100 Dollars ($11,250,000.00) </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22452514v30</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>(which sum, together with any and all interest and dividends earned thereon, shall hereinafter be referred to as the &#147;</font><u><b><font size=2>Deposit</font></b></u><font size=2>&#148;).  Transferee may, at its election, deliver all or any portion of the Deposit in the form of either (i) cash (by Federal funds wire transfer to a U.S. bank account specified by Escrow Agent), or (ii) an unconditional and irrevocable letter of credit, that is payable to Transferor (x) at sight in the State of New York or (y) upon presentation via facsimile followed by overnight courier delivery of the original, and expires no earlier than the 60<sup>th</sup> day after the last possible date for Closing under </font><u><b><font size=2>Section 9.1</font></b></u><font size=2>, and is issued from Regions Bank or another creditworthy bank or financial institution reasonably acceptable to Transferor.  Transferor hereby
approves the form of letter of credit attached hereto as </font><u><b><font size=2>Exhibit I</font></b></u><font size=2>.  Escrow Agent shall hold the Deposit (including any proceeds from draws under any letter of credit) pursuant to the provisions of </font><u><b><font size=2>Article XII</font></b></u><font size=2>.  If the Contribution is not consummated for any reason (other than a termination of this Agreement in accordance with its terms arising out of a default by Transferee or CBL OP of any provision hereof, the CBL Contribution Agreement or any other agreement between or among Transferor, Transferee and CBL OP or their respective affiliates), then the Deposit</font><b><font size=2> </font></b><font size=2>shall be returned to Transferee.  Notwithstanding anything to the contrary contained herein, at Closing, upon admission of Transferor as a Preferred Member of Transferee holding the Preferred Membership Interests, the Deposit shall be returned to Transferee.  The parties
hereto shall promptly take any action required to cause the Deposit to be delivered to any party entitled thereto pursuant to the terms of this Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc5"></a>1.3&nbsp;</font><u><font size=2>Closing Costs</font></u><font size=2>.  At Closing, (i) Transferee shall cause Transferee&#146;s Closing Costs to be paid in full by delivering the amount thereof to Escrow Agent (by Federal funds wire transfer), (ii) Transferor shall cause Transferor&#146;s Closing Costs to be paid in full by delivering the amount thereof to Escrow Agent (by Federal funds wire transfer), and (iii) Transferee and Transferor shall cause Escrow Agent to deliver all such amounts directly to the Persons to whom such amounts are owed (all as described in </font><u><b><font size=2>Section 10.2</font></b></u><font size=2>).  CBL OP shall make a cash contribution to Transferee in an amount and as and when required to enable Transferee to satisfy its obligations under </font><u><b><font size=2>clause (i)</font></b></u><font size=2> of this </font><u><b><font
size=2>Section 1.3</font></b></u><font size=2>.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc6"></a>Investigation of the Properties and Titles</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc7"></a>2.1&nbsp;</font><u><font size=2>Inspection of Properties; Indemnity</font></u><font size=2>.  Until Closing or earlier termination of this Agreement, Transferee, through its sole member CBL OP, shall continue to have the rights set forth in that certain Access Agreement, dated as of May 10, 2007, by and between Transferor, on behalf of itself and its subsidiaries and affiliates, as owner, and CBL OP, as inspector (as the same may be amended, supplemented or otherwise modified, the &#147;</font><u><b><font size=2>Access Agreement</font></b></u><font size=2>&#148;), as amended by this Agreement.  Without limiting the provisions of the Access Agreement, each of CBL OP and Transferee shall, jointly and severally, indemnify, hold harmless and defend Transferor and each Transferor Related Party from and against any mechanics&#146; or materialmen&#146;s lien or claim
therefor, any claim, cause of action, lawsuit, damage, liability, loss, cost, expense or any other Losses (including, without limitation, attorneys&#146; fees) due to injury to persons or damage to property arising out of any entry by CBL OP, Transferee or CBL OP&#146;s or Transferee&#146;s </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22452514v30</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>engineers, architects and other employees, representatives, contractors, subcontractors and agents, or out of any inspections, tests or surveys conducted by or on behalf of Transferee or CBL OP, in connection with the transactions contemplated herein, in each case, except to the extent caused by the gross negligence or willful misconduct of Transferor or such Transferor Related Party.</font></p>
<a name="toc8"></a>&nbsp;


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    <tr >
        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p   style='text-indent:0in; page-break-after:avoid'><font size=1>&nbsp;</font></p>  </td>
        <td width="24" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>2.2</font></p> </td>
        <td width="131" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Title and Survey</font></u><font size=2>.  </font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>Schedule 2.2(a)</font></b></u><font size=2> attached hereto is a schedule with respect to each Property of the Liens, defects and other exceptions to title to which such Property will be subject at Closing when Transferee shall acquire the Contributed Interests and accept indirect possession of the Properties (such exceptions, together with (a) Liens for Taxes that are not yet due and payable, (b) rights of Tenants, as tenants only, under Tenant Leases and the rights of MRO Leasehold Owner, as ground lessee only, under the MRO Ground Lease, (c) any Liens arising out of any act of Transferee or CBL OP, and (d) any other matters that are approved or deemed approved by Transferee hereunder being collectively, the &#147;</font><u><b><font size=2>Permitted Exceptions</font></b></u><font
size=2>&#148;).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained herein, on or before the tenth (10th) day after the Effective Date, Transferee shall have the right to object to any matter shown on a Title Commitment or Survey heretofore delivered to Transferee, but only with respect to any matter reported or shown thereon which has or could have a Material Adverse Title Effect (as hereinafter defined) (such objections, &#147;</font><u><b><font size=2>Transferee&#146;s Objections</font></b></u><font size=2>&#148;).  Notwithstanding anything herein to the contrary contained herein, from and after the Effective Date until Closing, Transferee shall have until the 10<sup>th</sup> day after Transferee&#146;s receipt, after the Effective Date, of any update to a Survey or Title Commitment (and legible copies of all documents
referenced in any such update) to notify Transferor in writing of any objection (also, &#147;</font><u><b><font size=2>Transferee&#146;s Objections</font></b></u><font size=2>&#148;) which Transferee may have to any matter disclosed, reported or shown thereon and not disclosed, reported or shown on a Title Commitment or Survey previously delivered to Transferee as to which Transferee has already responded or failed to timely respond pursuant to the preceding sentence, but only if such matter or thing has or could have a Material Adverse Title Effect.  The term &#147;</font><u><b><font size=2>Material Adverse Title Effect</font></b></u><font size=2>&#148; means any matter that has a material adverse effect on the use, value or operation of the Property in question, that breaches a law or that breaches a contract, but only if such breach would have a material adverse effect on the use, value or operation of the Property in question.  The preceding three (3) sentences do not apply to
Liens, as to which the express provisions of this Agreement as to Liens shall apply.  Transferor will and (prior to Closing) will cause the Property Owners to cooperate reasonably and in good faith with Transferee in Transferee&#146;s attempts to obtain customary and reasonable title insurance with respect to Permitted Exceptions (e.g., the omission of recorded memoranda of lease for leases that have expired or been terminated).  As a condition to Closing, Transferor shall remove or discharge from title to the Properties (i)&nbsp;any Liens which secure an obligation to pay sums of money borrowed by Transferor, any Property Owner or any affiliate thereof (other than the Existing Mortgage Loans) or which are set forth on </font><u><b><font size=2>Schedule 2.2(b)</font></b></u><font size=2> attached hereto and any other matters set forth on </font><u><b><font size=2>Schedule 2.2(b)</font></b></u><font size=2> attached hereto as </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>6</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>Transferor&#146;s obligation to remove or discharge, (ii) any exceptions and matters objected to by Transferee which were created or caused by Transferor, any Property Owner or any affiliate thereof between the Effective Date and the Closing Date, and (iii)&nbsp;any other exceptions and matters timely objected to by Transferee in Transferee&#146;s Objections that may be discharged by the payment of an ascertainable amount of money (the exceptions and matters described in </font><u><b><font size=2>clauses (i)</font></b></u><font size=2>, </font><u><b><font size=2>(ii)</font></b></u><font size=2> and </font><u><b><font size=2>(iii)</font></b></u><font size=2>, other than mechanic&#146;s lien or materialman&#146;s lien arising from work performed by or on behalf of a Tenant or MRO Leasehold Owner (other than by any Property Owner as the landlord of such Tenant or MRO Leasehold Owner, or such Property
Owner&#146;s contractors), collectively, the &#147;</font><u><b><font size=2>Curable Title Objections</font></b></u><font size=2>&#148;); </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that Transferor shall have no obligation to spend more than Three Million and No/100 Dollars ($3,000,000.00) in the aggregate in connection with the curing and/or insuring over of the Curable Title Objections described in </font><u><b><font size=2>clause (iii)</font></b></u><font size=2>, and Transferor shall have no obligation to remove any mechanic&#146;s lien or materialman&#146;s lien arising from work performed by or on behalf of a Tenant or MRO Leasehold Owner (other than by any Property Owner as the landlord of such Tenant or MRO Leasehold Owner, or such Property Owner&#146;s contractors).  Alternatively, in lieu of removing or discharging any of the Curable Title Objections from title to the Properties (other than any
mechanic&#146;s lien or materialman&#146;s lien arising from work performed by any Property Owner or such Property Owner&#146;s contractors), Transferor may obtain for Transferee, title insurance coverage reasonably acceptable to Transferee from the Title Company insuring over any such exceptions or matters, and subject to the same $3,000,000 limitation described above and without limiting the provisions of </font><u><b><font size=2>Section 10.2(ii)</font></b></u><font size=2>, Transferor shall be responsible for the incremental costs and expenses charged by the Title Company to insure over any such exceptions and matters (the &#147;</font><u><b><font size=2>Incremental Title Costs</font></b></u><font size=2>&#148;).  Without limiting the foregoing, Transferor and Transferee hereby agree to cooperate to cause to be removed from title to the Properties, at Transferor&#146;s expense, any mechanic&#146;s lien or materialman&#146;s lien arising from work performed by any Property Owner or
such Property Owner&#146;s contractors which were of record prior to the Closing Date and which remain uncured after the Closing Date.  The provisions of the immediately preceding sentence shall survive Closing.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a condition to Closing, Transferor shall, at Transferor&#146;s expense, remove or discharge from title to the Contributed Interests any Liens which were created or caused by Transferor, any Property Owner or any affiliate thereof.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or before the 10<sup>th</sup> day following Transferor&#146;s receipt of Transferee&#146;s Objections (or by the Outside Closing Date, if earlier), Transferor shall deliver written notice to Transferee (&#147;</font><u><b><font size=2>Transferor&#146;s Response</font></b></u><font size=2>&#148;) indicating whether Transferor elects to remove or insure over those Transferee&#146;s Objections that Transferor is not obligated to remove or insure over in accordance with </font><u><b><font size=2>Sections 2.2(b)</font></b></u><font size=2>.  If Transferor fails to deliver Transferor&#146;s Response within the time frame set forth above, it shall be deemed to be an election by Transferor to not remove or insure over all of such Transferee&#146;s Objections.  If Transferor elects not to (or is deemed to have
elected not to) remove or insure over all of such Transferee&#146;s Objections, then Transferee must elect, by delivering written notice of such election to Transferor on or before the earlier to occur of (i) the 10<sup>th</sup> day following Transferee&#146;s receipt of </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>Transferor&#146;s Response (or by the Outside Closing Date, if earlier), or (ii) if no Transferor&#146;s Response is received by Transferee, the 10<sup>th</sup> day following the date on which Transferor shall have been deemed to have responded, as provided above (or by the Outside Closing Date, if earlier), to:  (x) terminate this Agreement (in which case none of the parties thereafter shall have any rights or obligations to the other hereunder, other than pursuant to any provision hereof which expressly survives the termination of this Agreement); or (y) proceed to a timely Closing whereupon such objected to exceptions or matters shall be deemed to be approved by Transferee and constitute Permitted Exceptions.  If Transferee fails to deliver a response within such 10 day period (or by the Outside Date, if earlier), then Transferee shall be deemed to have elected to proceed to Closing pursuant to
</font><u><b><font size=2>clause (y)</font></b></u><font size=2> above.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc9"></a>2.3&nbsp;</font><u><font size=2>Status of Title</font></u><font size=2>.  At Closing, Transferor shall contribute, or cause to be contributed, to Transferee all of Transferor&#146;s and/or its affiliates&#146; rights, titles and interests in and to the Contributed Interests, and Transferee shall accept (a) the Contributed Interests, and (b) indirect ownership and possession of the Properties, subject only to the Permitted Exceptions.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc10"></a>Transferee&#146;s Acknowledgement</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>THE PARTIES HEREBY ACKNOWLEDGE AND AGREE THAT:  (A) TRANSFEREE IS A SOPHISTICATED INVESTOR IN REAL PROPERTY WHO IS FAMILIAR WITH INVESTMENTS SIMILAR TO THE PROPERTIES AND THE CONTRIBUTED INTERESTS; (B) EXCEPT AS MAY BE SPECIFICALLY SET FORTH IN THIS AGREEMENT OR THE CLOSING DOCUMENTS, NEITHER TRANSFEROR NOR ANY TRANSFEROR RELATED PARTY HAS MADE OR WILL MAKE ANY REPRESENTATION OR WARRANTY OF ANY KIND WHATSOEVER, WHETHER ORAL OR WRITTEN, EXPRESS OR IMPLIED, WITH RESPECT TO ANY OF THE PROPERTY OWNERS, ANY OF THE CONTRIBUTED INTERESTS, ANY OF THE PROPERTIES, THE PERMITTED USE OF ANY OF THE PROPERTIES, OR THE ZONING AND OTHER LAWS, REGULATIONS AND RULES APPLICABLE THERETO, OR THE COMPLIANCE BY ANY OF THE PROPERTIES THEREWITH, THE REVENUES AND EXPENSES GENERATED BY OR ASSOCIATED WITH ANY OF THE PROPERTIES OR ANY OF THE CONTRIBUTED INTERESTS, OR OTHERWISE RELATING TO ANY OF THE PROPERTY
OWNERS, ANY OF THE PROPERTIES, ANY OF THE CONTRIBUTED INTERESTS, OR THE TRANSACTIONS CONTEMPLATED HEREIN; AND (C) EXCEPT AS MAY BE SPECIFICALLY SET FORTH IN THIS AGREEMENT OR THE CLOSING DOCUMENTS, THE CONTRIBUTED INTERESTS ARE BEING TRANSFERRED TO TRANSFEREE AND TRANSFEREE IS ACCEPTING THE CONTRIBUTED INTERESTS AND INDIRECT POSSESSION OF THE PROPERTIES, IN EACH CASE, IN THEIR PRESENT &#147;AS IS, WHERE IS&#148; CONDITION &#147;WITH ALL FAULTS&#148;, WITH NO RIGHT OF SETOFF OR DEDUCTION IN THE CONTRIBUTED INTERESTS VALUE.  IN ADDITION, TRANSFEREE EXPRESSLY UNDERSTANDS, ACKNOWLEDGES AND AGREES THAT UNKNOWN CONDITIONS MAY EXIST WITH RESPECT TO ANY OF THE PROPERTIES, </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font SIZE=2>THE PROPERTY OWNERS, AND/OR THE CONTRIBUTED INTERESTS AND THAT TRANSFEREE EXPLICITLY TOOK THE POSSIBILITY OF SUCH UNKNOWN CONDITIONS INTO ACCOUNT, TOGETHER WITH THE EXPRESS REPRESENTATIONS AND WARRANTIES CONTAINED HEREIN, IN DETERMINING AND AGREEING TO THE CONTRIBUTED INTERESTS VALUE.  SUBJECT TO THE TERMS HEREOF, TRANSFEREE HAS BEEN AFFORDED THE OPPORTUNITY TO MAKE ANY AND ALL INSPECTIONS AND DUE DILIGENCE OF THE PROPERTIES, THE PROPERTY OWNERS, AND ANY OTHER MATTERS RELATED TO THE CONTRIBUTED INTERESTS AND THE CONTRIBUTION AS TRANSFEREE REASONABLY DESIRED AND, ACCORDINGLY, EXCEPT AS MAY BE SPECIFICALLY SET FORTH IN THIS AGREEMENT OR THE CLOSING DOCUMENTS, TRANSFEREE WILL RELY SOLELY ON ITS OWN DUE DILIGENCE AND INVESTIGATIONS IN ACQUIRING THE CONTRIBUTED INTERESTS.  TRANSFEREE HEREBY ACKNOWLEDGES AND AGREES THAT, EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT OR THE CLOSING DOCUMENTS, NONE OF
TRANSFEROR, ANY TRANSFEROR RELATED PARTY OR ANY PERSON ACTING ON BEHALF OF ANY OF THEM, NOR ANY PERSON WHICH PREPARED OR PROVIDED ANY OF THE MATERIALS REVIEWED BY TRANSFEREE IN CONDUCTING ITS DUE DILIGENCE, NOR ANY REPRESENTATIVE, BROKER, ACCOUNTANT, ADVISOR, ATTORNEY, CONSULTANT, SUCCESSOR OR ASSIGN OF ANY OF THE FOREGOING PARTIES, HAS MADE OR SHALL BE DEEMED TO HAVE MADE ANY ORAL OR WRITTEN REPRESENTATIONS OR WARRANTIES, WHETHER EXPRESSED OR IMPLIED, BY OPERATION OF LAW OR OTHERWISE (INCLUDING, WITHOUT LIMITATION, WARRANTIES OF HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE), WITH RESPECT TO ANY OF THE PROPERTY OWNERS, ANY OF THE CONTRIBUTED INTERESTS, OR ANY OF THE PROPERTIES, OTHER THAN THOSE EXPRESSLY CONTAINED HEREIN.  TRANSFEREE FURTHER ACKNOWLEDGES AND AGREES THAT, EXCEPT AS MAY BE SPECIFICALLY SET FORTH IN THIS AGREEMENT AND THE CLOSING DOCUMENTS, ALL MATERIALS WHICH HAVE BEEN PROVIDED BY TRANSFEROR OR ANY TRANSFEROR RELATED PARTY OR ANY REPRESENTATIVE,
BROKER, ACCOUNTANT, ADVISOR, ATTORNEY, CONSULTANT, SUCCESSOR OR ASSIGN OF ANY OF THE FOREGOING PARTIES, HAVE BEEN PROVIDED WITHOUT ANY WARRANTY OR REPRESENTATION, EXPRESSED OR IMPLIED, AS TO THEIR CONTENT, SUITABILITY FOR ANY PURPOSE, ACCURACY, TRUTHFULNESS OR COMPLETENESS AND TRANSFEREE SHALL NOT HAVE ANY RECOURSE AGAINST TRANSFEROR, ANY TRANSFEROR RELATED PARTY OR ANY REPRESENTATIVE, BROKER, ACCOUNTANT, ADVISOR, ATTORNEY, CONSULTANT, SUCCESSOR OR ASSIGN OF ANY OF THE FOREGOING PARTIES IN THE EVENT OF ANY ERRORS THEREIN OR OMISSIONS THEREFROM.  THE PROVISIONS OF THIS </font><U><B><font SIZE=2>ARTICLE III</font></B></U><font size=2> SHALL SURVIVE CLOSING.</font></p>

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

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

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

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc11"></a>Transferor&#146;s Representation &amp; Warranties</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>Transferor represents and warrants to Transferee as follows as of the Effective Date and (except with respect to any representation or warranty set forth in the Bringdown Certificate which is updated as of the Closing Date in accordance with the terms of </font><u><b><font size=2>Section 6.1(c)</font></b></u><font size=2>) as of the Closing Date:</font></p>
<a name="toc12"></a>&nbsp;


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    <tr >
        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p   style='text-indent:0in; page-break-after:avoid'><font size=1>&nbsp;</font></p>  </td>
        <td width="24" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>4.1</font></p> </td>
        <td width="352" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Authority; Ownership of Contributed Interests</font></u><font size=2>.  </font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of Transferor and each Property Owner is duly formed or organized, validly existing and in good standing under the laws of the state of its formation identified in the 5<sup>th</sup> Recital hereto, (ii) each Property Owner is qualified to do business in the state in which the Property owned by such Property Owner is located, and (iii) except as otherwise disclosed in </font><u><b><font size=2>Schedule 4.1(a)</font></b></u><font size=2> attached hereto, no Property Owner has existed or operated under any other name, and Transferor has not existed under any other name since July 1, 2002.  Each Property Owner has made all filings necessary in the state in which such Property Owner&#146;s Property is located to own and operate such Property, except to the extent such failure would not have a material
adverse effect on the business operations, financial condition or results of operations of such Property Owner's Properties.  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other than as may be limited by the Existing Mortgage Loans, Transferor has the full right, power and authority to enter into this Agreement, the Closing Documents and all other documents contemplated hereby, and to consummate the transactions contemplated by this Agreement, the Closing Documents and such other documents.  All requisite partnership, limited liability company and corporate, as applicable, action have been taken by Transferor to authorize the execution and delivery of this Agreement, and will be taken by Transferor prior to Closing to authorize the execution and delivery of the instruments referenced herein and the consummation of the transactions contemplated hereby.  Each of the Persons signing this Agreement, the Closing Documents, and the other documents contemplated by this Agreement on
behalf of Transferor has the legal right, power and authority to bind Transferor.  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor owns, and will own immediately prior to Closing, directly or indirectly, beneficially and, to the extent applicable, of record, the Contributed Interests free and clear of any Lien of any nature whatsoever (subject to the rights of Transferee pursuant to this Agreement and the covenants, conditions and restrictions set forth in the Existing Loan Documents).  The Contributed Interests are the only authorized, issued and outstanding direct equity interests in the Property Owners.  Except for this Agreement, the Existing Loan Documents and any agreements entered into by Transferee, none of the Contributed Interests are subject to any written agreements or understandings among Persons with respect to the voting or transfer thereof to which Transferee or any Property Owner would be subject on or after
the Closing Date.  Except for this Agreement, the Amended and Restated Operating Agreement and any agreements entered into by Transferee, there are no subscriptions, options, warrants, calls, </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>rights, convertible securities or other agreements or commitments of any character obligating Transferor, any Property Owner or any of their respective affiliates to issue, transfer or sell, or cause the issuance, transfer or sale of, any direct equity interests or other securities (whether or not such securities have voting rights) of any Property Owner to which Transferee or any Property Owner would be subject on or after the Closing Date.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc13"></a>4.2&nbsp;</font><u><font size=2>No Conflicts</font></u><font size=2>.  The execution, delivery and performance by Transferor of this Agreement and the instruments referenced herein and the transaction contemplated hereby will not conflict with, or with or without notice or the passage of time or both, (i) result in a breach of, violation of, or constitute a default under any material term or provision of any articles of formation, certificate of incorporation, bylaws, certificate of limited partnership, certificate of limited liability company, partnership agreement (oral or written) (including any designation supplemental thereto), limited liability company agreement (oral or written) (including any designation supplemental thereto) or other operating agreement (oral or written) (including any designation supplemental thereto), as applicable, of Transferor or any
Property Owner, (ii) result in a breach of, violation of, or constitute a default under (subject to obtaining any consents required under the Existing Mortgage Loans) any material term or provision of, any indenture, deed of trust, mortgage, judicial or administrative order or Law, applicable to Transferor or any Property Owner or by which Transferor, any Property Owner, any of the Contributed Interests, any of the Properties (or any portion thereof), or any other asset of any Property Owner is bound, or (iii) result in a breach of, violation of, or constitute a default under, any material term or provision of any Continuing Contract which breaches, violations and defaults would, individually or in the aggregate, have a material adverse effect on the business operations, financial condition or results of operations of the applicable Property or the applicable Property Owner in question.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc14"></a>4.3&nbsp;</font><u><font size=2>Consents; Binding Obligations</font></u><font size=2>.  Other than with respect to any approval required under the Existing Loan Documents, no approval or consent (other than those which have already been obtained and have not been revoked) is required from any Person for Transferor to execute, deliver or perform this Agreement, the Closing Documents or the other instruments contemplated hereby, or for Transferor to consummate the transaction contemplated hereby, and (b) this Agreement, the Closing Documents and all other documents required hereby to be executed by Transferor are and shall be valid, legally binding obligations of Transferor, enforceable against Transferor in accordance with their respective terms.  Transferor has delivered to Transferee copies of the Property Owner Organizational Documents, including all amendments
thereto, which are true and complete in all material respects.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc15"></a>4.4&nbsp;</font><u><font size=2>No Bankruptcy</font></u><font size=2>.  No petition in bankruptcy (voluntary or otherwise), attachment, execution proceeding, assignment for the benefit of creditors, or petition seeking reorganization or insolvency, arrangement or other action or proceeding under Federal or state bankruptcy law is pending against or contemplated (or, to Transferor&#146;s Actual Knowledge, threatened) by or against Transferor, any general partner of Transferor or any Property Owner.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><a name="toc16"></a>&nbsp;</font></p>

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

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

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        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p   style='text-indent:0in;page-break-after:avoid; '><font size=1>&nbsp;</font></p>  </td>
        <td width="24" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>4.5</font></p> </td>
        <td width="411" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Tenant Leases, Contracts, Permitted Exceptions and Permits</font></u><font size=2>.  </font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor has delivered to Transferee copies of the Tenant Leases, including all amendments, modifications and guaranties relating thereto which are true and complete in all material respects.  Transferor has also made available to Transferee other material documents and notices relating to the Tenant Leases.  The Property Owners are the lessors under the Tenant Leases, and no Property Owner has, directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, assigned, transferred, encumbered, hypothecated, pledged or granted a security interest in any of the Tenant Leases or its interest therein (other than in connection with the Existing Mortgage Loans).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To Transferor&#146;s Actual Knowledge, except as otherwise disclosed in </font><u><b><font size=2>Schedule</font></b><font size=2>&nbsp;</font><b><font size=2>4.5(b)</font></b></u><font size=2> attached hereto, each of the Tenant Leases is in full force and effect.  To Transferor&#146;s Actual Knowledge, except as otherwise disclosed in </font><u><b><font size=2>Schedule</font></b><font size=2>&nbsp;</font><b><font size=2>4.5(b)</font></b></u><font size=2> attached hereto, none of the Property Owners has sent or received any written notice of default under any of the material Tenant Leases.  Transferor is not an affiliate of any Tenant under a Tenant Lease which will survive Closing, and Transferor does not have any direct or indirect ownership interest in any Tenant under a Tenant Lease which will survive
Closing.   Without limiting the foregoing, the parties hereto acknowledge that an affiliate of Transferor owns a limited partnership interest in MRO Leasehold Owner which is the ground lessee under the MRO Ground Lease.  For purposes of this </font><u><b><font size=2>Section 4.5(b)</font></b></u><font size=2> and </font><u><b><font size=2>Section 6.1(i)</font></b></u><font size=2>, the term &#147;material Tenant Lease&#148; shall mean a Tenant Lease demising more than 10,000 square feet of space.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached hereto as </font><u><b><font size=2>Schedule 4.5(c)</font></b></u><font size=2> is a true and correct copy of the rent roll for each Property (each, a &#147;</font><u><b><font size=2>Rent Roll</font></b></u><font size=2>&#148;) based upon which the applicable Property Owner operates such Property as of the date indicated therein, together with a schedule, to Transferor&#146;s Actual Knowledge, of the amount of (i) all Tenant Deposits and pre-paid rent of more than one month in advance paid by each Tenant under each Tenant Lease, less amounts previously applied or returned to such Tenant, and (ii) any and all unpaid incentives, concessions, abatements, free rent amounts, allowances or inducements granted to each Tenant (other than those expressly set forth in the Tenant Leases).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached hereto as </font><u><b><font size=2>Schedule 4.5(d)</font></b></u><font size=2> is a list (the &#147;</font><u><b><font size=2>Contract List</font></b></u><font size=2>&#148;) that is true and complete in all material respects of all management, service, supply, repair and maintenance agreements, equipment leases, leasing and/or brokerage agreements and all other contracts and agreements (including the Contracts, but excluding the Tenant Leases and the MRO Ground Lease) with respect to or affecting each Property, or by which any Property Owner is bound, or under which any Property Owner is liable, in each case, as of the Effective Date.  Transferor has delivered to Transferee copies of all written material Continuing Contracts, which are true and complete in all material respects.  The Contracts
which are national contracts are identified on </font><u><b><font size=2>Schedule 4.5(d)</font></b></u><font size=2> attached hereto.  Transferor has no direct or indirect ownership interest in any service provider under any Continuing Contract.</font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise disclosed in </font><u><b><font size=2>Schedule 4.5(e)</font></b></u><font size=2> attached hereto, neither the applicable Property Owner nor any other party thereto is in default under (i) any of the material Continuing Contracts or Permits beyond the expiration of any applicable grace or cure period, except to the extent such default would not have, individually or in the aggregate, a material adverse effect on the business operations, financial condition or results of operations of the applicable Property or the applicable Property Owner, or (ii) any of the Permitted Exceptions beyond the expiration of any applicable grace or cure period, except to the extent such default would not have, individually or in the aggregate, a material adverse effect on the business operations, financial
condition or results of operations of the applicable Property or the applicable Property Owner.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise disclosed in </font><u><b><font size=2>Schedule 4.5(f)</font></b></u><font size=2> attached hereto, there are no third party brokerage and leasing agreements for which fees or commissions are or will be payable relating to the Tenant Leases which would be payable by Transferee or any Property Owner after Closing.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc17"></a>4.6&nbsp;</font><u><font size=2>No Actions/Compliance With Laws</font></u><font size=2>.  Except as otherwise disclosed in </font><u><b><font size=2>Schedule</font></b><font size=2>&nbsp;</font><b><font size=2>4.6</font></b></u><font size=2> attached hereto, there are no actions, suits, proceedings, claims or investigations before any court or governmental authority pending, or to Transferor&#146;s Actual Knowledge, threatened, against Transferor or any Property Owner with respect to or affecting all of any portion of any Property (other than actions, suits, proceedings or claims fully covered (other than any applicable deductible) by insurance) which, if determined adversely to Transferor or any Property Owner, could reasonably be expected to have a material adverse effect on the business operations, financial condition or results of operations of the applicable
Property or the applicable Property Owner, or on Transferor&#146;s ability to consummate the transactions contemplated by this Agreement.  None of Transferor, any Property Owner or any affiliate thereof is a party to or otherwise bound by any consent decree, judgment, other decree or order, or settlement agreement which could reasonably be expected to have (i) an adverse effect on Transferor&#146;s ability to perform its obligations hereunder, or (ii) a material adverse effect on the business operations, financial conditions or results of operations of the applicable Property or the applicable Property Owner.  To Transferor&#146;s Actual Knowledge, except as otherwise disclosed in </font><u><b><font size=2>Schedule</font></b><font size=2>&nbsp;</font><b><font size=2>4.6</font></b></u><font size=2> attached hereto, neither Transferor nor any Property Owner has received any written notice that a Property is in material violation of any Laws or requirements of any governmental authority,
agency or officer having jurisdiction against or affecting such Property (a &#147;</font><u><b><font size=2>Violation</font></b></u><font size=2>&#148;), which have not previously been complied with in all material respects.   Except as otherwise disclosed in </font><u><b><font size=2>Schedule</font></b><font size=2>&nbsp;</font><b><font size=2>4.6</font></b></u><font size=2> attached hereto, there are no proceedings pending nor, to Transferor&#146;s Actual Knowledge, threatened, to alter or restrict the zoning or other use restrictions applicable to any Property, or to condemn all or any portion of such Property by eminent domain proceedings or otherwise (including a study or plan for road widening, realignment or relocation).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc18"></a>4.7&nbsp;</font><u><font size=2>Hazardous Materials and Repairs</font></u><font size=2>.  </font><u><b><font size=2>Schedule 4.7</font></b></u><font size=2> attached hereto describes the most recent environmental report for each Property in Transferor&#146;s Possession or Reasonable Control.  </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>Transferor has delivered to Transferee copies of all such environmental reports, which are true and complete in all material respects.</font></p>
<a name="toc19"></a>&nbsp;


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="297" >
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        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p   style='text-indent:0in;page-break-after:avoid; '><font size=1>&nbsp;</font></p>  </td>
        <td width="24" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>4.8</font></p> </td>
        <td width="225" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Taxes and Special Assessments</font></u><font size=2>.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor has delivered to Transferee copies of all ad valorem and other property tax statements and assessments covering any Property for the current plus 2 preceding years, together with a copy of any notice of increase in valuation received by Transferor or any Property Owner since the most recent of such tax statements that were issued, which copies are true and complete in all material respects.  There are no special assessments or charges which have been levied against any Property that are not reflected on the tax bills with respect to any such Property.  Except as set forth on </font><u><b><font size=2>Schedule 4.8(a)</font></b></u><font size=2> attached hereto, to Transferor&#146;s Actual Knowledge, no application or proceeding is pending to seek a reduction or increase in taxes or assessments for
any of the Properties.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Property Owner has ever elected to be taxed other than as a partnership or a disregarded entity for Federal, state or local income tax purposes and each Property Owner is currently classified for Federal, state or local income tax purposes as an entity which is disregarded as an entity separate from its owner.  Each Property Owner has filed, or caused to be filed, all federal, state and material local tax returns, informational filings and reports (collectively, &#147;</font><u><b><font size=2>Tax Returns</font></b></u><font size=2>&#148;) that are required to be filed by them.  All such returns, reports, and filings are true and complete in all material respects.  Each Property Owner has paid, or caused to be paid, all Taxes shown to be due on such Tax Returns, and have paid, or caused to paid, all other
Taxes that are shown on such return.  None of the Property Owners has any liability for Taxes (i) of another Person by reason of an agreement, transferee liability, joint and several liability, or otherwise, or (ii) of any predecessor.  None of the Property Owners owns any direct or indirect ownership interest in any Person which is liable for any Taxes, including liability for Taxes (x) of another Person by reason of an agreement, transferee liability, joint and several liability, or otherwise, or (y) of any predecessor.  Transferor has not received from any governmental authority any written notice the subject of which remains uncured (1) of underpayment of any material Tax which could become a Lien on any of the Properties if not paid, (2) that any actions relating to the Tax liability of, or relating to, any Property, and which could become a Lien on any Property if not paid, are pending, and/or (3) that the institution of any such action is contemplated by any governmental
authority.  No Property Owner has waived any restrictions on the assessment or collection of Taxes which, if unpaid, could become a Lien on any Property, or has consented to the extension of any statute of limitations with respect to any such Tax that has not since expired.  As of the Effective Date, and except as set forth on </font><u><b><font size=2>Schedule 4.8(b)</font></b></u><font size=2> attached hereto, none of the Property Owners or Transferor has received any written notice (A) of an actual or threatened audit of any tax return filed by or on behalf of a Property Owner, or (B) that the applicable governmental entity disputes any material position taken by any Property Owner or (if applicable to the transactions contemplated by this Agreement and the Closing Documents) Transferor, in any tax return subject to such audit.</font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the Property Owners holds securities, directly or indirectly, possessing more than 10% of the total voting power or total value of the outstanding securities of any one issuer for purposes of Section 856(c)(4)(B) of the Code, and not more than 5% of the total value of the total assets of the Property Owners (treating them as one entity for this purpose) is represented by securities of any one issuer for purposes of Section 856(c)(4)(B) of the Code.  None of the Property Owners owns any direct or indirect ownership interest in any Person which is classified as a corporation for Federal, state, or local income tax purposes.  Except for this Agreement, the Amended and Restated Operating Agreement, the Tax Protection Agreement, and the agreements listed on </font><u><b><font size=2>Schedule
4.8(c)</font></b></u><font size=2> attached hereto, there are no Tax Matters Agreements to which any Property Owner or any subsidiary thereof is currently subject.  For purposes of this </font><u><b><font size=2>Section 4.8(c)</font></b></u><font size=2>, &#147;</font><u><b><font size=2>Tax Matters Agreement</font></b></u><font size=2>&#148; shall mean any agreement pursuant to which any Property Owner or any subsidiary thereof may have any liability relating to Taxes of another Person, whether or not as a result of the consummation of the transactions contemplated by this Agreement.  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The adjusted tax basis of each Property (including all of its components)<sup> </sup> as set forth on </font><u><b><font size=2>Schedule 4.8(d)</font></b></u><font size=2> attached hereto are true and complete in all material respects as of March 31, 2007.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual tax depreciation amounts for the 2007 tax year and subsequent tax years for each Property (including all of its components), based on assets in place as of March 31, 2007 as set forth on </font><u><b><font size=2>Schedule 4.8(e)</font></b></u><font size=2> attached hereto are true and complete in all material respects as of March 31, 2007.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc20"></a>4.9&nbsp;</font><u><font size=2>Non-Foreign Status</font></u><font size=2>.  None of the Property Owners or Transferor is a &#147;foreign person&#148; within the meaning of Section 1445 of the Code. </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc21"></a>4.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Not a Prohibited Person</font></u><font size=2>.  (a) Neither Transferor nor any Property Owner is a Prohibited Person; (b) to Transferor&#146;s Actual Knowledge, none of its investors, affiliates or brokers or other agents (if any), acting or benefiting in any capacity in connection with this Agreement is a Prohibited Person; and (c) to Transferor&#146;s Actual Knowledge, the Contributed Interests are not the property of, and are not beneficially owned, directly or indirectly, by a Prohibited Person, nor are any of such assets the proceeds of specified unlawful activity as defined by 18 U.S.C.&nbsp;&sect;1956(c)(7).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc22"></a>4.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Union Contracts; Employees</font></u><font size=2>.  No Property Owner is a party to, and no Property Owner or Property is bound by, and Transferee shall have no obligation to assume, any collective bargaining agreement, union contract, retirement plan, benefit plan or other employment agreement with respect to the Properties, and neither Transferor nor Westfield, LLC is subject to any such collective bargaining agreement, union contract, retirement plan, benefit plan or other employment agreement that will be binding upon any Property Owner or applicable to any Property Owner&#146;s employees from and after Closing.  Attached hereto as </font><u><b><font size=2>Schedule 4.11</font></b></u><font size=2> is a list of all managers, leasing directors and other employees who are located at or specifically assigned
to each Property (collectively, the &#147;</font><u><b><font size=2>Property Employees</font></b></u><font size=2>&#148;) as of the Effective Date, </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>their base salaries, their hire dates and a summary of their employment benefits, which list is true and complete in all material respects.  All of the Property Employees are employees of Westfield, LLC, and none of the Property Owners has any employees.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc23"></a>4.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Single-Purpose</font></u><font size=2>.  Each Property Owner (a) has been formed solely for the purpose of acquiring, owning, operating, managing, leasing, financing and disposing of the Property owned by such Property Owner (and/or acquiring, owning, operating, managing, leasing, financing and disposing of a Related Property) and transacting any lawful business that is incidental to accomplish the foregoing, (b) has not engaged in any business that is unrelated to the activities set forth in the preceding </font><u><b><font size=2>clause (a)</font></b></u><font size=2> (including such activities related to a Related Property previously owned by such Property Owner), (c) does not have any assets or liabilities other than those related to the Property owned by such Property Owner (and/or those related to a
Related Property previously owned by such Property Owner) and that are reflected in such Property Owner&#146;s financial statements, to the extent such Property Owner has financial statements, and (d) has never had any assets or liabilities other than those related to the Property owned by such Property Owner (and/or those related to a Related Property previously owned by such Property Owner).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc24"></a>4.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><U><font SIZE=2>ERISA</font></U><font size=2>.  None of the assets of Transferor or any Property Owner constitutes assets of any &#147;employee benefit plan&#148; within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended, a &#147;plan&#148; within the meaning of Section 4975 of the Code, or a Person deemed to hold &#147;plan assets&#148; within the meaning of 29 C.F.R. 2510.3-101 of any such employee benefit plan or plans.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc25"></a>4.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Financial Statements</font></u><font size=2>.  Transferor has delivered to Transferee copies of financial statements for Mid Rivers Mall Owner, South County Mall Owner, West County Mall Owner,  in each case, as of December 31, 2006.  Each of such financial statements has been prepared in accordance with United States generally accepted accounting principles, consistently applied, without footnotes, and present fairly in all material respects and in accordance with such principles, the financial position and result of the operations of the applicable entity as the date or period specified therein.  Except as set forth in </font><u><b><font size=2>Schedule 4.14</font></b></u><font size=2> attached hereto, no Property Owner has incurred any material liability other than (i) liabilities reflected in such Property
Owner&#146;s financial statements described above, and (ii) liabilities incurred in the ordinary course of business of owning or operating its Property (or any Related Property previously owned by such Property Owner).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc26"></a>4.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>No Other Assets</font></u><font size=2>.  Transferor has no material assets related to the ownership or operation of the Properties other than Transferor&#146;s interest in the Contributed Interests to be conveyed to Transferee upon Closing.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc27"></a>4.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Gift Certificates; Merchants Associations</font></u><font size=2>.  None of the Property Owners operates any gift certificate program other than the Westfield Gift Card Program currently being run through American Express.  There are no Merchants Associations at any of the Properties.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><a name="toc28"></a>&nbsp;</font></p>

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>4.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Existing Mortgage Loans</font></u><font size=2>.  Attached hereto as </font><u><b><font size=2>Schedule 4.17</font></b></u><font size=2>, is a list of all of the material loan documents related to the Existing Mortgage Loans, including all amendments and modifications thereto (the &#147;</font><u><b><font size=2>Existing Loan Documents</font></b></u><font size=2>&#148;). Transferor has delivered to Transferee copies of the Existing Loan Documents which are true and complete in all material respects.  To Transferor&#146;s Actual Knowledge, the outstanding principal balance of each Existing Mortgage Loan as of June 30, 2007 is set forth on </font><u><b><font size=2>Schedule 4.17</font></b></u><font size=2> attached hereto.  None of the Property Owners or Transferor has received any written notice of default under any of the Existing
Mortgage Loans.  The only guarantees or letters of credit contemplated by the Existing Loan Documents that are currently applicable to the Properties and which will be binding on Transferee, CBL OP and/or CBL REIT after Closing are the Assumed Guarantees.  No Property Owner is currently required to make any cash escrow deposits under any of the Existing Loan Documents except for, (i) a cash escrow for real estate taxes under the Existing Loan Documents related to the West County Mortgage Loan, (ii) cash escrows for replacement and rollover reserves under the Existing Loan Documents related to the Cross-Collateralized Mortgage Loan, and (iii) a cash escrow for real estate taxes under the Existing Loan Documents related to the Cross-Collateralized Mortgage Loan.  If  Transferee, CBL OP and/or CBL REIT are required to assume the obligations of Transferor under that certain Guaranty of Required Repairs related to the Cross-Collateralized Mortgage Loan, Transferor hereby agrees to
indemnify, defend and hold harmless Transferee, CBL OP and/or CBL REIT from and against all Losses (including, without limitation, reasonable attorneys&#146; fees and expenses) suffered by Transferee, CBL OP and/or CBL REIT arising from claims made by the applicable Existing Lender with respect to the repair obligations assumed by Transferee, CBL OP and/or CBL REIT pursuant to such Guaranty of Required Repairs.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc29"></a>4.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>REAs</font></u><font size=2>.  Transferor has delivered to Transferee copies of the REAs, which are true and complete in all material respects.  To Transferor&#146;s Actual Knowledge, each of the REAs are in full force and effect.  None of the Property Owners or Transferor has received or given any written notice of default under any of the REAs.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc30"></a>4.19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Insurance Certificates</font></u><font size=2>.  Transferor has delivered to Transferee copies of the certificates of the casualty and commercial liability insurance policies being maintained for the Properties as of the Effective Date, which are true and complete in all material respects.  The parties hereto acknowledge and agree that the insurance policies which will be maintained for the Properties as of the Closing Date may not be the same as the insurance policies which are currently being maintained for the Properties as of the Effective Date, but Transferor represents that the insurance policies which will be maintained for the Properties through the Closing Date will afford substantially the same coverage as the insurance policies then being maintained for other properties directly or indirectly owned
by Transferor which are similar to the Properties.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc31"></a>4.20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>MRO Ground Lease</font></u><font size=2>.  Transferor has delivered to Transferee a copy of the MRO Ground Lease, which is true and complete in all material respects.  The MRO Ground Lease is in full force and effect.  Mid Rivers Land I Owner has not sent or received any written notice of default under the MRO Ground Lease.  Mid Rivers Land I Owner has not voluntarily or </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22452514v30</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>involuntarily, by operation of law or otherwise, assigned, transferred, encumbered, hypothecated, pledged or granted a security interest in the MRO Ground Lease.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>Each of the representations and warranties contained in this </font><u><b><font size=2>Article IV</font></b></u><font size=2> (as the same may be updated in the Bringdown Certificate delivered in accordance with </font><u><b><font size=2>Section 6.1(c)</font></b></u><font size=2>) are acknowledged by Transferor to be material and to be relied upon by Transferee in proceeding with this transaction, and (except for any representation or warranty set forth in the Bringdown Certificate which is updated as of the Closing Date in accordance with the terms of </font><u><b><font size=2>Section 6.1(c)</font></b></u><font size=2>) shall be deemed to have been remade by Transferor as of the Closing Date.  Transferor shall promptly notify Transferee, in writing, of any event or condition known to Transferor which occurs prior to the Closing Date and which causes a material adverse change in the
facts relating to, or the truth of, any of the above representations or warranties.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>Transferor shall not be deemed to be in breach of the representations and warranties contained in </font><u><b><font size=2>Sections 4.5</font></b></u><font size=2> or </font><u><b><font size=2>4.11</font></b></u><font size=2>, as the case may be, with respect to any Contract(s) or employee matter(s), if Transferee does not assume responsibility for such Contract(s) or such employee matter(s), respectively, which violate(s) such representations and warranties, and none of Transferee, any Property Owner or any Property would otherwise be bound thereby or have any liability with respect thereto on or after the Closing Date.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>Except with respect to</font><b><font size=2> </font></b><font size=2>(i) any claims or actions arising out of any breach of covenants, agreements, indemnities, representations or warranties expressly set forth herein, (ii) any claims or actions for which a Property Owner has liability insurance coverage, in which case the release set forth herein shall not include any amounts which are actually received from the applicable insurance company for such claim or action or the right of the Property Owners to seek reimbursement under such policies, and (iii) any claims or actions for fraud on the part of Transferor or any Property Owner or any of their respective affiliates, Transferee, for itself and its agents, affiliates, successors and assigns, hereby releases and forever discharges Transferor and each Transferor Related Party and their respective successors and assigns from any and all
rights, claims and demands at law or in equity, whether known or unknown at the time of this Agreement, which Transferee has or may have in the future, arising out of the physical, environmental, economic or legal condition of any Property, or any tax, legal, economic or financial matters or condition relating to the Property Owners or the Contributed Interests.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>Notwithstanding anything to the contrary set forth in this Agreement, (x)&nbsp;Transferee hereby expressly waives, relinquishes and releases any right or remedy available to it at law, in equity or under this Agreement, in the event Closing occurs, to make a claim against Transferor for damages that Transferee may incur, or to rescind this Agreement and the transactions contemplated hereby, as the result of any of Transferor&#146;s representations or warranties in this </font><u><b><font size=2>Article IV</font></b></u><font size=2> being untrue, inaccurate or incorrect if, to Transferee&#146;s Actual Knowledge and/or CBL OP&#146;s Actual Knowledge, such representation or warranty shall be untrue, inaccurate or incorrect at the time of Closing and Transferee shall nevertheless proceed with Closing hereunder, and (y)&nbsp;without limiting the provisions of </font><u><b><font
size=2>Section 13.4</font></b></u><font size=2>, Transferor&#146;s liability for breach of any representations or warranties of Transferor contained in this </font><u><b><font size=2>Article IV</font></b></u><font size=2>, any </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22452514v30</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>Closing Document, and/or in any other document executed by Transferor pursuant to this Agreement, including any instruments delivered at Closing, shall be deferred until such claims equal or exceed Three Hundred Seventy Five Thousand and No/100 Dollars ($375,000.00) in the aggregate (to be valued and paid from the first dollar of loss in the event that such aggregate amount is exceeded), and Transferor&#146;s aggregate liability for all claims arising out of any such covenants, representations and warranties shall not exceed Seven Million Five Hundred Thousand and No/100 Dollars ($7,500,000.00).<sup> </sup></font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>For purposes of this Agreement, whenever a determination is being made as to the impact or effect on the business operations, financial condition, results of operations, or on any other aspect, of a Property or Property Owner, (x) Mid Rivers Mall Owner, Mid Rivers Land I Owner and Mid Rivers Land II Owner, and their respective Properties, shall be taken as a whole, and (y) West County Mall Owner and L&amp;T Owner, and their respective Properties, shall be taken as a whole).</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc32"></a>Transferee&#146;s Representations and Warranties</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>Each of CBL OP and Transferee represents and warrants, jointly and severally, to Transferor as follows as of the Effective Date and (except with respect to any representation or warranty set forth in the certificate delivered at Closing which is updated as of the Closing Date in accordance with the terms of </font><u><b><font size=2>Section 8.1(a)</font></b></u><font size=2>) as of the Closing Date:</font></p>
<a name="toc33"></a>&nbsp;


<div align=left>

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    <tr >
        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p   style='text-indent:0in; '><font size=1>&nbsp;</font></p>  </td>
        <td width="24" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>5.1</font></p> </td>
        <td width="85" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Authority</font></u><font size=2>.  </font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferee is a Delaware limited liability company duly formed or organized, validly existing and in good standing under the laws of the state of its organization and Transferee is qualified to do business in the states in which it presently conducts its business.  Transferee has not existed or operated under any name other than CW Joint Venture, LLC.  Transferee has made all filings necessary in the states in which it presently conducts its business to so conduct its business, except to the extent such failure would not have a material adverse effect on the business operations, financial conditions or results of operations of Transferee.  Transferee has the full limited liability company right, power and authority to enter into this Agreement, the Closing Documents, and all other documents contemplated
hereby, and to consummate the transaction contemplated by this Agreement, the Closing Documents and such other documents.  All requisite partnership, limited liability company and corporate, as applicable, action have been taken by Transferee to authorize the execution and delivery of this Agreement, and will be taken by Transferee prior to the Closing to authorize the execution and delivery of the instruments referenced herein and the consummation of the transactions contemplated hereby.  Each of the Persons signing this Agreement, the Closing Documents and the other documents contemplated by this Agreement on behalf of Transferee has the legal right, power and authority to bind Transferee.</font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBL OP is a Delaware limited partnership duly formed or organized, validly existing and in good standing under the laws of the state of its organization and CBL OP is qualified to do business in the states in which it presently conducts its business.  CBL OP has made all filings necessary in the states in which it presently conducts its business to so conduct its business, except to the extent such failure would not have a material adverse effect on the business operations, financial conditions or results of operations of CBL OP.  CBL OP has the full limited partnership right, power and authority to enter into this Agreement, the Closing Documents and all other documents contemplated hereby, and to consummate the transaction contemplated by this Agreement, the Closing Documents and such other documents.  All
requisite partnership, limited liability company and corporate, as applicable, action have been taken by CBL OP to authorize the execution and delivery of this Agreement, and will be taken by CBL OP prior to the Closing to authorize the execution and delivery of the instruments referenced herein and the consummation of the transactions contemplated hereby.  Each of the Persons signing this Agreement, the Closing Documents and the other documents contemplated by this Agreement on behalf of CBL OP has the legal right, power and authority to bind CBL OP. </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc34"></a>5.2&nbsp;</font><u><font size=2>No Conflicts</font></u><font size=2>.  The execution, delivery and performance by each of Transferee and CBL OP of this Agreement and the instruments referenced herein and the transaction contemplated hereby will not conflict with, or with or without notice or the passage of time or both, (i) result in a breach of, violation of, or constitute a default under the Original Operating Agreement or the Amended and Restated Operating Agreement, or any material term or provision of any articles of formation, certificate of incorporation, bylaws, certificate of limited partnership, certificate of limited liability company, partnership agreement (oral or written) (including any designation supplemental thereto), limited liability company agreement (oral or written) (including any designation supplemental thereto) or other operating agreement
(oral or written) (including any designation supplemental thereto), as applicable, of Transferee or CBL OP, or (ii) result in a breach of, violation of, or constitute a default under any material term or provision of any indenture, deed of trust, mortgage, contract, agreement, judicial or administrative order or Law applicable to Transferee or CBL OP, or by which Transferee, CBL OP or their respective assets are bound.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc35"></a>5.3&nbsp;</font><u><font size=2>Consents; Binding Obligations</font></u><font size=2>.  No approval or consent (other than those which have already been obtained and have not been revoked) from any Person is required for each of Transferee and CBL OP to execute, deliver or perform this Agreement, the Closing Documents or the other instruments contemplated hereby, or for Transferee and CBL OP to consummate the transactions contemplated hereby.  Each of Transferee and CBL OP has obtained all necessary consents, approvals and authorizations of third parties in order to effect the admission of Transferor as a Preferred Member of Transferee holding the Preferred Membership Interests.  This Agreement, the Closing Documents and all other documents required hereby to be executed by Transferee and/or CBL OP are and shall be valid, legally binding obligations of, and
enforceable against, Transferee and CBL OP, respectively, in accordance with their terms.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><a name="toc36"></a>&nbsp;</font></p>

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>5.4&nbsp;</font><u><font size=2>No Bankruptcy</font></u><font size=2>.  No petition in bankruptcy (voluntary or otherwise), attachment, execution proceeding, assignment for the benefit of creditors, or petition seeking reorganization or insolvency, arrangement or other action or proceeding under Federal or state bankruptcy law is pending against or contemplated (or, to Transferee&#146;s Actual Knowledge and/or to CBL OP&#146;s Actual Knowledge, threatened) by or against Transferee, CBL OP or any general partner of CBL OP.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc37"></a>5.5&nbsp;</font><u><font size=2>No Liens</font></u><font size=2>.  CBL OP is the sole member of Transferee and owns, and will own upon the closing under the CBL Contribution Agreement, the Common Membership Interests, which constitute 100% of the authorized, issued and outstanding common units and voting interests in Transferee, free and clear of any Lien of any nature whatsoever.    No preferred interests in Transferee are authorized, issued or outstanding other than the Preferred Membership Interests to be issued to Transferor pursuant to this Agreement, and upon the consummation of the transactions contemplated herein, Transferor will be the owner of 100% of the Preferred Membership Interests, which will, immediately following the issuance thereof, constitute 100% of the authorized, issued and outstanding preferred units in Transferee, free and clear of any Liens
of any nature whatsoever.  The Preferred Membership Interests and the Common Membership Interests will, immediately following the issuance of the Preferred Membership Interests, constitute 100% of the authorized, issued and outstanding voting and economic interests in Transferee.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc38"></a>5.6&nbsp;</font><u><font size=2>No Legal Proceedings</font></u><font size=2>.  There are no actions, suits, proceedings or investigations before any court or governmental authority pending or, to Transferee&#146;s Actual Knowledge and/or CBL OP&#146;s Actual Knowledge, threatened against Transferee or CBL OP which, if determined adversely to Transferee or CBL OP, could reasonably be expected to have (a)&nbsp;an adverse effect on Transferee&#146;s or CBL OP&#146;s ability to perform its obligations hereunder, or (b)&nbsp;a material adverse effect on Transferee&#146;s or CBL OP&#146;s business operations, financial condition or results of operations (a &#147;</font><u><b><font size=2>Material Adverse Effect</font></b></u><font size=2>&#148;).  Neither Transferee nor CBL OP is a party to or otherwise bound by any consent decree, judgment, other decree or order, or
settlement agreement which could reasonably be expected to have (i) an adverse effect on Transferee&#146;s or CBL OP&#146;s ability to perform its obligations hereunder, or (ii) a Material Adverse Effect.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc39"></a>5.7&nbsp;</font><u><font size=2>No Preemptive Rights</font></u><font size=2>.  Except as set forth in </font><u><b><font size=2>Schedule 5.7</font></b></u><font size=2> attached hereto, no Person has any conditional or unconditional right and/or option (including, without limitation, a right of first refusal or right of first offer) to purchase any Membership Interests in Transferee.  Except for this Agreement, there are no subscriptions, options, warrants, calls, rights, convertible securities or other agreements or commitments of any character obligating Transferee or CBL OP or any of their respective affiliates to issue, transfer or sell, or cause the issuance, transfer or sale of, any equity interests (whether common or preferred or otherwise) or other securities (whether or not such securities have voting rights) of Transferee.  Except for this Agreement and the
Amended and Restated Operating Agreement, neither Transferee nor CLB OP is a party to any written agreements or understandings among Persons with respect to the voting or transfer of </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>any Membership Interests to which Transferor, any Property Owner, Transferee or CBL OP would be subject on or after the Closing Date.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc40"></a>5.8&nbsp;</font><u><font size=2>No Repurchase Obligations</font></u><font size=2>.  Except as set forth in </font><u><b><font size=2>Schedule 5.8</font></b></u><font size=2> attached hereto, there are no outstanding contractual obligations of Transferee to repurchase, redeem or otherwise acquire any Membership Interests or other ownership interests in Transferee.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc41"></a>5.9&nbsp;</font><u><font size=2>Organizational Documents</font></u><font size=2>.  True and complete copies of the certificate of formation of Transferee and the Original Operating Agreement as in effect on the Effective Date and on the Closing Date immediately prior to Closing have been delivered to Transferor.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc42"></a>5.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Certain Tax Matters</font></u><font size=2>.  Transferee was formed on July 17, 2007.  Transferee has not filed, and shall not file, an election to be taxed other than as a disregarded entity or a partnership for Federal income tax purposes.  Transferee is not a continuation of another partnership within the meaning of Section 708 of the Code and the Regulations promulgated thereunder.  Transferee has never conducted, and does not currently conduct, any business operations (nor has Transferee owned any assets), except for entering into the CBL Contribution Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc43"></a>5.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>CBL Contribution Agreement</font></u><font size=2>.  Transferee has delivered to Transferor true and complete copies of the CBL Contribution Agreement and all documents (including, without limitation, any organizational documents of any Person) delivered at or in connection with the &#147;Closing&#148; under and as defined in the CBL Contribution Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc44"></a>5.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Not a Prohibited Person</font></u><font size=2>.  (a) Neither Transferee nor CBL OP is a Prohibited Person; (b) to Transferee&#146;s Actual Knowledge and/or to CBL OP&#146;s Actual Knoweldge, none of their investors, affiliates or brokers or other agents (if any), acting or benefiting in any capacity in connection with this Agreement is a Prohibited Person; and (c) to Transferee&#146;s Actual Knowledge and/or to CBL OP&#146;s Actual Knowledge, the assets owned by Transferee and CBL OP are not the property of, and are not beneficially owned, directly or indirectly, by a Prohibited Person, nor are any of such assets the proceeds of specified unlawful activity as defined by 18 U.S.C.&nbsp;&sect;1956(c)(7).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc45"></a>5.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><U><font SIZE=2>ERISA</font></U><font size=2>.  None of the assets of Transferee or CBL OP constitutes assets of any &#147;employee benefit plan&#148; within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended, a &#147;plan&#148; within the meaning of Section 4975 of the Code, or a Person deemed to hold &#147;plan assets&#148; within the meaning of 29 C.F.R. 2510.3-101 of any such employee benefit plan or plans.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>Each of the representations and warranties contained in this </font><u><b><font size=2>Article V</font></b></u><font size=2> (as the same may be updated in the certificate delivered in accordance with </font><u><b><font size=2>Section 8.1(a)</font></b></u><font size=2>) are acknowledged by each of Transferee and CBL OP to be material and to be relied upon by Transferor in proceeding with this transaction, and (except for any representation or warranty set forth in such certificate which is updated as of the Closing Date in accordance with the terms of </font><u><b><font size=2>Section 8.1(a)</font></b></u><font size=2>) shall be </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>deemed to have been remade jointly and severally by each of Transferee and CBL OP as of the Closing Date.  Transferee and CBL OP shall promptly notify Transferor, in writing, of any event or condition known to Transferee or CBL OP which occurs prior to the Closing Date and which causes a material adverse change in the facts relating to, or the truth of, any of the above representations or warranties.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc46"></a>Additional Undertakings</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc47"></a>6.1&nbsp;</font><u><font size=2>Covenants</font></u><font size=2>.  Until the earlier of Closing or the termination of this Agreement, Transferor undertakes and agrees as follows:</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor shall cause each Property to be operated and maintained, shall perform or cause to be performed all of its and any Property Owner&#146;s obligations (including obligations under the Existing Loan Documents, the Contracts, the REAs, the Tenant Leases and the MRO Ground Lease), and shall timely make or cause to be made any required payments relating to such Property in a professional manner, in each case, in accordance, in all material respects, with Transferor&#146;s and the applicable Property Owner&#146;s past practice and all applicable Laws.  Transferor shall cause each Property Owner to maintain in existence all material licenses, permits and approvals, if any, in its name necessary to the continuing ownership, operation and maintenance of the Properties.  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to </font><u><b><font size=2>Section 6.1(c)</font></b></u><font size=2>, without Transferee&#146;s prior written approval, which may be withheld in Transferee&#146;s sole and absolute discretion, neither Transferor nor any Property Owner shall directly or indirectly (i) sell, contribute or assign any of the Contributed Interests or any of the Properties or any part thereof, (ii) cause any voluntary mortgage, deed of trust or Lien (other than the Permitted Exceptions) to be placed of record against any of the Contributed Interests or any of the Properties or any part thereof, (iii) subject to </font><u><b><font size=2>Section 2.2</font></b></u><font size=2>, take any action which would modify the status of title to (or the legal description of) any Property as shown on any Title Commitment, (iv)
subject to </font><u><b><font size=2>Section 2.2</font></b></u><font size=2>, take any action which would adversely affect Transferee&#146;s ability to obtain any Title Policy in accordance with </font><u><b><font size=2>Section 7.1(a)</font></b></u><font size=2>, (v) enter into any agreement to do any of the foregoing, or (vi) cause or permit any Property Owner to do any of the foregoing.  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without Transferee&#146;s prior written approval (not to be unreasonably withheld, delayed or conditioned, except that Transferee may withhold its consent in its sole discretion to any proposed Tenant Lease which is not consistent with the Approved Transactions Guidelines), Transferor shall not (i) enter into any new (or extend, renew or replace any existing) lease, agreement, service contract, employment contract, permit or obligation affecting any Property which would be binding upon Transferee or any Property Owner after the Closing, or (ii) terminate any Tenant Lease, the MRO Ground Lease or Continuing Contract, or otherwise materially amend, supplement or modify any of the foregoing (</font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that
nothing in the foregoing </font><u><b><font size=2>clauses (i)</font></b></u><b><font size=2> </font></b><font size=2>or </font><u><b><font size=2>(ii)</font></b></u><font size=2> shall prohibit Transferor or any Property Owner from (A) entering into a Tenant Lease if such Tenant Lease is with a reasonably creditworthy Tenant on </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>terms substantially consistent with those set forth on </font><u><b><font size=2>Schedule 6.1(c)</font></b></u><font size=2> attached hereto (the &#147;</font><u><b><font size=2>Approved Transactions Guidelines</font></b></u><font size=2>&#148;) (</font><i><font size=2>i.e.</font></i><font size=2>, within 10% of the applicable base rent set forth in the Approved Transactions Guidelines), or (B) extending or renewing the term of any Tenant Lease or the MRO Ground Lease, or expanding the space demised by any Tenant Lease or the MRO Ground Lease, or otherwise amending any Tenant Lease or the MRO Ground Lease, if such extension, renewal, expansion or amendment is (I) pursuant to an existing option in such Tenant Lease or the MRO Ground Lease, as the case may be, or (II) in the case of a Tenant Lease only, on terms substantially consistent with those set forth on the Approved Transactions Guidelines
(</font><i><font size=2>i.e.</font></i><font size=2>, within 10% of the applicable base rent set forth in the Approved Transactions Guidelines); in the case of each of </font><u><b><font size=2>clauses (A)</font></b></u><font size=2> and </font><u><b><font size=2>(B)</font></b></u><font size=2>, without Transferee&#146;s consent, and Transferor and the Property Owners shall have the right to do any of the foregoing without Transferee&#146;s consent),  (iii)&nbsp;change, alter, file for, pursue, accept or obtain any zoning, land use permit or other development approval or entitlement related to the Properties, (iv) consent to the inclusion of any Property in any special district, (v) commence any action, suit or proceeding against a defaulting anchor Tenant or any other Tenant under a Tenant Lease involving more than 25,000 square feet of gross leaseable area, or (vi)&nbsp;cause or permit any Property Owner to do any of the foregoing; </font><u><font size=2>provided</font></u><font
size=2>, </font><u><font size=2>however</font></u><font size=2>, that Transferor may enter into, or cause any Property Owner to enter into, any service or similar contract without Transferee&#146;s approval if such contract is entered into in the ordinary course of Transferor&#146;s or such Property Owner&#146;s business and is terminable without penalty or premium on not more than 30 days&#146; notice from Transferor or such Property Owner.  Transferee shall respond to any request for consent under this </font><u><b><font size=2>Section 6.1(c)</font></b></u><font size=2> within 5 Business Days of its receipt of a written request for such consent together with a copy of the document (or a summary of all material terms) for which such consent is being requested.  In the event that Transferee fails to respond within such 5 Business Day period, Transferee shall be deemed to have consented to such request.  At Closing, Transferor shall deliver to Transferee an updated representation
certificate (the &#147;</font><u><b><font size=2>Bringdown Certificate</font></b></u><font size=2>&#148;), pursuant to which Transferor shall provide, and represent and warrant to Transferee as to, updated versions of each of the representations and warranties set forth in </font><u><b><font size=2>Article IV</font></b></u><font size=2>, all updated as of the Closing Date (or such other date as may be specified in </font><u><b><font size=2>Article IV</font></b></u><font size=2>).  Transferee&#146;s obligation to consummate the transaction contemplated by the Agreement shall remain subject to the satisfaction of, or waiver by Transferee of, the condition set forth in </font><u><b><font size=2>Section 7.1(b)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither Transferor nor any Property Owner shall (other than security deposits and first month&#146;s rent received at the commencement of the term of a Tenant Lease or the MRO Ground Lease), accept any rent from any Tenant or under the MRO Ground Lease for more than one month in advance of the payment date.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth in </font><u><b><font size=2>Section 6.1(c)</font></b></u><font size=2>, Transferor and each Property Owner shall have the right to commence or prosecute any action, suit or proceeding against a defaulting Tenant or MRO Ground Tenant or any defaulting vendor under any Continuing Contract so long as the commencement and prosecution of such action, suit or proceeding is consistent with Transferor&#146;s or the applicable Property Owner&#146;s past practice.</font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor shall not elect, and no Property Owner shall file an election, to treat any Property Owner as other than as a disregarded entity (as described in Section 301.7701-3(b)(1)(ii) of the Treasury Regulations) for Federal, state or local income tax purposes.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor shall maintain, or cause to be maintained, casualty and general commercial insurance coverage for the Properties similar to the insurance coverage maintained for other properties directly or indirectly owned by Transferor which are similar to the Properties.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor shall not, and shall cause the Property Owners not to, settle any proceedings with respect to the payment of real property taxes or assessments for any of the Properties with respect to (i) the tax year in which the Closing Date occurs and each tax year thereafter, and (ii) any tax year preceding the tax year in which the Closing Date occurs in a manner that would have a material adverse effect on Transferee after the Closing Date; </font><u><font size=2>provided</font></u><font size=2>, that the foregoing shall not prohibit Transferor from commencing and/or pursuing, or causing any Property Owner to commence and/or to pursue, any tax proceedings with respect to the payment of real property taxes or assessments in the ordinary course of business.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor shall, or shall cause the applicable Property Owner to, provide Transferee with (i) a copy of any written notice of default given or received by Transferor or any Property Owner under any material Tenant Lease, any Existing Mortgage Loan, any REA or the MRO Ground Lease, and (ii) notice of any litigation (other than litigation covered by insurance) actually commenced by or against Transferor (with respect to the Property Owners or the Properties) or any Property Owner, (iii) notice of any arbitration or governmental proceeding instituted against any Property Owner, and (iv) a copy of any written notice of eminent domain or condemnation proceedings received by Transferor or any Property Owner.  On the Closing Date, Transferor shall, or shall cause the applicable Property Owner to, provide
Transferee with a list of all outstanding litigation (including litigation covered by insurance) against Transferor (with respect to the Property Owners or the Properties) or any Property Owner.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the provisions of the Access Agreement, from and after the Effective Date, upon reasonable prior notice to Transferor, Transferee shall have the right, during normal business hours, to interview the Tenants under Tenant Leases, the holders of the Existing Mortgage Loans (but only to the extent necessary for Transferee to comply with its obligations under </font><u><b><font size=2>Section 6.9</font></b></u><font size=2>) and the counterparties to the REAs; </font><u><font size=2>provided</font></u><font size=2>, that Transferor shall have the right to have a representative of Transferor present at all such interviews.  The parties shall reasonably cooperate to facilitate such interviews and such participation.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of Transferor and Transferee hereby agrees that, between the Effective Date and Closing, each shall keep the other reasonably informed (and shall establish procedures to keep the other reasonably informed) of matters relating to the operation and leasing of the Properties and satisfaction of any conditions precedent to Closing hereunder.  Each of Transferor and Transferee shall cooperate with each other to cause any employees of </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>Transferor or its affiliates which are officers or directors of the Community Improvement District relating to the Mid Rivers Mall Property to be replaced with employees of Transferee of its affiliates as of the Closing Date.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc48"></a>6.2&nbsp;</font><u><font size=2>Actions by Property Owners</font></u><font size=2>.  Except as otherwise expressly permitted by this Agreement, prior to Closing or termination of this Agreement, without the prior written consent of Transferee (which consent may be withheld in Transferee&#146;s sole and absolute<sup> </sup> discretion), Transferor shall not, and shall not cause or permit any Property Owner to:</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;issue, sell, dispose of, or agree to issue, sell, or dispose of, any equity interests, or any debt or any securities convertible into or exchangeable for equity interests in any Property Owner;</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;purchase, redeem or otherwise acquire or retire, or offer to purchase, redeem or otherwise acquire or retire, any equity interests in any Property Owner, if as a result of any of the foregoing, Transferor would fail to be able to contribute all of the Contributed Interests to Transferor in accordance with the terms of this Agreement;</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;incur, or become contingently liable with respect to, any new or additional indebtedness or enter into any guarantee of any indebtedness or issue any debt securities, other than trade payables in the ordinary course of business consistent with past practices;</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acquire, or agree to acquire, by merging or consolidating with, or by purchasing a substantial direct or indirect equity interest in or a substantial portion of the assets of, or by any other manner, any business or any Person;</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mortgage or otherwise voluntarily place a Lien on any of the Properties, unless such Lien is discharged or bonded over on or prior to the Closing Date;</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acquiesce in or admit liability with respect to any claim against it, or, except in the ordinary course of business, waive, surrender or compromise any claim it possesses unless any liability arising from such admission, compromise or settlement is fully discharged on or prior to the Closing Date or as to which no Property Owner would have liability after the Closing Date; </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;commence, or allow to be commenced, on any Property Owner&#146;s behalf, any material action, suit or proceeding affecting any Property Owner or with respect to all or any portion of any Property or any Contributed Interests, except in the ordinary course of business or as contemplated in </font><u><b><font size=2>Section 6.1(e)</font></b></u><font size=2>;</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;commence, or allow to be commenced (other than by a Tenant or MRO Leasehold Owner) any capital improvements or material renovations or alterations to any Property, except as may be (i) required by applicable law, any Tenant Lease, the MRO Ground </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>Lease, a holder of any Existing Mortgage Loan, or any REA, or (ii) set forth in the budgets delivered to Transferee by Transferor in connection with Transferee&#146;s due diligence of the Contributed Interests; or</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;be listed for direct or indirect sale or transfer; and Transferor shall not, and shall not cause or permit any Property Owner to, negotiate for the same, other than to Transferee.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc49"></a>6.3&nbsp;</font><u><font size=2>Termination of Contracts</font></u><font size=2>.  Transferee agrees to use commercially reasonable efforts to communicate with all vendors under the Contracts and to consider in good faith continuing the terms of such Contracts, </font><u><font size=2>provided</font></u><font size=2>, that for any Contracts which are national contracts or which require the consent of the other party thereto to any change-of-control in the applicable Property Owner, if Transferee so elects, Transferee shall negotiate with such contract parties to continue the terms of such Contracts pursuant to a separate agreement with the applicable counterparty to such Contract.  Transferor agrees to terminate (or cause any Property Owner to terminate) by written notice to the other party thereto, effective as of Closing (or as soon as possible after Closing if
termination as of Closing is not possible under the terms of such Contracts), any of the Contracts specifically identified in </font><u><b><font size=2>Schedule 6.3</font></b></u><font size=2> attached hereto or any other Contract that Transferee requests Transferor prior to Closing to terminate.  Transferor shall furnish Transferee with copies of all notices of termination given by Transferor pursuant to this </font><u><b><font size=2>Section</font></b><font size=2>&nbsp;</font><b><font size=2>6.3</font></b></u><font size=2>, each of which notices shall be delivered to the addressee thereof promptly after Transferor&#146;s receipt of Transferee&#146;s request to terminate the related Contract.  With respect to any Contracts which Transferee timely requires to be terminated, Transferee shall pay all termination costs, fees and/or expenses related thereto (together with all other fees, amounts, costs and expenses due under the terms of such Contracts whether or not due and payable on
or prior to Closing); </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that, Transferor shall pay such costs, fees and expenses to the extent related to the termination of (a) any Contract between a Property Owner and its affiliate, (b) any Contract that is a national contract, and (c) any Contract that provides that a change-of-control in a Property Owner must be consented to by any party to such Contract, but only if Transferee desires to continue the terms of such Contract and such consent cannot be obtained.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc50"></a>6.4&nbsp;</font><u><font size=2>Casualty Damage/Condemnation</font></u><font size=2>.  Notwithstanding anything to the contrary set forth in this Agreement, if, prior to Closing, (a) either (i) Fifteen Million and No/100 Dollars ($15,000,000.00) or more of damage is caused to any one Property or (ii) Twenty-Five Million and No/100 Dollars ($25,000,000.00) or more of damage is caused to any one or more of the Properties in the aggregate, in each case as a result of any earthquake, hurricane, tornado, flood, landslide, fire, act of war, terrorism, terrorist activity or other casualty, or (b) either (i) any portion or portions of any one Property having an aggregate fair market value equal to or greater than Fifteen Million and No/100 Dollars ($15,000,000.00) or (ii) any portion or portions of any one or more of the Properties having an aggregate fair market value equal
to or greater than Twenty-Five Million and No/100 Dollars ($25,000,000.00), in each case, is taken (or is threatened to be taken) under the power or threat of eminent domain (temporarily or permanently), (c) material access to any Property or a material portion of the parking of any </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>Property is destroyed as a result of a casualty or taking (or threatened taking) under the power or threat of eminent domain (temporarily or permanently), or (d) any portion of any Property is rendered untenantable as a result of a casualty or taking (or threatened taking) under the power or threat of eminent domain (temporarily or permanently) such that, with respect to </font><u><b><font size=2>clauses (c)</font></b></u><font size=2>, or </font><u><b><font size=2>(d)</font></b></u><font size=2>, the use of the balance of any Property is materially impaired for a material period of time, and such impairment would have a material adverse effect on the business operations, financial condition or results of operations of the Properties, the Contributed Interests, and the Property Owners, taken as a whole, then, in any such event, Transferee may elect to terminate this Agreement by giving written notice to
Transferor of its election to terminate this Agreement (a &#147;</font><u><b><font size=2>Material Event Termination Notice</font></b></u><font size=2>&#148;), on or before the 10<sup>th</sup> day after Transferee receives written notice of such destruction, taking or threatened taking.  If Transferee does not give (or has no right to give) a Material Event Termination Notice within such 10 day period, then (i) this transaction shall close as set forth in this Agreement, (ii) Transferee shall pay the full Contributed Interests Value (subject to </font><u><b><font size=2>clause (iv)</font></b></u><font size=2> below), (iii) to the extent not automatically assigned indirectly to Transferee by the making of the Contribution to Transferee, Transferor shall assign (or cause the applicable Property Owner to assign) to Transferee the proceeds of any insurance policies payable to Transferor or the applicable Property Owner (or shall assign the right or claim to receive such proceeds after
Closing), or Transferor&#146;s or the applicable Property Owner&#146;s right to or portion of any condemnation award (or payment in lieu thereof), (iv) the amount of any deductible or self-insured or uninsured amount and any portion of the insurance proceeds or condemnation awards distributed to any direct or indirect equity owner of any Property Owner shall be a credit against the Contributed Interests Value in accordance with </font><u><b><font size=2>Section 10.1(h)</font></b></u><font size=2>, and any proceeds from rent or business interruption insurance allocable to the period from and after the Closing Date (less any deductibles allocable to such periods) shall be retained by the applicable Property Owner (or Transferor shall receive a credit for the portion of any such proceeds (less any such deductibles) not so retained by the applicable Property Owner).  If an event described in the first sentence of this </font><u><b><font size=2>Section 6.4</font></b></u><font size=2> shall
occur, and Transferee timely delivers a Material Event Termination Notice with respect to such event pursuant to this </font><u><b><font size=2>Section 6.4</font></b></u><font size=2>, Transferee shall pay all cancellation charges, if any, of Escrow Agent and the Title Company, and this Agreement shall be of no further force or effect and none of the parties shall have any further rights or obligations hereunder (other than pursuant to any provision which expressly survives the termination of this Agreement).  Transferor shall not settle or compromise any insurance claim or condemnation action without the prior written consent of Transferee (not to be unreasonably withheld, delayed or conditioned), and Transferee shall have the option to participate in any such claim or action.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc51"></a>6.5&nbsp;</font><u><font size=2>Risk of Loss</font></u><font size=2>.  Transferor shall retain risk of loss of the Properties until 12:01 a.m. on the Closing Date, after which time the risk of loss shall pass to Transferee and Transferee shall be responsible for obtaining its own insurance thereafter.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc52"></a>6.6&nbsp;</font><u><font size=2>Estoppel Certificates</font></u><font size=2>.  On or before the Closing Date, Transferee shall have received copies of (a) executed estoppel certificate from each Tenant identified on </font><u><b><font size=2>Schedule 6.6</font></b></u><b><font size=2> </font></b><font size=2>attached hereto (each, an &#147;</font><u><b><font size=2>Anchor Tenant</font></b></u><font size=2>&#148;), each in the form customary for such Anchor Tenant and not </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>alleging any default by the applicable Property Owner (such estoppel certificates being the &#147;</font><u><b><font size=2>Anchor Estoppels</font></b></u><font size=2>&#148;), (b) for each Property, executed estoppel certificates from Tenants other than the Anchor Tenants and that, in the aggregate, lease at least 75%<sup> </sup> of the gross leaseable area of such Property that is occupied by Tenants that are not Anchor Tenants, each in substantially the form attached hereto as </font><u><b><font size=2>Exhibit A</font></b></u><font size=2> (each, a &#147;</font><u><b><font size=2>Tenant Estoppel</font></b></u><font size=2>&#148;), </font><u><font size=2>provided</font></u><font size=2>, that any such Tenant Estoppel shall be accepted as long as it is consistent with the information set forth in the applicable Tenant Lease, and does not indicate the continuing existence of an actual material default of
the applicable Property Owner under the applicable Tenant Lease, and (c) for the Mid Rivers Mall Property, the South County Mall Property and the West County Mall Property, executed estoppel certificates from each party to the reciprocal easement agreement (&#147;</font><U><B><font SIZE=2>REA</font></B></U><font size=2>&#148;) encumbering such Property (each such party being an &#147;</font><u><b><font size=2>REA Party</font></b></u><font size=2>&#148;), each in the form customary for such REA Party and not alleging any default by the applicable Property Owner (each, an &#147;</font><u><b><font size=2>REA Estoppel</font></b></u><font size=2>&#148;).  If a Tenant&#146;s Tenant Lease prescribes a form of estoppel that is different than the applicable estoppel form attached to this Agreement, then an estoppel certificate executed by such Tenant in the form attached to such Tenant Lease shall be deemed to satisfy the requirements of this </font><u><b><font size=2>Section
6.6</font></b></u><font size=2> with respect to such Tenant.  Notwithstanding the foregoing, if Transferor is not able to procure the requisite number of Tenant Estoppels identified in </font><u><b><font size=2>subsection (b)</font></b></u><font size=2> above in accordance with the terms of this </font><u><b><font size=2>Section 6.6</font></b></u><font size=2>, then Transferor may deliver a copy of an estoppel certificate (each, a &#147;</font><u><b><font size=2>Transferor&#146;s Estoppel</font></b></u><font size=2>&#148;) executed by Transferor relating to such Tenant&#146;s Tenant Lease (as the case may be), in substantially the same form as the applicable Tenant Estoppel (but limited to Transferor&#146;s Actual Knowledge), in substitution for up to 15% of the gross leaseable area of the Tenant Estoppels required pursuant to </font><u><b><font size=2>subsection (b)</font></b></u><font size=2> above.  If a Tenant Estoppel is subsequently delivered to Transferee with respect to any
Tenant Lease for which a Transferor&#146;s Estoppel has already been provided, such Transferor&#146;s Estoppel shall cease to be effective and will be considered replaced by such Tenant Estoppel.  Each of the Estoppel Certificates shall be dated effective as of no earlier than 45 days prior to the Closing Date.  At Closing, Transferor shall deliver to Transferee each executed original Estoppel Certificate.  The failure of Tenants or REA Parties (or of Tenants, REA Parties and Transferor, collectively) to deliver Estoppel Certificates sufficient to satisfy the condition precedent set forth in this </font><u><b><font size=2>Section</font></b><font size=2>&nbsp;</font><b><font size=2>6.6</font></b></u><font size=2> shall cause the closing condition set forth in </font><u><b><font size=2>Section 7.1(e)</font></b></u><font size=2> to remain unsatisfied, but shall not give rise to any liability on the part of Transferor, and Transferee&#146;s rights under such circumstances shall be limited
to the rights set forth in </font><u><b><font size=2>Section 7.2</font></b></u><font size=2>.  Notwithstanding the foregoing, any estoppel that alleges the existence of a material default by Transferor or a Property Owner which remains uncured past applicable notice and cure periods shall not count towards the percentage of estoppels required under this </font><u><b><font size=2>Section 6.6</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc53"></a>6.7&nbsp;</font><u><font size=2>Tax Matters</font></u><font size=2>.  As an inducement for Transferor to enter into the Transaction Documents (as defined in the Tax Protection Agreement), the Transaction Documents contain Tax Protection Provisions (as defined in the Tax Protection Agreement), including provisions that prohibit Transferee from taking certain actions, and require Transferee to take certain other actions as specifically set forth in the Tax Protection Agreement and the Transaction Documents.</font></p>
<a name="toc54"></a>&nbsp;


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    <tr >
        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p   style='text-indent:0in; '><font size=1>&nbsp;</font></p>  </td>
        <td width="24" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>6.8</font></p> </td>
        <td width="93" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Employees</font></u><font size=2>.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor shall provide, and shall cause the Property Owners to provide, reasonable opportunities for representatives of Transferee to meet with such Property Employees as it may desire at reasonable times and upon reasonable notice, for the purpose of determining which of such Property Employees Transferee may select to cause the Property Owners, Transferee, CBL OP or an affiliate of CBL OP (each, a &#147;</font><u><b><font size=2>Transferee Employer</font></b></u><font size=2>&#148;; and collectively, the &#147;</font><u><b><font size=2>Transferee Employers</font></b></u><font size=2>&#148;) to retain after the Closing Date.  Effective as of the close of business on the day immediately prior to the Closing Date, Transferor shall cause the termination of all of the Property Employees.  Effective as of the
Closing Date, the applicable Transferee Employer shall offer at-will employment to substantially all of the Property Employees, other than 4 individuals previously identified by Transferor to Transferee (it being acknowledged by Transferee that Transferor or its affiliates intends to retain the employment of such 4 individuals) such offer to be for a base salary not less than that being earned by such employee as of the Effective Date and with benefits (including bonuses and retirement benefits) consistent with benefits that CBL OP then provides to its employees in comparable positions at comparable properties directly or indirectly owned by CBL OP.  Subject to the immediately preceding sentence, the applicable Transferee Employer shall give each Property Employee who accepts its offer of employment credit for the term of his or her employment with the relevant Transferor affiliate for purposes of determining eligibility for vacation and other benefits (including, without limitation,
for purposes of calculating any bonuses for the 2007 fiscal year) accruing from and after the Closing to the extent relevant under the employment arrangements with the relevant Transferor affiliate and permitted under applicable law.  The foregoing covenants are made to, and solely for the benefit of, Transferor and the Property Owners, and none of the Property Employees or any other Persons are entitled, or shall be deemed to be entitled, to make any claim against Transferor, Transferee or any of its affiliates, or any other Person, based on this paragraph or any other provision of this Agreement.  The current terms and conditions of employment of the Property Employees will not be modified, other than in the ordinary course of business, without the consent of Transferee which consent shall not be unreasonably withheld.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferee Employer shall be solely responsible for, and hereby assumes, all costs, expenses and liabilities whatsoever with respect to, any and all (i)&nbsp;salaries of those Property Employees hired by any Transferee Employer for the period from and after the Closing Date, (ii)&nbsp;benefits attributable to the period from and after the Closing Date payable to such Property Employees and all relevant plan contributions, (iii)&nbsp;benefit continuation and/or severance payments relating to any such Property Employee that may be payable upon any termination of employment of such Property Employee from and after the Closing Date, and (iv)&nbsp;notices, payments (including severance payments, if any, and payments on account of accrued vacation), fines or assessments due, or other liabilities or obligations,
pursuant to any laws, rules or regulations with respect to the employment, discharge or layoff of such Property Employees from and after the Closing Date, including, but not limited to, such liability as arises under the Worker Adjustment and Retraining Notification Act, 29&nbsp;U.S.C. &sect;2101 (the &#147;</font><u><b><font size=2>WARN Act</font></b></u><font size=2>&#148;), Section 4980B of the Code (&#147;</font><U><B><font SIZE=2>COBRA</font></B></U><font size=2>&#148;) and any rules or regulations as have been issued in connection with any of the foregoing.  Transferee, the Transferee Employers and CBL OP </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>hereby agree to indemnify, defend and hold harmless, jointly and severally, Transferor and any Transfer Related Party from and against all Losses (including, without limitation, reasonable attorneys&#146; fees and expenses) and other liabilities and obligations incurred or suffered by Transferor or any of their affiliates as a result of any claim by any such Property Employee that arises under federal, state or local statute (including, without limitation, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the National Labor Relations Act, the Equal Pay Act, the Americans with Disabilities Act of 1990, the Employee Retirement Income Security Act of 1974, as amended (&#147;</font><U><B><font SIZE=2>ERISA</font></B></U><font size=2>&#148;), and all other statutes regulating the terms and conditions of employment), under any regulation
or ordinance, under the common law or in equity (including any claims for wrongful discharge or otherwise), or under any policy, agreement, understanding or promise, written or oral, formal or informal, arising out of actions, events or omissions that occurred (or, in the case of omissions, failed to occur) from and after the Closing Date.  Transferor shall be solely responsible for all costs, expenses and liabilities whatsoever with respect to any and all notices, payments (including severance payments, if any, and payments on account of accrued vacation), fines or assessments due, or other liabilities or obligations, pursuant to any laws, rules or regulations with respect to the employment, discharge or layoff of Property Employees prior to the Closing Date, including, but not limited to, such liability as arises under the WARN Act, COBRA and any rules or regulations as have been issued in connection with the foregoing.  Transferor hereby agrees to indemnify, defend and hold
harmless Transferee and any of its affiliates from and against any and all Losses (including, without limitation, reasonable attorneys&#146; fees and expenses) and other liabilities and obligations incurred or suffered by Transferee or any of its affiliates as a result of any claim by any Property Employee that arises under federal, state or local statute (including, without limitation, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the National Labor Relations Act, the Equal Pay Act, the Americans with Disabilities Act of 1990, ERISA, and all other statutes regulating the terms and conditions of employment), under any regulation or ordinance, under the common law or in equity (including any claims for wrongful discharge or otherwise), or under any policy, agreement, understanding or promise, written or oral, formal or informal, arising out of actions, events or omissions that occurred (or, in the case of
omissions, failed to occur) prior to the Closing Date.  The provisions of this </font><u><b><font size=2>Section 6.8(b)</font></b></u><font size=2> shall survive Closing.</font></p>
<a name="toc55"></a>&nbsp;


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        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p   style='text-indent:0in;page-break-after:avoid; '><font size=1>&nbsp;</font></p>  </td>
        <td width="24" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>6.9</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Existing Mortgage Loans; Lender Consents</font></u><font size=2>.</font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto acknowledge and agree that (i) the Mid Rivers Mall Property and the Mid Rivers Land II Property are subject to the Cross-Collateralized Mortgage Loan, which has a stated maturity date of July 11, 2011, (ii) the South County Mall Property is subject to the South County Mortgage Loan, which has a stated maturity date of October 11, 2033, and (iii) the West County Mall Property is subject to the West County Mortgage Loan, which has a stated maturity date of April 11, 2033.</font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties further acknowledge and agree that, under the terms of the Existing Loan Documents, the consent of each of the lenders thereunder (the &#147;</font><u><b><font size=2>Existing Lenders</font></b></u><font size=2>&#148;; and each, an &#147;</font><u><b><font size=2>Existing Lender</font></b></u><font size=2>&#148;) is required in order to consummate the transactions contemplated herein.  Transferor shall contact the Existing Lenders to enable Transferee and CBL OP to obtain each Existing Lender&#146;s consent (each, a &#147;</font><u><b><font size=2>Lender Consent</font></b></u><font size=2>&#148;; and collectively, the &#147;</font><u><b><font size=2>Lender Consents</font></b></u><font size=2>&#148;) on or prior to the Closing Date, to the following:</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1.5in;text-align:justify;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the transfer of the Contributed Interest for the applicable Property to Transferee;</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:0.5in; text-indent:1in;text-align:justify;'><font size=2>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subject to </font><u><b><font size=2>Section 6.9(d)</font></b></u><font size=2>, modifications to the applicable Existing Loan Documents to reflect the new organizational structure of the borrower thereunder which the applicable Existing Lender may require or permit; </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:0.5in; text-indent:1in;text-align:justify;'><font size=2>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the substitution of CBL OP or CBL REIT (as each Existing Lender may require) as substitute guarantor or indemnitor in place of any and all existing guarantor(s) and indemnitor(s) under the Assumed Guaranties related to the South County Mortgage Loan and the West County Mortgage Loan on terms not materially more onerous than those set forth in the Assumed Guaranties related to the South County Mortgage Loan and the West County Mortgage Loan, respectively; </font><u><font size=2>provided</font></u><font size=2>, that, and notwithstanding anything to the contrary contained in this Agreement, each of CBL OP and Transferee hereby acknowledges and agrees that, if any Existing Lender shall refuse to accept CBL OP or CBL REIT as substitute guarantor or indemnitor with respect to any or all of such
Assumed Guaranties relating to escrows or reserves required to be maintained pursuant to the applicable Existing Loan Documents, then CBL OP shall post, or shall cause to be posted, such cash or other collateral as may be required by such Existing Lender in respect of such escrows or reserves; </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:0.5in; text-indent:1in;text-align:justify;'><font size=2>(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the addition of CBL OP or CBL REIT (as Lender may require) as a substitute/additional guarantor or indemnitor under the Assumed Guaranties related to the Cross-Collateralized Mortgage Loan (but only with respect only to matters relating to acts or omissions relating to the Mid Rivers Mall Property and the Mid Rivers Land II Property and the portion of the indebtedness allocable to the Mid Rivers Mall Property and the Mid Rivers Land II Property) on terms not materially more onerous than those set forth in the Assumed Guaranties related to the Cross-Collateralized Mortgage Loan; </font><u><font size=2>provided</font></u><font size=2>, that, and notwithstanding anything to the contrary contained in this Agreement, each of CBL OP and Transferee hereby acknowledges and aggress that, if the Existing
Lender under the Cross-Collateralized Mortgage Loan shall refuse to accept CBL OP or CBL REIT as substitute/additional guarantor or indemnitor with respect to any or all of such Assumed Guaranties relating to escrows or reserves required to be maintained for the Mid Rivers Land Property or the Mid Rivers Land II Property pursuant to the applicable Existing Loan Documents, then CBL OP shall post, or shall cause to be posted, such cash or other collateral as may be required by such Existing Lender in respect of such escrows or reserves (but CBL OP shall have no obligation to post, or to </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:0.5in;text-align:justify;'><font size=2>cause to be posted, any cash or other collateral in respect of any escrows or reserves other than those maintained or which may be required to be maintained pursuant to the Assumed Guaranties).  If the foregoing limitation on the scope of CBL OP or CBL REIT&#146;s guaranty or indemnity cannot be obtained directly from the applicable Existing Lender, then the foregoing limitation may be achieved through a reimbursement and indemnification agreement between Transferor and CBL OP or CBL REIT, as the case may be, in form reasonably satisfactory to Transferor and CBL OP or CBL REIT, as the case may be; </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:0.5in; text-indent:1in;text-align:justify;'><font size=2>(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;replacing any cash escrows and reserves maintained under the West County Mortgage Loan and the Cross-Collateralized Mortgage Loan (in the case of the Cross-Collateralized Mortgage Loan, only to the extent such escrows and reserves relate to the Mid Rivers Mall Property or the Mid Rivers Land II Property or the obligations of Mid Rivers Mall Owner or Mid Rivers Land II Owner) (but CBL OP shall have no obligation to post, or to cause to be posted, any cash or other collateral in respect of any escrows or reserves other than those maintained or which may be required to be maintained pursuant to the Assumed Guaranties); </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:0.5in; text-indent:1in;text-align:justify;'><font size=2>(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the termination of the existing property and leasing managers for the applicable Property and substituting new property and leasing managers therefor, and the terms and conditions pursuant to which such new property and leasing managers shall provide their respective services (it being acknowledged by Transferee and CBL OP that the fees of any affiliated property and leasing managers shall be subordinated to the applicable Existing Mortgage Loan); and</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:0.5in; text-indent:1in;text-align:justify;'><font size=2>(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the full release of Transferor or its affiliates as guarantor(s) and indemnitor(s) under the Assumed Guaranties related to the South County Mortgage Loan, the West County Mortgage Loan and the Cross-Collateralized Mortgage Loan to the extent relating to acts or omissions relating to the Mid Rivers Mall Property and/or the Mid Rivers Land II Property (and the portion of the indebtedness allocable to the Mid Rivers Mall Property and/or the Mid Rivers Land II Property); </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that if any existing guarantor or indemnitor cannot be fully released from the Assumed Guaranties related to the South County Mortgage Loan, the West County Mortgage Loan and/or, subject to </font><u><b><font size=2>Section
6.10</font></b></u><font size=2>, the Cross-Collateralized Mortgage Loan, then (i) Transferee and (ii) CBL OP or CBL REIT (whichever of CBL OP and CBL REIT is the substitute or additional guarantor, as the case may be) shall, jointly and severally, indemnify, protect, hold harmless and, if requested by Transferor in Transferor&#146;s sole and absolute discretion, defend (with counsel of Transferee&#146;s choosing, subject to Transferor&#146;s consent, not to be unreasonably withheld, delayed or conditioned) Transferor and the Transferor Related Parties, from any and all Losses arising under such Assumed Guaranties, except to the extent such Losses arise under any such Assumed Guaranties with respect to Excluded Recourse Obligations arising prior to the Closing Date.  If Transferee, CBL OP or CBL REIT is required to assume any Excluded Recourse </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:0.5in;text-align:justify;'><font size=2>Obligations arising prior to the Closing Date, Transferor shall provide an indemnity to Transferee, CBL OP or CBL REIT, as applicable, for such assumed Excluded Recourse Obligations arising prior to the Closing Date.  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>Further, each Lender Consent shall confirm (i) the outstanding principal balance of the applicable Existing Mortgage Loan, (ii) the monthly debt service payment amount payable under such Existing Mortgage Loan, and (iii) the escrow balances related to such Existing Mortgage Loan, in each case, as of the date indicated in such Lender Consent.  The provisions of this </font><u><b><font size=2>Section 6.9(b)</font></b></u><font size=2> shall survive Closing indefinitely.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor, Transferee and CBL OP shall use, and shall cause their affiliates to use, good faith commercially reasonable efforts to obtain the Lender Consents, including, without limitation, by: (i) promptly delivering all documents, opinions and agreements customarily required to be delivered in accordance with the relevant sections of the Existing Loan Documents or as may otherwise be reasonably required by any of the Existing Lenders, their servicers or the rating agencies, (ii) promptly completing all assumption application materials reasonably required by any of the Existing Lenders, their servicers or the rating agencies, (iii) promptly providing such all organizational, financial and other background information regarding Transferor, Transferee, CBL OP, CBL REIT and their affiliates as may be
reasonably required by any of the Existing Lenders, their servicers or the rating agencies; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that no party shall have any obligation in connection with obtaining the Lender Consents to (x) commence any litigation or to incur any material expense (other than pursuant to </font><u><b><font size=2>Section 6.9(e)</font></b></u><font size=2>), (y) agree to any obligation or liability that is materially more adverse to such party than the obligations and liabilities set forth in the Existing Loan Documents, or (z) in the case of Transferee, obtain any insurance other than insurance maintained (directly or indirectly) by CBL OP for properties directly or indirectly owned by it that are subject to first mortgage commercial mortgage backed securities debt.  In connection with the foregoing, Transferee shall, within 5 Business Days of the Effective Date, deliver to Transferor, (A)
customary financial information with respect to CBL OP and CBL REIT, and (B) a preliminary structure chart containing the organizational structure of Transferee, CBL OP and CBL REIT, including the actual names of all entities shown thereon and their respective ownership percentages.  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of Transferee and CBL OP, on behalf of itself and its affiliates, acknowledges and agrees that the Existing Loan Documents will not be amended or modified in any respect in connection with the indirect assumptions thereof, except to the extent the applicable Existing Lender requires or permits an amendment or modification in connection with the delivery of its Lender Consent to reflect the transactions described in this Agreement, including, without limitation, to reflect the new organizational structure of the borrower under the applicable Existing Loan Documents.  Transferor and Transferee shall reasonably cooperate with each other to effectuate any modifications to the Existing Loan Documents reasonably required to reflect the new organizational structure of the borrowers thereunder, </font><u><font
size=2>provided</font></u><font size=2>, that any change that materially adversely affects any party to an Existing Loan Document shall be </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>subject to the consent of the party so materially adversely affected.  Transferee and CBL OP shall copy, or cause to be copied, Transferor, and Transferor shall copy, or cause to copied, Transferee and CBL OP, on all written (including, e-mail) correspondence to and from any of the Existing Lenders, their servicers and the rating agencies in connection with the indirect assumption of the Existing Mortgage Loans.  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of Transferee and Transferor shall timely pay to each Existing Lender one-half of (i) all of such Existing Lender&#146;s costs and expenses in connection with the issuing its Lender&#146;s Consent, including, without limitation, all processing fees, application fees, attorneys&#146; fees, recording fees, servicer fees, underwriting and rating agency fees, (ii) all of such Existing Lender&#146;s other out-of-pocket costs and expenses in connection with the issuing of its Lender&#146;s Consent, and (iii) all assumption or transfer fees, if any, required by such Existing Lender and/or its servicers (the costs, expenses and fees described in </font><u><b><font size=2>clauses (i)</font></b></u><font size=2>, </font><u><b><font size=2>(ii)</font></b></u><font size=2> and </font><u><b><font
size=2>(iii)</font></b></u><font size=2> collectively, the &#147;</font><u><b><font size=2>Assumption Fees</font></b></u><font size=2>&#148;).  CBL OP shall make a cash contribution to Transferee in an amount and as and when required in order to enable Transferee to timely satisfy its obligations under this </font><u><b><font size=2>subsection (e)</font></b></u><font size=2>.  The provisions of this </font><u><b><font size=2>Section 6.9(e)</font></b></u><font size=2> shall survive Closing.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, Transferor shall request from the holder of each Existing Mortgage Loan a statement indicating (i) whether or not such holder has given any written notice of default under such Existing Mortgage Loan which remains uncured, and (ii) such other information as may be reasonably requested by Transferee; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that actually obtaining any or all of such statements from any or all of the holders of the Existing Mortgage Loans shall not be a condition precedent to Closing.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in this Agreement, the failure of the parties to obtain any or all of the Lender Consents by Closing (if the parties acted in good faith and used commercially reasonable efforts to obtain the same) shall not give rise to any liability on the part of (i) Transferor or any of the Transferor Related Parties to Transferee or CBL OP or their affiliates, or (ii) Transferee or CBL OP to Transferor or any of the Transferor Related Parties, in each case, unless such failure is due to a breach by a party of its obligations hereunder, and the parties&#146; rights under such circumstances shall be limited to the rights set forth in </font><u><b><font size=2>Section</font></b><font size=2>&nbsp;</font><b><font size=2>7.2</font></b></u><font size=2> and </font><u><b><font
size=2>8.2</font></b></u><font size=2>, as applicable.</font></p>
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            <p   style='text-indent:0in;page-break-after:avoid; '><font size=1>&nbsp;</font></p>  </td>
        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>6.10</font></p> </td>
        <td width="259" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Cross-Collateralized Mortgage Loan</font></u><font size=2>.  </font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto acknowledge and agree that, in addition to the Mid Rivers Mall Property and the Mid Rivers Land II Property, the Cross-Collateralized Mortgage Loan also encumbers, and is cross-defaulted with, certain other properties (collectively, the &#147;</font><u><b><font size=2>WALP Properties</font></b></u><font size=2>&#148;) owned by certain affiliates of Transferor (the</font><b><font size=2> &#147;</font></b><u><b><font size=2>WALP Borrowers</font></b></u><font size=2>&#148;).  In order to coordinate and facilitate the prompt payment of interest and any principal due on the Cross-Collateralized Mortgage Loan, the parties have agreed that (i) Mid Rivers Mall Owner and Mid Rivers Land II Owner shall make the required payments of interest and any principal due on the portion of the
Cross-Collateralized Mortgage Loan allocable to the Mid Rivers Mall Property </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>and the Mid Rivers Land II Property to Transferor (by wire transfer to an account designated by Transferor) on the date required under the Cross Collateralized Mortgage Loan (the &#147;</font><u><b><font size=2>Mid Rivers Loan Payment</font></b></u><font size=2>&#148;), and (ii) Transferor shall be responsible to make the entire payment of interest and any principal due on the Cross Collateralized Mortgage Loan. </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor shall promptly notify Transferee of the receipt of any notice of default from the Existing Lender under the Cross-Collateralized Mortgage Loan.  Transferor agrees to indemnify, protect, hold harmless and, if requested by Transferee in Transferee&#146;s sole and absolute discretion, defend (with counsel of Transferor&#146;s choosing, subject to Transferee&#146;s consent, not to be unreasonably withheld, delayed or conditioned) Transferee, its successors and assigns, from any and all Losses to the extent arising out of or in connection with any alleged or actual WALP Borrowers Event of Default, subject to the following limitations:</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:0.5in; text-indent:1in;text-align:justify;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if, as a result of a WALP Borrower Event of Default, the Mid Rivers Mall Property or the Mid Rivers Land II Property is foreclosed upon (by power of sale or otherwise) or title thereto is lost by some other legal remedy exercised by the holder of the Cross Collateralized Mortgage Loan, or is surrendered to the holder of the Cross Collateralized Mortgage Loan by the Mid Rivers Mall Owner or the Mid Rivers Land II Property Owner by means of a deed in lieu of foreclosure, then Transferor shall, (i) within thirty (30) days thereafter, pay to Transferee (as its sole liability by reason of such foreclosure or transfer of title) an amount equal to the WALP Maximum Liability (less any payments received from Existing Lender or any purchaser by Transferee, CBL OP, Mid Rivers Mall Owner or Mid
Rivers Land II Owner in connection with any such foreclosure, transfer or surrender), and (ii) cause CBL OP, the Transferee, and any of their respective affiliates to be released from any guarantees given on account of the Cross-Collateralized Mortgage Loan, or indemnify CBL OP, the Transferee and any of their respective affiliates to be indemnified from and against any Loss arising as a result or on account of such guarantees</font><b><font size=2> </font></b><font size=2>by reason of such foreclosure or transfer of title.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:0.5in; text-indent:1in;text-align:justify;'><font size=2>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if, as a result of a WALP Borrower Event of Default, any sums paid or reserved on account of, or otherwise relating to, the Mid Rivers Mall Property or the Mid Rivers Land II Property are applied by the holder of the Cross Collateralized Mortgage Loan to pay costs or expenses relating to the WALP Properties (as opposed</font><b><font size=2> </font></b><font size=2>to the Mid Rivers Mall Property or the Mid Rivers Land II Property) (including, without limitation, interest or principal on the portion of the Cross Collateralized Mortgage Loan allocable to the WALP Properties), or are otherwise not released when such sums were otherwise due to be released to Mid Rivers Mall Owner or the Mid Rivers Land II Property Owner absent such WALP Borrower Event of Default, then Transferor shall
promptly pay to Transferee, within thirty (30) days after demand, any sums so applied or not so released by such holder (and any amounts so paid by Transferor and subsequently released by the holder of the Cross Collateralized Mortgage Loan to Transferee, the Mid Rivers Mall Owner or the Mid Rivers Land II Property Owner, shall be promptly refunded to Transferor).</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>36</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:0.5in; text-indent:1in;text-align:justify;'><font size=2>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if, as a result of a WALP Borrowers Event of Default, any additional sums are required to be paid by the Mid Rivers Mall Owner or the Mid Rivers Land II Property Owner to the holder of the Cross Collateralized Mortgage Loan with respect to the Mid Rivers Mall Property or the Mid Rivers Land II Property, including, without limitation, default interest, late charges, penalties and costs and expenses of the holder of the Cross Collateralized Mortgage Loan, or any other amounts are required by the holder of the Cross Collateralized Mortgage Loan to be posted or deposited on account of the Mid Rivers Mall Property or Mid Rivers Land II Property, then Transferor shall promptly pay to Transferee, within thirty (30) days after demand, any additional sums so paid, posted or deposited by the Mid Rivers
Mall Owner or Mid Rivers Land II Owner (and any amounts so posted or deposited by Transferor, and subsequently released by the holder of the Cross Collateralized Mortgage loan to Transferee, the Mid Rivers Mall Owner or the Mid Rivers Land II Property Owner, shall be promptly refunded to Transferor).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBL OP shall promptly notify Transferor of the receipt of any notice of default from the Existing Lender under the Cross-Collateralized Mortgage Loan.  Upon either (i) receipt by CBL OP or Transferor of notice of a CBL Cross Default from the Existing Lender, or (ii) the failure of CBL OP to make the required Mid Rivers Loan Payment, Transferor shall have the right, by notice to CBL OP, to demand that CBL OP agree in writing (which notice shall specifically refer to this Section 6.10 and state: &#147;FAILURE TO RESPOND TO THIS NOTICE AS PROVIDED IN SECTION 6.10 OF THE CONTRIBUTION AGREEMENT SHALL PERMIT TRANSFEROR TO TAKE ACTIONS ON BEHALF OF TRANSFEREE PURSUANT TO SAID SECTION 6.10), within ten (10) Business Days of receipt of Transferor&#146;s written demand (or if such date would be later than ten (10) days
prior to the expiration of any applicable cure periods under the Cross Collateralized Mortgage Loan, then promptly after receipt of such written demand) (the &#147;</font><u><b><font size=2>CBL Cross Default Response Period</font></b></u><font size=2>&#148;), to remedy any CBL Cross-Default within the applicable cure periods under the Cross Collateralized Mortgage Loan and provide the indemnity set forth in subsection (i) below (the &#147;</font><u><b><font size=2>CBL Indemnity</font></b></u><font size=2>&#148;) to make any unpaid Mid Rivers Loan Payment.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:1in; text-indent:0.5in;text-align:justify;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to any CBL Cross-Defaults, if CBL OP agrees within the CBL Cross Default Response Period to remedy (within the applicable cure periods under the Cross Collateralized Mortgage Loan) the CBL Cross-Defaults and to provide the CBL Indemnity, CBL OP shall, or shall cause Transferee to, proceed expeditiously and in good faith to remedy the CBL Cross-Defaults.  Pursuant to the CBL Indemnity:</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:1.5in; text-indent:0.55in;text-align:justify;'><font size=2> (1)</font><b><font size=2> </font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBL OP shall, within thirty (30) days after receipt of Transferor&#146;s written demand, pay to Transferor all default interest and penalties allocable to the Mid Rivers Mall Property and the Mid Rivers Land II Property, and Lender&#146;s costs and expenses paid by Transferor as a result of a CBL Cross Default.  In no event shall CBL OP be responsible </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:1.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:1.5in;text-align:justify;'><font size=2>for any other Losses incurred by the WALP Borrowers by reason of a CBL Cross Default; and</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:1.5in; text-indent:0.55in;text-align:justify;'><font size=2> (2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if, as a result of a CBL Cross Default, any sums paid or reserved on account of, or otherwise relating to, the WALP Properties are applied by the holder of the Cross Collateralized Mortgage Loan to pay costs or expenses relating to the Mid Rivers Mall Property or the Mid Rivers Land II Property (including interest or principal on the portion of the Cross Collateralized Mortgage Loan allocable to the Mid Rivers Mall Property or the Mid Rivers Land II Property), or are otherwise not released when such sums were otherwise</font><b><font size=2> </font></b><font size=2>due to be released to the applicable WALP Borrower</font><b><font size=2> </font></b><font size=2>absent such CBL Cross Default</font><b><font size=2>,</font></b><font size=2> then CBL OP shall promptly pay to Transferor, within thirty (30) days after demand,
any sums so applied or not so released by such holder (and any amounts so paid by CBL OP and subsequently released by the holder of the Cross Collateralized Mortgage Loan to Transferor shall be promptly refunded to CBL OP). </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:1in; text-indent:0.5in;text-align:justify;'><font size=2>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to a failure to make a Mid Rivers Loan payment, if CBL OP agrees to make the Mid Rivers Loan Payment, CBL OP shall make such Mid Rivers Loan Payment to Transferor within five (5) days after the expiration of the CBL Cross Default Response Period.  The agreement by CBL OP to make the Mid Rivers Loan Payment shall be a full recourse obligation of CBL OP and shall include the obligation to pay any additional costs, late charges and default interest which would have been payable under the Cross Collateralized Mortgage Loan with respect to the portion of the Cross Collateralized Mortgage Loan applicable to the Mid River Mall Property or the Mid Rivers Land II Property had CBL OP failed to make such payment directly to the Existing Lender from the date such payment was due to the date of the actual payment to Transferor.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:1in; text-indent:0.5in;text-align:justify;'><font size=2>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If (a) CBL OP does not agree within the CBL Cross Default Response Period to make any unpaid Mid Rivers Loan Payment, or (b) CBL OP fails to make the Mid Rivers Loan Payment on the date set forth above</font><b><font size=2>,</font></b><font size=2> then CBL OP shall elect by notice to Transferor delivered within five (5) days after the expiration of the applicable periods set forth in (a) and (b) above, either option (A) or option (B) set forth below, it being agreed that if CBL OP shall fail to deliver the notice, then CBL OP shall be deemed to have elected option (B):</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:1.5in; text-indent:0.55in;text-align:justify;'><font size=2> (A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBL OP shall agree that the remaining Mid Rivers Loan Payments and any other Losses suffered by Transferor or the WALP Borrowers arising from such CBL Cross Defaults (including, without limitation, any  additional costs, late charges and default interest which would have been payable under the Cross Collateralized Mortgage Loan had CBL OP failed to make such payment directly to the Existing Lender) </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:1.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>38</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:1.5in;text-align:justify;'><font size=2>shall be a full recourse obligation of CBL OP payable by CBL OP on demand by Transferor or the WALP Borrowers; or</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:1.5in; text-indent:0.55in;text-align:justify;'><font size=2> (B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Transferee and CBL OP shall have the right to transfer and convey to Transferor, and Transferor shall have the obligation to accept, the Mid Rivers Mall Property, the Mid Rivers Office Property the Mid Rivers Land I Property and the Mid Rivers II Property (or, at the election of CBL OP, 100% of the ownership interests in the Mid Rivers Mall Owner, Mid Rivers Land I Owner, and Mid Rivers Land II Owner) for the purchase price of One and No/100 Dollar ($1.00) (the &#147;</font><u><b><font size=2>Mid Rivers Transfer Right</font></b></u><font size=2>&#148;), in which event, except as set forth in subsection (B)(2), CBL OP shall have no further liability under this Section 6.10.  If CBL OP shall exercise this option (B), CBL OP shall, or shall cause its affiliates to, within five (5) Business Days thereafter to deliver to an
entity designated by Transferor title to the Mid Rivers Mall Property, the Mid Rivers Land I Property and the Mid Rivers Land II Property by such deeds and assignments as may be reasonably required by Transferor.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:1.5in; text-indent:0.55in;text-align:justify;'><font size=2> (2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBL OP shall promptly pay to Transferor, within thirty (30) days after demand, any sums paid or payable by the WALP Borrowers with respect to the Mid Rivers Mall Property and the Mid Rivers II Land Property (but excluding any principal on the portion of the Cross Collateralized Mortgage Loan allocable to such Properties) for the period between the date of such CBL Cross Default and the date title to the Mid Rivers Mall Property, the Mid Rivers Land I Property and the Mid Rivers Land II Property is tendered to Transferor or its designee pursuant to the Mid Rivers Transfer Right.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:1in; text-indent:0.5in;text-align:justify;'><font size=2>(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to any CBL Cross Default that does not relate to the failure to pay principal and interest due under the Cross Collateralized Mortgage Loan allocable to the Mid Rivers Mall Property or the Mid Rivers Land II Property, if (a) CBL OP does not agree within the CBL Cross Default Response Period to cure any CBL Cross Defaults, or (b) CBL OP fails to remedy such CBL Cross Defaults by no later than ten (10) days prior to the expiration of any applicable cure periods under the Cross Collateralized Mortgage Loan</font><b><font size=2>,</font></b><font size=2> then CBL OP shall elect by notice to Transferor delivered within five (5) days after the expiration of the applicable periods set forth in (a) and (b) above either option (A) or option (B) set forth below, it being agreed that if CBL OP shall fail to deliver the notice,
then CBL OP shall be deemed to have elected option (A):</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:1.5in; text-indent:0.55in;text-align:justify;'><font size=2> (A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferee and CBL shall post with Transferor (and Transferor shall have the right to post with the lender of the Cross Collateralized Mortgage Loan), an amount sufficient to purchase all securities or additional collateral required (or that would be required) to </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:1.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>39</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:1.5in;text-align:justify;'><font size=2>defease the portion of the Cross Collateralized Mortgage Loan allocated to the Mid Rivers Mall Property and the Mid Rivers Land II Property, together with all other costs and expenses that would be payable by the borrower under the Cross Collateralized Mortgage Loan in connection with a Partial Defeasance (as defined in the Cross Collateralized Mortgage Loan documents), and Transferor shall do all things reasonably necessary in cooperation with Transferee and CBL to cause for such portion of the Cross Collateralized Mortgage Loan to be defeased.  Transferor shall cause the WALP Borrowers to reimburse CBL OP from time to time for any benefit received by the WALP Borrowers on account of reduced interest or principal obligations with respect to their allocable share of the Cross Collateralized Mortgage Loan by reason of the application of any defeasance collateral posted by CBL OP in
connection with the defeasance of the Mid Rivers Mall Property; or</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:1.5in; text-indent:0.55in;text-align:justify;'><font size=2> (B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferee and CBL OP shall have the right to the Mid Rivers Transfer Right, in which event, except as set forth in subsection (B)(2), CBL OP shall have no further liability under this Section 6.10.  If CBL OP shall exercise this option (B), CBL OP shall, or shall cause its affiliates to, within five (5) Business Days thereafter to deliver to an entity designated by Transferor title to the Mid Rivers Mall Property, the Mid Rivers Land I Property and the Mid Rivers Land II Property by such deeds and assignments as may be reasonably required by Transferor.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:1.5in; text-indent:0.55in;text-align:justify;'><font size=2> (2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBL OP shall promptly pay to Transferor, within thirty (30) days after demand, any sums paid or payable by the WALP Borrowers with respect to the Mid Rivers Mall Property and the Mid Rivers II Land Property (but excluding any principal on the portion of the Cross Collateralized Mortgage Loan allocable to such Properties) for the period between the date of such CBL Cross Default and the date title to the Mid Rivers Mall Property, the Mid Rivers Land I Property and the Mid Rivers Land II Property is tendered to Transferor or its designee pursuant to the Mid Rivers Transfer Right.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:1in; text-indent:0.5in;text-align:justify;'><font size=2>(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to any CBL Cross Default that does not relate to the failure to pay principal and interest due under the Cross Collateralized Mortgage Loan allocable to the Mid Rivers Mall Property or the Mid Rivers Land II Property, if (a) CBL OP does not agree within the CBL Cross Default Response Period to agree to cure any CBL Cross Defaults, or (b) CBL OP fails to remedy such CBL Cross Defaults by no later than ten (10) days prior to the expiration of any applicable cure periods under the Cross Collateralized Mortgage Loan</font><b><font size=2>,</font></b><font size=2> Transferor shall have the right, but not the obligation, in its sole and absolute </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:1in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>40</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:1in;text-align:justify;'><font size=2>discretion, to take, or to cause to be taken, any and all actions Transferor may deem reasonably necessary or desirable to cure any CBL Cross-Default (including, without limitation, the defeasance of all or any portion of the Cross Collateralized Mortgage Loan), all without notice, or any liability or obligation, to CBL OP or any of its affiliates, and without limiting the obligations and liability of CBL OP and Transferee under this </font><u><b><font size=2>Section 6.10</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No party shall have any obligation under this </font><u><b><font size=2>Section 6.10</font></b></u><font size=2> for consequential or punitive damages.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In furtherance of the provisions of </font><u><b><font size=2>Sections 6.10(b)</font></b></u><font size=2> and </font><u><b><font size=2>6.10(c)</font></b></u><font size=2>, each of Transferor and Transferee to cooperate in good faith to seek to obtain any extensions requested by either party hereto pursuant to the Cross Collateralized Mortgage Loan so as to cure any event that with the passage of time or otherwise might reasonably be expected to result in a WALP Borrowers Event of Default or a CBL Cross Default that does not relate to the failure to pay principal or interest due under the Cross Collateralized Mortgage Loan.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In furtherance of the provisions of </font><u><b><font size=2>Sections 6.10(b)</font></b></u><font size=2> and </font><u><b><font size=2>6.10(c)</font></b></u><font size=2>, each of Transferor and Transferee agree that CBL OP and Transferee shall be added as a notice party for any notices from the Existing Lender under the Cross Collateralized Mortgage Loan.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without limiting any of the other provisions of this </font><u><b><font size=2>Section 6.10</font></b></u><font size=2>, each of Transferor and CBL OP hereby agrees to work together and cooperate in good faith to cause the Cross-Collateralized Mortgage Loan to be paid in full between January 11, 2011 and June 10, 2011, with Transferor causing its share of the Cross-Collateralized Loan to be paid in full, and CBL OP causing its share of the Cross-Collateralized Loan to be paid full on the same date.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without limiting any of the other provisions of this </font><u><b><font size=2>Section 6.10</font></b></u><font size=2>, Transferor agrees that, prior to (i) a substitution or other replacement of any of the WALP Properties from the Cross-Collateralized Mortgage Loan, or (ii) transfer of ownership of any three (3) of Westfield Countryside, Westfield Horton Plaza, Westfield Parkway Plaza and Westfield Plaza West Covina WALP Properties to any Person,  in each case other than a WALP Borrower or any entity in which Westfield has a direct or indirect ownership interest of at least 50% and acts as the managing member of such entity, Transferor shall cause the Mid Rivers Mall Property and Mid Rivers Land II Property to be released from the encumbrance or mortgage of the Cross-Collateralized Mortgage Loan.  CBL OP
shall, concurrently with such release, pay to Transferor an amount equal to all accrued but unpaid interest then due and the then outstanding principal under the Cross-Collateralized Mortgage Loan that relates to the Mid Rivers Mall Property and Mid Rivers Land II Property immediately prior to such defeasance, and Transferor shall bear all other costs and expenses, and shall post all required deposits of alternative securities or collateral, required to accomplish such release.  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in the foregoing to the contrary, CBL OP shall have the right, but not the obligation, in its sole and absolute discretion, to require </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>41</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>Transferor to cause the Mid River Mall Property and Mid River Land II Property to be released from any mortgage or encumbrance of the Cross-Collateralized Mortgage Loan, provided that defeasance of Mid River Mall Property and Mid River Land II Property is then permitted under the terms of the Cross-Collateralized Mortgage Loan.  In such case, CBL OP shall post with Transferor (and Transferor shall be entitled to post with the lender of the Cross Collateralized Mortgage Loan), or at CBL OP&#146;s election, Transferor shall post with the lender of the Cross Collateralized Mortgage Loan with CBL OP bearing all costs associated therewith, such securities or additional collateral required to defease such Properties under the terms of the Cross Collateralized Mortgage Loan.  Transferor shall cause the WALP Borrowers to reimburse CBL OP from time to time for any benefit received by the WALP Borrowers on account
of reduced interest or principal obligations with respect to their allocable share of the Cross Collateralized Mortgage Loan by reason of the application of any defeasance collateral posted by CBL OP in connection with the defeasance of the Mid Rivers Mall Property.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of WALP Borrower, Transferor nor CBL OP shall amend, or cause or permit any of its respective subsidiaries to amend, the documents evidencing or securing</font><b><font size=2> </font></b><font size=2>the Cross Collateralized Mortgage Loan in any manner that would adversely effect the other party without first obtaining such party&#146;s prior consent, which consent may be withheld in such party&#146;s the sole and absolute discretion.</font></p>


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    <tr >
        <td width="96" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p   style='text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
        <td width="72" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(k)</font></p> </td>
        <td width="467" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The provisions of this </font><u><b><font size=2>Section 6.10</font></b></u><font size=2> shall survive Closing</font><b><font size=2> </font></b><font size=2>indefinitely.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc57"></a>6.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Removal of Westfield Signs</font></u><font size=2>.  Within 30 days after Closing, Transferor shall, at its cost, remove from the exterior facades of the Properties and from pylon signs at the entrances of each Property all major signage that identifies &#147;Westfield&#148; as the owner or manager of the Properties, and Transferor shall repair any damage to the Properties caused by such removal.  In furtherance thereof, Transferor shall, at its cost, engage the services of a professional signage company reasonably acceptable to Transferee to remove such major signage.  Transferor shall not be obligated to replace such signage, and in the event Transferee elects to replace such signage, the same shall be at the sole cost and expense of Transferee.  Transferee shall provide Transferor with reasonable access to
the Properties after Closing to permit Transferor to remove such signage, and Transferor shall be permitted the reasonable use of the on-site employees of Transferee and its affiliates to assist in such signage removal.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc58"></a>6.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>CBL Contribution Agreement</font></u><font size=2>.  Each of CBL OP and Transferee shall use, and shall cause its respective affiliates to use, commercially reasonable efforts and otherwise act in good faith to satisfy all of the conditions to closing under the CBL Contribution Agreement.  Transferee shall not amend or modify the CBL Contribution Agreement without the prior written consent of Transferor.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc59"></a>6.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Continuation of Gift Certificate Programs</font></u><font size=2>.  Transferee shall not directly or indirectly prohibit or restrict any Tenant from continuing to honor the use of Westfield Gift Certificate Cards by customers of the Properties.  The provisions of this </font><u><font size=2>Section 6.13</font></u><font size=2> shall survive Closing.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><a name="toc60"></a>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>42</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>6.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Schedule 2 Properties</font></u><font size=2>.  On or prior to the Closing Date, Transferor shall transfer, or caused to be transferred, to Mid Rivers Land I Owner those certain parcels of real property set forth on </font><u><b><font size=2>Schedule 2</font></b></u><font size=2> attached hereto, to the extent any of such parcels of real property are not owned by Mid Rivers Land I Owner on the Effective Date.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc61"></a>6.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Mid Rivers Outparcels</font></u><font size=2>. On the date hereof, Transferor owns, directly or indirectly, certain additional parcels of vacant land related to the Mid Rivers Mall Property, the Mid Rivers Land I Property, the Mid Rivers Land II Property and/or the Mid Rivers Office Property, which parcels of land are identified on </font><u><b><font size=2>Exhibits K</font></b></u><font size=2> attached hereto (collectively, the &#147;</font><u><b><font size=2>Mid Rivers Outparcels</font></b></u><font size=2>&#148;).  The parties acknowledge and agree that Transferee has not had the opportunity to complete its due diligence of the Mid Rivers Outparcels.  Transferee shall have the right to complete its due diligence of the Mid Rivers Outparcels prior to the Closing Date, and to elect, upon Notice to Transferor,
given not less than 10 days&#146; prior to the Closing Date, to have such outparcels (or, to the extent commercially reasonable, the equity interests in the owner(s) of such outparcels) contributed to Mid Rivers Land I Owner on or prior to the Closing Date without any adjustment to the Contributed Interest Value.  Transferor shall have no obligations with respect to the cure of any matters discovered by Transferee during its due diligence of the Mid Rivers Outparcels.  If Transferee timely elects to have any or all of the Mid Rivers Outparcels transferred to Mid Rivers Land I Onwer, Transferor shall cause such elected parcels (or, to the extent commercially reasonable, the equity interests in the owner(s) of such outparcels) to be transferred to Mid Rivers Land I Owner on or prior to the Closing Date.  If Transferee elects not to have any of the Mid Rivers Outparcels (nor the equity interests in the owner(s) of such outparcels) transferred, there shall be no change in the Contributed
Interest Value.  Notwithstanding anything to the contrary contained in this Agreement, the Mid Rivers Outparcels are not &#147;Properties&#148;.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc62"></a>6.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>West County Parking Deck</font></u><font size=2>.  Transferor and Transferee hereby acknowledge and agree that the parking deck at the West County Property (the &#147;</font><u><b><font size=2>Parking Deck</font></b></u><font size=2>&#148;) requires repairs, some of which may be of a structural nature.  Each of Transferor and Transferee has retained an engineering firm to determine the extent of the deficiencies of the Parking Deck, and the appropriate manner to repair them.  While the nature and scope of the problems remain to be determined, as hereinafter provided, cosmetic repairs are not considered part of the problem to be addressed under this </font><u><b><font size=2>Section 6.16</font></b></u><font size=2>, it being understood that the work will include restoration of areas affected by the work to their
finish levels prior to commencement of the work and blended with the finishes of adjacent areas of the Parking Deck.  Transferor and Transferee shall work together expeditiously, reasonably and in good faith to determine the actual scope of the work that needs to be performed to correct these problems.  The standard to be applied in addressing these problems is that of a prudent institutional owner and operator of shopping centers similar to the West County Property, who intends to own such property on a long-term basis and therefore is seeking a solution that solves the current problems and places the Parking Deck, on a long-term basis, in a good and safe condition, and in good working order, and in compliance with all applicable laws and good engineering standards, and prevents the problems from recurring, assuming (and requiring only) the performance of normal repairs and replacements after the </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>43</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>work is performed.  Each party will cause its engineers to complete their report within a reasonable time.  Once the reports are available, the parties will share the same and will seek to determine the appropriate scope of work to be performed.  If the parties are unable to agree upon the same within 15 days thereafter, the matter shall be referred to the engineers appointed by the parties.  If the engineers agree upon the same within 15 days thereafter, the agreed upon scope of work (including a schedule for commencement and performance of the work and a definition of customary warranties to be obtained) shall be adopted by the parties as the work to be performed under this Section.  If not, then a third independent engineer having a national reputation in the repair of parking garages shall be appointed by the parties&#146; respective engineers within 15 days, such third party engineer shall conduct
such hearings  and meetings at it deems appropriate and the determination of such engineer shall be binding on the parties;  </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that if the two engineers shall not have selected a third engineer within such 15 day period, then either party may request that the American Arbitration Association select the third engineer.  Upon final determination of the scope of the work,  Transferor, under the supervision and with the reasonable cooperation of Transferee, shall promptly commence and thereafter diligently prosecute such repairs to completion substantially in accordance (subject to force majeure) with the schedule agreed upon or prescribed by the foregoing process.  In the event that the two engineers determine that repairs are required prior to determination of such scope and schedule and commencement of such work, in order to preserve or avoid a material deterioration of the
Parking Deck or to avoid a threat of damage to property or injury to persons, or because the use and operation of the Parking Deck will be materially adversely affected in the absence of such repairs, then the repairs shall be performed by Transferor in consultation with Transferee and in accordance with the standards prescribed below so as to correct such conditions pending agreement on and commencement of a complete scope of work.  Without limiting the foregoing, Transferee&#146;s consent (which shall not be unreasonably withheld or delayed) shall be required to (i) the plans and specifications for such work, and any change orders, (ii) the architects, engineers, contractors and subcontractors who will perform such work, and the terms of contracts with them and (iii) the insurance to be provided in connection with such work, and such work shall comply with all applicable requirements of the Existing Mortgage Loan for the West County Property and all applicable laws and good mall
practices.  Such contracts shall include customary warranties, which (together with the contracts themselves) shall be assigned to Transferee or the applicable West County Owner upon completion of the repairs and/or replacements.  Transferor shall use commercially reasonable efforts to cause the work to be performed in a manner intended to minimize interference with the operation of the Property, and Transferee&#146;s consent shall be required for the manner in which the work is so performed, including timing (which consent shall not be unreasonably withheld or delayed).  If the work will adversely affect parking or traffic flow during operating hours of the West County Property to any material extent, the parties will cooperate to agree upon scheduling (including overtime) that will avoid such a result.  Moreover, Transferee shall have the right to designate periods (e.g., the December-January holiday period) during which work is not to be performed.  Transferee shall have the right
(so long as it agrees to pay the incremental costs incurred by Transferor in complying with such request) to require additional work to be performed and additional mitigation measures to be adopted, in addition to those which Transferor would otherwise be </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>44</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>required to adopt and perform hereunder.  Except as provided in the preceding sentence, Transferor shall be solely responsible for the costs and expenses of such repairs, and agrees to indemnify, defend and hold harmless Transferee and the West County Mall Owner from and against all Losses (including, without limitation, reasonable attorneys&#146; fees and expenses) and other liabilities and obligations incurred or suffered by Transferee or the West County Mall Owner, including as a result of any claim by any Tenant of the West County Property pursuant to its Lease arising in connection with the problem that necessitates such repair of the Parking Deck or with the actual repair of the Parking Deck by Transferor.  In addition, Transferor shall reimburse Transferee and the West County Mall Owner for the reasonable out-of-pocket costs and expenses incurred by Transferee or the West County Mall Owner in
connection with the planning for and performance of work (including fees and disbursements of Transferee&#146;s engineers and responses to request for consent and supervision of such work).  Transferee and the West County Mall Owner shall not settle any Tenant claims without the approval of Transferor, which approval shall not be unreasonably withheld or delayed.  Transferee and West County Owner shall cooperate with Transferor, at Transferor&#146;s expense, in pursuing any claims against the contractors, engineers or other third parties who may have been responsible for any defective work on the Parking Deck and in pursuing any claims for insurance to cover the costs incurred by Transferee or West County Mall Owner hereunder.  The provisions of this Section shall apply during the period prior to the Closing Date, and, in addition, shall survive and apply to the period from and after the Closing.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc63"></a>6.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>L&amp;T Property</font></u><font size=2>.  (a)  Notwithstanding anything in this Agreement to the contrary, the Closing of the Contribution of the Contributed Interests relating to the L&amp;T Owner and the L&amp;T Property shall occur on a Business Day  (such date, the &#147;</font><u><b><font size=2>L&amp;T Closing Date</font></b></u><font size=2>&#148;) determined by Transferee upon not less than 10 Business Days&#146; prior written notice delivered to Transferor by Transferee and in any event no later than 4 months after the Closing.  Transferor shall be obligated to contribute the foregoing Contributed Interests on the L&amp;T Closing Date and Transferee shall be obligated to issue to Transferor the Preferred Units allocable to the L&amp;T Owner on the L&amp;T Closing Date; </font><u><font
size=2>provided</font></u><font size=2>, that the conditions precedent to Transferee&#146;s and Transferor&#146;s obligation to close the transaction to the extent relating to L&amp;T Owner and the L&amp;T Property shall have been satisfied or waived by Transferee or Transferor, as applicable, in each case, on or prior to the L&amp;T Closing Date, and that all prorations with respect to the L&amp;T Property shall be effected as if the Proration Time were 11:59 p.m. on the day immediately preceding the L&amp;T Closing Date.  Furthermore, the covenants of Transferor set forth in </font><u><b><font size=2>Sections 6.1</font></b></u><font size=2> and </font><u><b><font size=2>Section 6.2</font></b></u><font size=2> hereof shall continue to apply to the L&amp;T Owner and the L&amp;T Property until the Closing of the contribution of the L&amp;T Owner to Transferee has occurred; provided, however, that neither Transferor nor the L&amp;T Owner shall, without Transferee&#146;s consent, (i)
enter into any Lease or other Contract, or incur any other obligation, that will be binding on Transferee or the L&amp;T Owner from and after the L&amp;T Closing Date, or (ii) commence any material alterations or improvements on the L&amp;T Property (other than to keep the L&amp;T Property in good order and repair and in compliance with applicable law).   Transferor and Transferee further agree that the survival period for the representations and warranties of Transferor relating to the L&amp;T Owner and the L&amp;T Property shall be measured from the L&amp;T Closing Date as </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>45</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>opposed to the date of the Closing of the other Contributed Interests.  Transferor and Transferee further agree that the no Preferred Equity Return shall be due or begin to accrue on the Preferred Units issued to Transferor on account of the Contribution of the Contributed Interests relating to the L&amp;T Owner and the L&amp;T Property until July 1, 2008.</font></p>
&nbsp;

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        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p  style='text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td width="467" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>In addition to Transferee&#146;s consent rights pursuant to </font><u><b><font size=2>Section 6.17(a)</font></b></u><font size=2>:</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:0.5in; text-indent:0.55in;text-align:justify;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From and after the date hereof until the L&amp;T Closing Date, Transferor shall, and shall cause the L&amp;T Property Owner to, cooperate reasonably with, Transferee, in negotiations to lease the L&amp;T Property and in alterations and improvements of the L&amp;T Property in order to maintain and upgrade the same, or to prepare the same for occupancy by tenants, so long as Transferee shall agree to be solely responsible for and shall indemnify Transferor and L&amp;T Owner against costs and expenses, and obligations and liabilities, arising or accruing in connection therewith, such indemnification to be effected by agreements reasonable acceptable to Transferor, and with insurance reasonably acceptable to Transferor (and naming Transferor and L&amp;T Property Owner as additional insureds), including by entering into
such leases, commitments to lease, leasing commission agreements, construction and other contracts, relating to the L&amp;T Property, reasonably required in connection therewith.  The existing negotiations with Barnes &amp; Noble are expressly included in the provisions of this </font><u><b><font size=2>Section 6.17(b)(i)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:0.5in;text-align:justify;'><font size=2>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferee shall have the right (and, at Transferor&#146;s request, the obligation), from and after the Closing Date until the L&amp;T Closing Date, to be responsible for and to coordinate and supervise (together with its representatives) any particular alteration or improvement, or all alterations and improvements, to the L&amp;T Property designated by or proposed by Transferee, and to enter the L&amp;T Property (together with its representatives) for such purpose, subject to the conditions set forth in </font><u><b><font size=2>clause (i)</font></b></u><font size=2> above.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc64"></a>Transferee&#146;s Obligation to Close</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc65"></a>7.1&nbsp;</font><u><font size=2>Transferee&#146;s Conditions</font></u><font size=2>. Transferee shall not be obligated to close hereunder unless each of the following conditions shall exist on the Closing Date:</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Title Policy</font></u><font size=2>.  For each Property, the Title Company shall issue (or shall be prepared and irrevocably and unconditionally committed to issue, with the sole condition being the payment of any applicable standard premiums) to the applicable Property Owner, at Transferee&#146;s expense, a 1992 ALTA form of owner&#146;s policy of title insurance, (i) with an effective date not earlier than the Closing Date, (ii) with such endorsements as the Title Company unconditionally (other than subject to payment of the required premiums and delivery by the applicable Property Owner of a Title Affidavit in the form attached hereto as </font><u><b><font size=2>Exhibit D-1</font></b></u><font size=2> and a non-imputative affidavit in the form attached hereto as </font><u><b><font
size=2>Exhibit D-2</font></b></u><font size=2>) committed to issue to Transferee prior to the Effective Date, (iii) insuring fee title to each Real Property, (iv) in the name of the applicable Property Owner, (v) in an amount of no more than the Allocated </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>46</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22452514v30</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>Contributed Interests Value for each Property, plus, if applicable, the outstanding principal balance of the related Existing Mortgage Loan, and (vi) subject only to the Permitted Exceptions (each, a &#147;</font><u><b><font size=2>Title Policy</font></b></u><font size=2>&#148;);</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Accuracy of Representations</font></u><font size=2>.  All of the representations and warranties made by Transferor in this Agreement or in any of the Closing Documents (except for any of such representations and warranties that by their terms relate only to a specific date other than the Closing Date, in which event, such representations and warranties shall be, or have been, true and correct in all material respects (or, in the case of any representations and warranties already qualified by materiality, in all respects, as of such other date)) shall be true and correct in all material respects (or, in the case of any representations and warranties already qualified by materiality, in all respects) on and as of the Closing Date with the same force and effect as though such
representations and warranties had been made on and as of the Closing Date, and Transferor will so certify pursuant to the Bringdown Certificate;  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Transferor&#146;s Performance</font></u><font size=2>.  Transferor shall have made the deliveries required to be made by Transferor under </font><u><b><font size=2>Article IX</font></b></u><font size=2>, and shall have, and shall have caused its affiliates to have, in all material respects (i) performed all covenants and obligations, and (ii) complied with all conditions, required by this Agreement and any other agreement between or among Transferor, Transferee and CBL OP or their respective affiliates to be performed or complied with by Transferor or its affiliates on or before the Closing Date, or each such covenant, obligation and condition that shall not have been so performed or complied with shall be waived by Transferee in writing and in its sole and absolute discretion prior to Closing;</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>No Liens</font></u><font size=2>.  Transferor shall convey, or cause the conveyance of, the Contributed Interests to Transferee, free and clear of all Liens of any nature whatsoever (subject to the covenants, conditions and restrictions set forth in the Existing Loan Documents);</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Consents</font></u><font size=2>.  All consents (including all of the Lender Consents) required to permit Transferor to effect the transactions contemplated hereby shall have been obtained by Transferor; and Transferor shall have delivered or caused to be delivered to Transferee all of the Estoppel Certificates required to be delivered in accordance with the terms of </font><u><b><font size=2>Section 6.6</font></b></u><font size=2>;</font><b><font size=2> </font></b><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that, with respect to the Lender Consents, if any of the same shall not have been obtained by Closing solely as a result of a breach by Transferee, CBL OP or any of their respective affiliates of their obligations under
</font><u><b><font size=2>Section 6.9</font></b></u><font size=2>, then Transferee shall not be entitled to use as a defense to such breach, the fact that the foregoing condition was not satisfied;</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Terminations</font></u><font size=2>.  Except as otherwise provided in this Agreement (including, without limitation, </font><u><b><font size=2>Section 4.5(f)</font></b></u><font size=2> and </font><u><b><font size=2>Section 10.1</font></b></u><font size=2>) any property and/or leasing management contract with respect to each Property shall have been terminated at or prior to Closing (and evidence thereof shall have been delivered to Transferee at or prior to Closing), and Transferor shall have paid any and all commissions, fees and/or other costs or expenses then due under any such property and/or management contracts, including any commissions, fees, and other costs and expenses in connection with such terminations; and</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>47</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Other Conditions</font></u><font size=2>.  Any other condition expressly set forth in this Agreement to Transferee&#146;s obligation to close shall have been satisfied on or prior to the date by which such condition is required hereunder to be satisfied.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc66"></a>7.2&nbsp;</font><u><font size=2>Failure of Conditions</font></u><font size=2>.  Subject to the proviso in </font><u><b><font size=2>Sections 7.1(e)</font></b></u><font size=2>, if any condition specified in </font><u><b><font size=2>Section 7.1</font></b></u><font size=2> is not satisfied on or before the Outside Closing Date, Transferee may, at its option, and in its sole and absolute discretion, (i) waive any such condition which can legally be waived and proceed to Closing without adjustment or abatement of the Contributed Interests Value, or (ii) terminate this Agreement by written notice thereof to Transferor.  In addition to (and notwithstanding) the foregoing, if the failure of the condition is due to a breach by Transferor hereunder, Transferee may pursue any of its remedies under </font><u><b><font size=2>Section 11.1</font></b></u><font size=2> (subject to
the provisions of the penultimate paragraph of </font><u><b><font size=2>Article IV</font></b></u><font size=2> and </font><u><b><font size=2>Section 13.4</font></b></u><font size=2>).</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc67"></a>Transferor&#146;s Obligation to Close</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc68"></a>8.1&nbsp;</font><u><font size=2>Transferor&#146;s Conditions</font></u><font size=2>.  Transferor shall not be obligated to close hereunder unless each of the following conditions shall exist on the Closing Date:</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Accuracy of Representations</font></u><font size=2>.  All of the representations and warranties made by Transferee and CBL OP in this Agreement or in any of the Closing Documents shall be true and correct in all material respects (or, in the case of any representations and warranties already qualified by materiality, in all respects) on and as of the Closing Date with the same force and effect as though such representations and warranties had been made on and as of the Closing Date, and each of Transferee and CBL OP will so certify pursuant to a written certificate delivered to Transferor on or prior to Closing;</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Transferee&#146;s Performance</font></u><font size=2>.  Each of Transferee and CBL OP shall have made the deliveries required to be made by it under </font><u><b><font size=2>Article IX</font></b></u><font size=2>, and shall have, and shall have caused its respective affiliates to have, in all material respects, (i) performed all covenants and obligations, and (ii) complied with all conditions, required by this Agreement and any other agreement between or among Transferor, Transferee and CBL OP or their respective affiliates, to be performed or complied with by Transferee, CBL OP or their respective affiliates on or before the Closing Date, or each such covenant, obligation and condition that shall not have been so performed or complied with shall be waived by Transferor in writing and
in its sole and absolute discretion prior to Closing;</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Consents</font></u><font size=2>. All consents (including all of the Lender Consents) required to permit Transferee to effect the transaction contemplated hereby shall have been obtained by Transferee; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that, with respect to the Lender Consents, if any the same shall not have been obtained by Closing solely as a result of a breach by Transferor or its affiliates obligations under </font><u><b><font size=2>Section 6.9</font></b></u><font size=2>,  then Transferor shall not be entitled to use as a defense to such breach, the fact that the foregoing condition was not satisfied;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>48</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Tax Protection Agreement</font></u><font size=2>.  Transferee shall deliver the Tax Protection Agreement, duly executed by Transferee and CBL OP; </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>CBL Contribution</font></u><font size=2>.  The closing under the CBL Contribution Agreement shall have occurred; </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>No Liens</font></u><font size=2>.  Transferee shall issue to Transferor the Preferred Membership Interests which will, immediately upon the issuance thereof, constitute 100% of the authorized, issued and outstanding preferred interests in Transferee, free and clear of any Liens of any nature whatsoever; and</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Other Conditions</font></u><font size=2>.  Any other condition expressly set forth in this Agreement to Transferee&#146;s obligation to close shall have been satisfied on or prior to the date by which such condition is required hereunder to be satisfied.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc69"></a>8.2&nbsp;</font><u><font size=2>Failure of Conditions</font></u><font size=2>.  Subject to the proviso in </font><u><b><font size=2>Sections 8.1(c)</font></b></u><font size=2>, if any condition specified in </font><u><b><font size=2>Section 8.1</font></b></u><font size=2> is not satisfied on or before the Outside Closing Date, Transferor may, at its option, and in its sole and absolute discretion, (a) waive any such condition which can legally be waived and proceed to Closing without adjustment or abatement of the Contributed Interests Value, or (b) terminate this Agreement by written notice thereof to Transferee.  In addition to (and notwithstanding) the foregoing, if the failure of the condition is due to a breach by Transferee or CBL OP hereunder, Transferor may pursue any of its remedies under </font><u><b><font size=2>Section 11.2</font></b></u><font size=2>.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc70"></a>Closing</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc71"></a>9.1&nbsp;</font><u><font size=2>Time of Closing</font></u><font size=2>.  Subject to the provisions of this Agreement, the closing of the transactions contemplated hereby (&#147;</font><u><b><font size=2>Closing</font></b></u><font size=2>&#148;) shall take place at 10:00 a.m. on the Closing Date at the offices of Debevoise &amp; Plimpton LLP, 919 Third Avenue, New York, New York, or at such other place located in Los Angeles, California or New York City, New York, as may otherwise be agreed upon by Transferor and Transferee.  The &#147;</font><u><b><font size=2>Closing Date</font></b></u><font size=2>&#148; shall occur on a Business Day mutually agreed upon by Transferor and Transferee as soon as practical after all of the conditions set forth in </font><u><b><font size=2>Articles VII</font></b></u><font size=2> and </font><U><B><font SIZE=2>VIII</font></B></U><font
size=2> have been satisfied (or will be satisfied simultaneously with Closing) or waived in accordance with the terms thereof; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that the Closing Date shall in no event occur later than November 30, 2007 (the &#147;</font><u><b><font size=2>Outside Closing Date</font></b></u><font size=2>&#148;).</font><b><font size=2>  </font></b><font size=2>If Closing does not occur by the Outside Closing Date and the same is attributable to a breach or default hereunder by Transferee, the provisions of </font><u><b><font size=2>Section 11.2</font></b></u><font size=2> shall apply.  If Closing does not occur by the Outside Closing Date and the same is due to a breach or default hereunder by Transferor, the provisions of </font><u><b><font size=2>Section 11.1</font></b></u><font size=2> shall apply (subject to the provisions of </font><u><b><font size=2>Section 13.4</font></b></u><font
size=2> and </font><u><b><font size=2>Article IV</font></b></u><font size=2>).  Without limiting the foregoing, the Outside Closing Date may be extended only with the prior written consent of Transferor and Transferee (which consent may be given or withheld in their respective sole and absolute discretions); </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that if the Outside Closing Date shall be so extended, any Deposit delivered in the form of a letter of credit shall be renewed or replaced such that any Deposit delivered in the form of a </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>49</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>letter of credit shall expire no earlier than the 60<sup>th</sup> day after the extended Outside Closing Date, and Transferee shall deliver such renewed or new letter of credit to Transferor on or prior to the Outside Closing Date.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc72"></a>9.2&nbsp;</font><u><font size=2>Deliveries at Closing by Transferor</font></u><font size=2>.  On or before the Closing, Transferor, at its sole cost and expense, shall deliver or cause to be delivered to Escrow Agent the following, each dated as of the Closing Date, in addition to all other items and payments required by this Agreement to be delivered by Transferor at Closing (and unless otherwise noted, two original copies of each of the following shall be delivered):</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Cash</font></u><font size=2>.  Transferor shall deliver to Escrow Agent, by Federal funds wire transfer, cash in an amount equal to the sum of Transferor&#146;s Closing Costs as provided in </font><u><b><font size=2>Section</font></b><font size=2>&nbsp;</font><b><font size=2>1.4</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Assignment and Assumption of Contributed Interests</font></u><font size=2>.  Transferor shall deliver counterparts of the assignment and assumption of the Contributed Interests, in substantially the form attached hereto as </font><u><b><font size=2>Exhibit B</font></b></u><font size=2> (the &#147;</font><u><b><font size=2>Assignment and Assumption of Contributed Interests</font></b></u><font size=2>&#148;), duly executed by Transferor and/or its affiliates, conveying to Transferee, (i) all of Transferor&#146;s and/or its affiliates&#146; respective rights, titles and interests in, and to the Contributed Interests, free and clear of any Liens of any nature whatsoever (subject to the covenants, conditions and restrictions set forth in the Existing Loan Documents), and (ii) all of
Transferor&#146;s and/or its affiliates&#146; respective rights, titles and interests, if any, in, and to the names &#147;Mid Rivers Mall&#148;, &#147;West County Mall&#148;, and &#147;South County Mall&#148; and any variations thereof.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Proof of Authority</font></u><font size=2>.  Transferor shall provide such customary proof of authority and authorization to enter into this Agreement and the transactions contemplated hereby, and such customary proof of the power and authority of the individual(s) executing or delivering any documents or certificates on behalf of Transferor as may be reasonably required by the Title Company, Transferee or both.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Non-Foreign Affidavits</font></u><font size=2>.  Transferor shall deliver Non-Foreign Affidavits, each in the form attached hereto as </font><u><b><font size=2>Exhibit C</font></b></u><font size=2>, duly executed by Transferor and/or its affiliates.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Title Affidavits</font></u><font size=2>.  Transferor shall execute and deliver, or cause to be executed and delivered, to the Title Company such customary agreements or statements as may be reasonably required by the Title Company in order to issue the Title Policies for the Properties as described in </font><u><b><font size=2>Section 7.1(a)</font></b></u><font size=2>, including a title affidavit from each Property Owner and a non-imputation endorsement (in each case, to the extent required by the Title Company) in substantially the form of </font><u><b><font size=2>Exhibit D-1</font></b></u><font size=2> and </font><u><b><font size=2>Exhibit D-2</font></b></u><font size=2>, respectively, attached hereto. </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Counterpart of Amended and Restated Operating Agreement</font></u><font size=2>.  Transferor shall deliver&nbsp;counterparts of the Amended and Restated Operating Agreement, duly executed by Transferor.</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>50</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Closing Statement</font></u><font size=2>.  Transferor shall deliver counterparts of a settlement statement setting forth all prorations, allocations, closing costs and payments of moneys related to the consummation of the transactions contemplated by this Agreement (the &#147;</font><u><b><font size=2>Closing Statement</font></b></u><font size=2>&#148;), duly executed by Transferor.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>State FIRPTA</font></u><font size=2>.  Transferor shall complete and deliver three original counterparts of any state forms relating to statutes similar to Section 1445 of the Code, in each case, to the extent required to be delivered by Transferor and/or its affiliates in connection with the transfer to Transferee of the Contributed Interests (collectively, the &#147;</font><u><b><font size=2>Transfer Tax Returns</font></b></u><font size=2>&#148;), duly executed by Transferor.<sup> </sup></font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Bringdown Certificate</font></u><font size=2>.  On or before the Closing Date, Transferor shall complete and shall have delivered to Transferee the applicable Bringdown Certificate in accordance with the terms of </font><u><b><font size=2>Section 6.1(c)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Assumption Documents</font></u><font size=2>.  Transferor shall deliver counterparts of all agreements, instruments and documents, each in form reasonably satisfactory to Transferor and Transferee, required to be executed by Transferor and/or its affiliates in connection with the indirect assumption of the Existing Mortgage Loans by Transferee, duly executed by Transferor and/or its affiliates, in such number of counterparts as may be required by the applicable Existing Lender, plus two additional counterparts.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Rent Roll</font></u><font size=2>.  Within 3 Business Days prior to the Closing Date, Transferor shall deliver (which delivery may be made as part of the Bringdown Certificate), an updated Rent Roll for each Property based upon which the applicable Property Owner is operating its Property as of the date indicated therein.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Estoppels</font></u><font size=2>.  On or before Closing, Transferor shall deliver copies of all Estoppels in Transferor&#146;s Possession or Reasonable Control.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Property Manager&#146;s Rights</font></u><font size=2>.  To the extent applicable, Transferor shall cause the property manager of each Property to deliver an assignment and assumption agreement, duly executed by such property manager, conveying all of such property manager&#146;s right, title and interest in and to all Permits, if any, held in the name of such property manager for the benefit of such Property Owner.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Other Documents</font></u><font size=2>.  Transferor shall, as reasonably requested by Transferee, the Title Company, Escrow Agent, the Existing Lenders, or the rating agencies, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, any and all such other customary instruments and documents as may be contemplated elsewhere in this Agreement to be delivered on or prior to the Closing Date, or otherwise reasonably necessary in order to complete the transaction contemplated hereby and to carry out the intent and purposes of this Agreement, so long as Transferor&#146;s liabilities and obligations hereunder are not increased by any material extent.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><a name="toc73"></a>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>51</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>9.3&nbsp;</font><u><font size=2>Deliveries at Closing by Transferee</font></u><font size=2>.  On or before the Closing, Transferee and CBL OP, at its respective sole cost and expense, shall deliver or cause to be delivered to Escrow Agent the following, each dated as of the Closing Date, in addition to all other items and payments required by this Agreement to be delivered by Transferee at Closing (and unless otherwise noted, two original copies of each of the following shall be delivered):</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Cash</font></u><font size=2>.  Transferee shall deliver to Escrow Agent, by Federal funds wire transfer, cash in an amount equal to Transferee&#146;s Closing Costs as provided in </font><u><b><font size=2>Section</font></b><font size=2>&nbsp;</font><b><font size=2>1.3</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Assignment and Assumption of Contributed Interests</font></u><font size=2>.  Transferee shall deliver counterparts of the Assignment and Assumption of Contributed Interests, duly executed by Transferee.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Proof of Authority</font></u><font size=2>.  Each of Transferee and CBL OP shall provide such customary proof of Transferee&#146;s authority and authorization to enter into this Agreement and the transactions contemplated hereby, and such customary proof of the power and authority of the individual(s) executing or delivering any documents or certificates on behalf of Transferee or CBL OP as may be reasonably required by the Title Company, Transferor or both.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Counterpart of Amended and Restated Operating Agreement</font></u><font size=2>.  Transferee shall deliver counterparts of the Amended and Restated Operating Agreement, duly executed by CBL OP.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Certificate Regarding Representations</font></u><font size=2>.  On or before the Closing Date, each of Transferee and CBL OP shall complete and shall have delivered to Transferor the certificate required pursuant to </font><u><b><font size=2>Section 8.1(a)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Closing Statement</font></u><font size=2>.  Transferee shall deliver counterparts of the Closing Statement, duly executed by Transferee.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Tax Protection Agreement</font></u><font size=2>.  Each of Transferee and Transferor shall deliver the Tax Protection Agreement, duly executed by Transferee and CBL OP.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Assumption Documents</font></u><font size=2>.  Each of Transferee and CBL OP shall deliver counterparts of all agreements, instruments and documents, each in form reasonably satisfactory to Transferor and Transferee, to be executed by Transferee, CBL OP and/or its respective affiliates in connection with the indirect assumptions of the Existing Mortgage Loans by Transferee (including, without limitation, any guaranties and indemnities), duly executed by Transferee, CBL OP and/or its respective affiliates, in such number of counterparts as may be required by the applicable Existing Lender, plus two additional counterparts.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Property Manager&#146;s Rights</font></u><font size=2>.  To the extent applicable, Transferee shall deliver counterparts of each assignment and assumption agreement described in </font><u><b><font size=2>Section 9.2(m)</font></b></u><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:center;'><font size=2>52</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Other Documents</font></u><font size=2>.  Each of Transferee and CBL OP shall, as reasonably requested by Transferor, the Title Company, Escrow Agent, the Existing Lenders, or the rating agencies, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, any and all such other customary instruments and documents as may be contemplated elsewhere in this Agreement to be delivered on or prior to the Closing Date, or otherwise reasonably necessary in order to complete the transaction contemplated hereby and to carry out the intent and purposes of this Agreement, so long as Transferee&#146;s and the Property Owners&#146; liabilities and obligations hereunder are not increased by any material extent.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc74"></a>9.4&nbsp;</font><u><font size=2>Deliveries Outside of Escrow</font></u><font size=2>.  Transferor shall deliver, or cause to be delivered, possession of the Properties, subject only to the Permitted Exceptions, the rights of Tenants and subtenants in occupancy under the Tenant Leases and the rights of MRO Leasehold Owner under the MRO Ground Lease to Transferee upon Closing.  Further, Transferor shall deliver, or cause to be delivered, to Transferee, on or prior to the Closing, the following items:</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Intangible Property</font></u><font size=2>.  Transferor shall deliver or turn over, or cause to be delivered or turned over, to Transferee&#146;s control at the applicable Real Property (or at such other place as shall be reasonably agreed upon by Transferor and Transferee), the originals of the Plans and Records, the Tenant Leases, the Continuing Contracts, the MRO Ground Lease, the Permits and the Intangible Property Documents, if any, in each case, to the extent in Transferor&#146;s Possession or Reasonable Control or, if not, copies thereof which are true and complete in all material respects; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that in no event shall Transferee have any rights to the name
&#147;Westfield&#148; or any marks, logos or other brand identification items associated with the &#147;Westfield&#148; name.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Personal Property</font></u><font size=2>.  Transferor shall deliver or turn over, or cause to be delivered or turned over, to Transferee&#146;s control at the applicable Real Property (or at such other place as shall be reasonably agreed upon by Transferor and Transferee), the Personal Property, including any and all keys, pass cards, remote controls, security codes, computer software and other devices relating to access to the Improvements, if any, in each case, to the extent in any Transferor&#146;s Possession or Reasonable Control.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Tenant Notification Letter</font></u><font size=2>.  Transferor shall deliver, or cause to be delivered, tenant notification letters in the form attached hereto as </font><u><b><font size=2>Exhibit E</font></b></u><font size=2>, duly executed by the applicable Property Owner (or the applicable managing agent), notifying each Tenant under a Tenant Lease and the MRO Leasehold Owner under the MRO Ground Lease that the applicable Contributed Interests have been conveyed to Transferee and directing each Tenant and MRO Leasehold Owner, on and after the Closing Date, to make all payments of rent and to send any notices or other correspondence regarding their respective Tenant Leases or MRO Ground Lease, as applicable, to the Persons and addresses designated by Transferee and specified in such letters.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Letters to Contractors</font></u><font size=2>.  Transferor shall deliver, or cause to be delivered, a letter to each vendor under a Continuing Contract, and to each utility company serving each Property (other than utility companies whose services are directly arranged for by </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>53</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>Tenants or MRO Leasehold Owner under the MRO Ground Lease), in a form reasonably satisfactory to Transferor and Transferee, duly executed by the applicable Property Owner (or by the applicable managing agent), advising such vendor or utility company, as the case may be, of the transfer of the applicable Contributed Interests to Transferee and directing them to send to Transferee (or as directed by Transferee) all bills for the goods and services provided to such Property for periods from and after the Closing Date.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Termination of Contracts</font></u><font size=2>.  Transferor shall deliver, or cause to be delivered, to Transferee termination agreements or other customary evidence reasonably satisfactory to Transferee that any and all Contracts other than Continuing Contracts have either expired in accordance with their respective terms or have been duly and validly terminated, effective on or prior to the Closing Date (or as soon as possible after the Closing Date if termination as of the Closing Date is not possible under the terms of such Contracts) at no cost to Transferee or to the applicable Property Owner, and that all sums payable in connection with the termination of the same, if any, have been paid.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc75"></a>9.5&nbsp;</font><u><font size=2>Actions by Escrow Agent</font></u><font size=2>.  Provided Escrow Agent shall not have received written notice from Transferee or Transferor of the failure of any condition to the or of the termination of this Agreement, when Transferee and Transferor have deposited into escrow the documents and funds required by this Agreement and Title Company is irrevocably and unconditionally committed to issue the Title Policies effective as of the Closing Date (subject only to the payment of the standard premiums), Escrow Agent shall, in the order and manner herein below indicated, take the following actions:</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="428" >
    <tr >
        <td width="96" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p   style='text-indent:0in;page-break-after:avoid; '><font size=1>&nbsp;</font></p>  </td>
        <td width="72" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td width="260" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Funds</font></u><font size=2>.  Disburse all funds as follows:</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1.5in;text-align:justify;'><font size=2> (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pursuant to the Closing Statement, retain for Escrow Agent&#146;s own account all escrow fees and costs, disburse to the Title Company the fees and expenses incurred in connection with the issuance of the Title Policies, and disburse to any other Persons entitled thereto, as expressly stated on the Closing Statement, the amount of any other closing costs;</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1.5in;text-align:justify;'><font size=2>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pursuant to the Closing Statement, disburse funds necessary to discharge and release any and all Liens against any Property to the extent such Liens are expressly required under </font><u><b><font size=2>Section 2.2</font></b></u><font size=2> to be discharged and released at or prior to the Closing; and</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1.5in;text-align:justify;'><font size=2>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;disburse any remaining funds in the possession of Escrow Agent, after payments pursuant to </font><u><b><font size=2>Sections 9.5(a)(i)</font></b></u><font size=2> and</font><b><font size=2> </font></b><u><b><font size=2>(ii)</font></b></u><font size=2> have been completed, to whichever of Transferor or Transferee shall have deposited such amount with Escrow Agent.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Delivery of Documents</font></u><font size=2>.  Deliver:  (i) to Transferor, one original of each document deposited into escrow, and (ii) to Transferee, one original of each document deposited into escrow (other than the Title Affidavit delivered pursuant to </font><u><b><font size=2>Section 9.2(e)</font></b></u><font size=2>, the second original of which Escrow Agent shall retain).</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>54</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Title Policy</font></u><font size=2>.  Instruct the Title Company to issue and deliver the Title Policies to Transferee.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc76"></a>Prorations and Closing Expenses</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc77"></a>10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Closing Adjustments</font></u><font size=2>.  In addition to any other credits or prorations provided elsewhere in this Agreement, the number of preferred units representing the Preferred Membership Interests issued to Transferor at Closing pursuant to </font><u><b><font size=2>Section 1.2</font></b></u><font size=2> shall be adjusted as of the Proration Time in accordance with the provisions set forth in this </font><u><b><font size=2>Section 10.1</font></b></u><font size=2>.  Transferee and Transferor agree to cause their accountants to prepare a proration schedule (the &#147;</font><u><b><font size=2>Proration Schedule</font></b></u><font size=2>&#148;) of adjustments not later than 3 Business Days prior to Closing.  Such adjustments, if and to the extent known and agreed upon as of the Closing Date, shall
be paid by Transferee to Transferor (if the prorations result in a net credit to Transferor) or by Transferor to Transferee (if the prorations result in a net credit to Transferee), by increasing or reducing the number of preferred units representing the Preferred Membership Interests and issued to Transferor upon Closing.  Any such adjustments or other adjustments prescribed under this Agreement, which are not determined or agreed upon as of the Closing Date, shall be paid by Transferee to Transferor as a credit to Transferor&#146;s Capital Account in Transferee, and Transferor shall receive a corresponding additional number of preferred units in Transferee as provided in Section 3.1(c) of the Amended and Restated Operating Agreement, or by Transferor to Transferee in cash, as applicable, as soon as practicable following the Closing Date pursuant to the terms of </font><u><b><font size=2>Sections 10.1(h)</font></b></u><font size=2> and </font><u><b><font
size=2>(m)</font></b></u><font size=2>,</font><b><font size=2> </font></b><font size=2>which payment from Transferor to Transferee shall be treated by the parties as a purchase price adjustment for all income tax purposes.  All such prorations and adjustments under this Agreement shall be calculated based on the actual number of days of the applicable calendar month and on a 365 day year, as applicable.  The provisions of this </font><u><b><font size=2>Section 10.1</font></b></u><font size=2> shall survive Closing.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate taxes and assessments and personal property taxes related to the Properties, to the extent not paid directly by a Tenant or MRO Leasehold Owner under the Ground Lease to the applicable authorities, shall be prorated between Transferor and Transferee at Closing.  If Closing shall occur before the amount of taxes is fixed for any Property, the apportionment of all such taxes shall be made based upon one hundred percent (100%) of the tax rate for the preceding year, applied to the latest assessed valuation of such Property.  Upon receipt of the actual tax bill for such Property, the proration of taxes made at Closing shall be subject to adjustment pursuant to </font><u><b><font size=2>Section 10.1(h)</font></b></u><font size=2> and </font><u><b><font size=2>Section</font></b><font
size=2>&nbsp;</font><b><font size=2>10.1(m)</font></b></u><font size=2>.  Refunds of the foregoing for the tax year in which the Closing occurs, net of the reasonable out-of-pocket costs of pursuing any tax contest or proceeding or collecting such funds, shall be prorated in proportion to the respective shares thereof borne by the parties under the preceding sentence, subject to the rights of Tenants and MRO Leasehold Owner to receive all or part of such refunds.  Any portion of a refund payable to a Tenant or MRO Leasehold Owner for any period shall be paid to Transferee, who shall effect, and be liable for, payment thereof to such Tenant or MRO Leasehold Owner, as the case may be.</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>55</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any and all income and other expenses attributable to the Properties (including, without limitation, income and expenses under the Continuing Contracts and interest under the Existing Mortgage Loans) shall be prorated between Transferor and Transferee at Closing, subject to any other provision of this </font><u><b><font size=2>Section 10.1</font></b></u><font size=2> that expressly governs the allocation or adjustment of a specific type of income or expense.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor shall arrange for final meter readings on all utilities, to the extent not paid for directly by a Tenant or MRO Leasehold Owner under the MRO Ground Lease to the applicable utility provider, at the Properties to be taken prior to the Closing Date.  Transferor shall be responsible for the payment of all such utilities used prior to the Proration Time and Transferee shall be responsible for the payment of all such utilities used on or after the Proration Time.  With respect to any utility at a Property for which there is no meter, the expenses for such utility shall be prorated between Transferor and Transferee at Closing based upon the most current bill for such utility.  All deposits with utility companies will be left in place with such utility companies, and Transferor shall receive a credit
therefor at Closing.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic rents, which include rent denominated on a square foot basis as well as percentage rent for the Tenants who pay percentage rent in lieu of rent denominated on a square foot basis, in each case, from the Properties (&#147;</font><u><b><font size=2>Basic Rent</font></b></u><font size=2>&#148;), percentage of sales/overage rents and additional rent relating to electricity, HVAC and pass-through charges of taxes, operating, maintenance and other similar expenses, in each case, from the Properties (collectively, &#147;</font><u><b><font size=2>Additional Rent</font></b></u><font size=2>&#148;) and the MRO Ground Rent shall, subject to </font><u><b><font size=2>Section 10.1(e)</font></b></u><font size=2>, be prorated between Transferor and Transferee based upon Basic Rent, Additional Rent and MRO Ground Rent
actually collected (and, with respect to percentage rent, in proportion to the relative number of days in the subject percentage rent lease period occurring prior and subsequent to the Proration Time) or currently due and payable (not more than 30 days overdue).  All prepaid Basic Rent, Additional Rent, MRO Ground Rent and other income from the Properties shall be credited to Transferee at Closing, if and to the extent the same is properly allocable to a period of time on or after the Proration Time.  With respect to Additional Rent which is paid based upon an estimate with an end-of-year (calendar or fiscal) accounting and adjustment or otherwise, Transferor and Transferee shall, after Closing, make any adjustments to the proration of such items made at Closing, in accordance with the applicable provisions of </font><u><b><font size=2>Section 10.1(i)</font></b></u><font size=2>, promptly after the final rental, tax and operating expense numbers become available and such end-of-year
accountings are completed.  Any adjustments for percentage rent payments or other Additional Rent payments shall be made for any Tenant after completion of the applicable percentage rent lease period or the applicable Additional Rent Year for such Tenant. </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Rent, Additional Rent and MRO Ground Rent which is more than 30 days delinquent and remains uncollected at Closing shall not be prorated between Transferor and Transferee at Closing.  At Closing, Transferor shall furnish to Transferee a schedule of delinquent Basic Rent, Additional Rent and MRO Ground Rent which is more than 30 days overdue under the Tenant Leases or the MRO Ground Lease.  Any Basic Rent, </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>56</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>Additional Rent or MRO Ground Rent received by Transferor or its affiliates from and after the Closing Date shall promptly be remitted to Transferee, for application in accordance with this Agreement.  In accordance with </font><u><b><font size=2>Section 10.1(m)</font></b></u><font size=2>, Transferor shall be entitled to a credit for Transferor&#146;s pro rata share of any delinquent Basic Rent, Additional Rent and MRO Ground Rent collected by Transferee (including any amounts remitted to Transferee by Transferor pursuant to the provisions of </font><u><b><font size=2>Section 10.1</font></b></u><font size=2>), less the reasonable out-of-pocket costs and expenses actually incurred by Transferee in collecting such delinquent Basic Rent, Additional Rent and MRO Ground Rent, promptly after receipt thereof by Transferee; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font
size=2>however</font></u><font size=2>, that sums so collected shall be applied, </font><u><font size=2>first</font></u><font size=2>, in payment of Basic Rent, Additional Rent and MRO Ground Rent for the then current-month (if not the month in which the Closing Date occurs), </font><u><font size=2>second</font></u><font size=2>, in payment of the Basic Rent, Additional Rent and MRO Ground Rent for the calendar month in which the Closing Date occurs, </font><u><font size=2>third</font></u><font size=2>, in payment of Basic Rent, Additional Rent and MRO Ground Rent for other periods delinquent subsequent to the Closing Date, and </font><u><font size=2>finally</font></u><font size=2>, in payment of Basic Rent, Additional Rent and MRO Ground Rent for periods prior to the Closing Date in reverse order in which they were due.  Notwithstanding the foregoing, if and to the extent that any delinquent Basic Rent, Additional Rent or MRO Ground Rent owed by a former tenant or lessee of any
Property that as of the Closing Date is no longer in occupancy and has no right of occupancy under any unexpired or unterminated lease (including, in the case of any such former tenant or lessee that is the debtor in a federal Bankruptcy Code case, any award or other payment on account of a claim for such delinquent Basic Rent, Additional Rent or MRO Ground Rent is ordered or allowed by the bankruptcy court in such case) is collected by Transferor or Transferee, such Basic Rent, Additional Rent or MRO Ground Rent shall, in accordance with </font><u><b><font size=2>Section 10.1(m)</font></b></u><font size=2>, be credited to Transferor.  Transferee shall, in the ordinary course of business when Transferor sends bills to Tenants, bill Tenants (and, if applicable, MRO Leasehold Owner) owing Basic Rent and Additional Rent (and, if applicable, MRO Ground Rent) for periods prior to the Closing Date (regardless of whether such Basic Rent, Additional Rent or, if applicable, MRO Ground Rent,
was previously billed or unbilled or delinquent prior to the Closing Date), for a period of one year following the Closing Date and shall in the ordinary course of business, use commercially reasonable efforts to collect such past due Basic Rent and Additional Rent (and, if applicable, MRO Ground Rent) and shall promptly notify Transferor if Transferee commences any legal action to collect such past due Basic Rent and Additional Rent (and, if applicable, MRO Ground Rent); </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that Transferee shall have no obligation to incur any extraordinary expense, institute litigation or engage a collection agency in attempting to collect the same, but if Transferee elects to institute such litigation then Transferee will include any sums due Transferor in its collection efforts.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that any Tenant, pursuant to a right contained in an existing Tenant Lease, conducts an audit respecting any Additional Rent calculation (a &#147;</font><u><b><font size=2>Rent Audit</font></b></u><font size=2>&#148;) for an accounting period that expired prior to the Proration Time, or otherwise becomes entitled to a refund of Additional Rent with respect to a period prior to the Proration Time, Transferor shall be liable for any refund due to such Tenant or shall be entitled to receive and retain any additional payments due from such Tenant as the result of such Rent Audit.  Rent Audits solely for accounting periods that expire prior to the Proration Time shall be settled by </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>57</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>Transferor in accordance with the applicable existing Tenant Lease, subject to Transferee&#146;s approval, which shall not be unreasonably withheld, delayed or conditioned (it being agreed that it shall not be unreasonable for Transferee to withhold consent to any settlement involving a cap or fixed contribution for Additional Rent for periods after the Proration Time), </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that Transferee&#146;s consent to any such settlement shall not be required if the Tenant as part of such settlement agrees that such settlement shall not be binding on the landlord in calculating similar amounts for subsequent years and that such Tenant will not introduce any such settlement in challenging amounts due in any subsequent year.  Rent Audits for accounting periods commencing prior to the Closing Date but not ending
until after the Closing Date shall be settled by Transferee acting in good faith and in accordance with the applicable existing Tenant Lease; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that Transferee shall not agree to any settlement of a Rent Audit for any such accounting period in which the landlord makes concessions with respect to the accounting period in question in exchange for concessions by the Tenant in respect of subsequent accounting periods without Transferor&#146;s consent, which shall not be unreasonably withheld, conditioned or delayed; and </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>further</font></u><font size=2>, that any payment that the landlord becomes obligated to make or entitled to receive as a result any such Rent Audit (and any reasonable out-of-pocket costs and expenses incurred in connection therewith, including reasonable attorneys&#146; fees and
disbursements) shall, subject to </font><u><b><font size=2>Section 10.1(m)</font></b></u><font size=2>, be apportioned between Transferor and Transferee in proportion to the respective numbers of days during the accounting period in question that the Contributed Interests are owned by Transferor and Transferee.  In the case of a multi-year dispute where a portion of the period in question relates to a time periods prior to the Closing Date and a portion relates to a time period from and after the Closing Date, the parties shall each bear a proportionate share of the reasonable out-of-pocket costs and expenses incurred in connection with such dispute in proportion to the time periods involved.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Tenant Deposits, prepaid rentals under Tenant Leases and the MRO Ground Lease which are properly allocable to the period from and after the Closing Date, cleaning fees and other fees properly allocable to the period from and after the Closing Date, and deposits related to the Properties (including deposits in any marketing funds related to the Properties, if any), shall either be assigned or credited to Transferee at Closing, and Transferee shall thereafter be liable to such Tenants and MRO Leasehold Owner for such Tenant Deposits, prepaid rentals under Tenant Leases and the MRO Ground Lease, cleaning fees and other fees and deposits, which liability shall survive Closing.  Any Tenant Deposits maintained in the form of a letter of credit shall be delivered to Transferee or remain with the applicable
Property Owner at Closing.  From and after the Effective Date, Transferor shall not apply any cash Tenant Deposit or draw down on any Tenant Deposit in the form of a letter of credit unless the applicable Tenant (or MRO Leasehold Owner) is in default under its Tenant Lease (or the MRO Ground Lease) and notice of such draw is given to Transferee.  Transferor shall be entitled to the benefit of all Termination Payments (other than Pro-Rated Termination Payments), regardless of when received for any Early Terminated Tenant Lease.  To the extent any such Termination Payments (other than Pro-Rated Termination Payments) are received after Closing, the same shall be paid to Transferee and credited to Transferor in accordance with </font><u><b><font size=2>Section 10.1(m)</font></b></u><font size=2>.  All </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>58</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>Pro-Rated Termination Payments shall be pro-rated  between Transferor and Transferee as of the Proration Time (taking into account the remaining term of the Early Terminated Tenant Lease at the time of its expiration or termination) in accordance with </font><u><b><font size=2>Section 10.1(h)</font></b></u><font size=2> and </font><u><b><font size=2>(m)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The prorations and adjustments described in this </font><u><b><font size=2>Section 10.1</font></b></u><font size=2> shall be made as of 11:59 p.m. on the day immediately preceding the Closing Date (the &#147;</font><u><b><font size=2>Proration Time</font></b></u><font size=2>&#148;), as if Transferee were vested with title to the Contributed Interests during the entire day upon which Closing occurs, and, for purposes of the Closing, shall be based upon the actual number of days of ownership of the Contributed Interests by Transferor and Transferee.  All prorations and adjustments determined on the Closing Date described in this </font><u><b><font size=2>Section</font></b><font size=2>&nbsp;</font><b><font size=2>10.1</font></b></u><font size=2> shall be effected by increasing or decreasing, as the case may
be, the number of preferred units representing the Preferred Membership Interests to be issued by Transferee to Transferor at Closing.</font><b><font size=2>  </font></b><font size=2>Transferor and Transferee agree to adjust between themselves after the Closing, as promptly as practicable, any errors or omissions in the prorations made at Closing; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that, subject to the provisions of </font><u><b><font size=2>10.1(i)</font></b></u><font size=2>, such prorations shall be deemed final and not subject to further post-Closing adjustments if no such adjustments have been requested in good faith within one year after the Closing Date, but with only respect to Tenant Contributions which are then being disputed by a Tenant, prorations which have previously been requested in good faith but have not yet been completed prior to such date may be completed after the expiration of such
one-year period.  All of the foregoing post-Closing adjustments shall be subject to </font><u><b><font size=2>Section 10.1(m)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:justify;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the time of final calculation and collection of Additional Rent payments from Tenants who under their Tenant Leases pay pass-through expenses such as common area maintenance, insurance, taxes and other pass-through expenses (collectively, the &#147;</font><u><b><font size=2>Tenant Contributions</font></b></u><font size=2>&#148;) during calendar year</font><b><font size=2> </font></b><font size=2>2007 or any applicable fiscal year period which includes the Closing Date (the &#147;</font><u><b><font size=2>Additional Rent Year</font></b></u><font size=2>&#148;), there shall be after Closing a re-proration between Transferor and Transferee as to the Tenant Contributions.  Such re-proration shall not be made on the basis of a per diem method of allocation, but shall instead be apportioned between
Transferor and Transferee on the basis of the relative share of actual expenses in question incurred by Transferor and Transferee during the Additional Rent Year.  All other items to be prorated hereunder (other than Tenant Contributions) shall be apportioned on a per diem method of allocation.  Within 150 days after the end of the Additional Rent Year, Transferee shall (i) calculate (with Transferor&#146;s reasonable cooperation and provision of any reasonably necessary information, but Transferor shall not be required to incur any third party costs) the amount of any such necessary re-proration, and (ii) prepare and submit such calculation in a Notice to Transferor for Transferor&#146;s review and approval (which approval shall not be unreasonably withheld, delayed or conditioned).  If Transferor delivers to Transferee its written objection to such calculation within 15 Business Days of their receipt of the Notice delivered by Transferee pursuant to </font><u><b><font size=2>clause
(ii)</font></b></u><font size=2> of the preceding sentence, the parties shall in good faith work together to promptly adjust such calculation to the mutual satisfaction of Transferee and Transferor.  If Transferor fails to deliver to Transferee a written objection to such calculation within such 15-Business Day period, Transferor shall be deemed to have consented to </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:center;'><font size=2>59</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>such calculation.  Thereafter, Transferee shall promptly bill Tenants for amounts due for Tenant Contributions which are attributable to periods prior to the Closing during the Additional Rent Year and, as such amounts are collected, deliver to Transferor re-proration amounts due Transferor within 5 Business Days after the end of each month in which Transferee receives such money.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that Transferee elects not to institute litigation for any Basic Rent and/or Additional Rent which is due and owing in whole or in part to Transferor from any Tenant no longer in occupancy whose tenancy under its Tenant Lease has expired or terminated as of the Closing Date, Transferor shall have the right in their own name to institute such litigation; and take any and all steps they deem appropriate, including litigation, to collect delinquent Basic Rent and Additional Rent from any Tenant whose tenancy under its Tenant Lease has expired or terminated, subject to </font><u><b><font size=2>Section 10.1(m)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferee shall receive a credit for (i) the amount of any unpaid, non-disbursed Tenant incentives, concessions, abatements, free rent amounts, allowances or inducements, including work to be performed by the Property Owners for the Tenants (and any of the foregoing that are not payable by the Closing Date) for the current term of Tenant Leases that were in effect on the Effective Date and for the initial term of Tenant Leases that are entered into in accordance with </font><u><b><font size=2>Section 6.1(c)</font></b></u><font size=2>, and (ii) unpaid third party leasing and brokerage fees and commissions for (A) the current term of Tenant Leases that were in effect on the Effective Date, and (B)&nbsp;the initial term of Tenant Leases that are entered into in accordance with </font><u><b><font size=2>Section
6.1(c)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There will be no proration or adjustment for any giftcard or gift certificates issued under the Westfield Gift Card Program.  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in this </font><u><b><font size=2>Section 10.1</font></b></u><font size=2>, if in accordance with </font><u><b><font size=2>Section 10.1</font></b></u><font size=2> or </font><u><b><font size=2>Section 1.2(b)</font></b></u><font size=2>, any item of income or expense attributable to the Properties (including, without limitation, as a result of any Pro-Rated Termination Payments received by Transferor or Transferee after the Closing Date or the Dick&#146;s TI/LC Costs) is re-prorated or adjusted between Transferor and Transferee after Closing, and such re-prorations and/or adjustments result in a net credit to Transferee, then the amount of such net credit shall be paid in cash by Transferor to Transferee, which payment shall be treated by the parties as a purchase price
adjustment for all income tax purposes.  If, however, such re-prorations or adjustments result in a net credit to Transferor, then the amount of such net credit shall be credited to Transferor&#146;s Capital Account in Transferee, and Transferee shall issue a corresponding number of additional preferred units in Transferee as provided in Section 3.1(c) of the Amended and Restated Operating Agreement.  Similarly, if after Closing, either Transferor or Transferee collects Basic Rent, Additional Rent or Termination Payments (and, if applicable, MRO Ground Rent), to which Transferor is entitled in accordance with this </font><u><b><font size=2>Section 10.1</font></b></u><font size=2>,</font><b><font size=2> </font></b><font size=2>such Basic Rent, Additional Rent or Termination Payments (and, if applicable, MRO Ground Rent) shall be retained by Transferee (if collected by Transferee) or remitted to Transferee (if collected by Transferor), and Transferor shall be entitled to a credit to
its Capital Account in Transferee, and Transferee shall issue a corresponding number of additional preferred units in Transferee in </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>60</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>the full amount of such payments as provided in Section 3.1(c) of the Amended and Restated Operating Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of Transferor and Transferee hereby acknowledges and agrees that Transferee has approved the execution of a new Tenant Lease with Dick&#146;s Sporting Goods (&#147;</font><u><b><font size=2>Dick&#146;s</font></b></u><font size=2>&#148;) for space at the Mid Rivers Mall Property (the &#147;</font><u><b><font size=2>Dick&#146;s Tenant Lease</font></b></u><font size=2>&#148;; and the space demised pursuant to the Dick&#146;s Tenant Lease, the &#147;</font><u><b><font size=2>Dick&#146;s Space</font></b></u><font size=2>&#148;).  In connection therewith, Mid Rivers Mall Owner or an affiliate thereof has expended, and will hereafter until Closing expend, sums in connection with the leasing of the Dick&#146;s Space, and otherwise preparing the Dick&#146;s Space for occupancy by Dick&#146;s, up to an amount
equal to $8,798,464, net of recoveries, as set forth in the budget attached hereto as </font><u><b><font size=2>Schedule 10.1(n)</font></b></u><font size=2> (the aggregate amount of such sums actually expended by Mid Rivers Mall Owner or an affiliate thereof prior to the Proration Time, the &#147;</font><u><b><font size=2>Dick&#146;s TI/LC Costs</font></b></u><font size=2>&#148;).  Notwithstanding anything to the contrary contained in this Agreement, Transferor and Transferee hereby agree that the Dick&#146;s Tenant Lease shall not constitute a &#147;New Tenant Lease&#148; for any purpose under this Agreement; </font><u><font size=2>provided</font></u><font size=2>, that at Closing, the number of preferred units representing the Preferred Membership Interests issued to Transferor at Closing shall be increased by an amount representing the entire amount of the Dick&#146;s TI/LC Costs pursuant to </font><u><b><font size=2>Section 1.2</font></b></u><font size=2>, in accordance with the
terms of </font><u><b><font size=2>Sections 10.1(h)</font></b></u><font size=2> and </font><u><b><font size=2>(m)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc78"></a>10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Closing Costs</font></u><font size=2>.  Each party shall pay its own costs and expenses arising in connection with the Closing (including, its own attorneys&#146; and advisors&#146; fees, charges and disbursements), except that the costs specifically set forth in this </font><u><b><font size=2>Section 10.2</font></b></u><font size=2> shall be allocated between the parties as set forth herein.  Subject to the terms of </font><u><b><font size=2>Section 1.2</font></b></u><font size=2>, Transferor shall be responsible for the following closing costs (such costs being referred to herein as &#147;</font><u><b><font size=2>Transferor&#146;s Closing Costs</font></b></u><font size=2>&#148;):  (a) the cost of discharging any Liens against, and other matters affecting title to, the Properties</font><b><font size=2>
</font></b><font size=2>and recording any instruments in connection therewith, if and to the extent Transferor is expressly obligated under </font><u><b><font size=2>Section 2.2</font></b></u><font size=2>, or otherwise elects, to discharge such Liens, (b) one-half of the customary closing costs and escrow fees of the Title Company and Escrow Agent related to direct and/or indirect transfer of the Properties and the Contributed Interests, (c) one-half of the Assumption Fees, and (d) the costs and expenses incurred in connection with the termination of certain Contracts, as and to the extent payable by Transferor pursuant to </font><u><b><font size=2>Section 6.3</font></b></u><font size=2>.  Transferee shall be responsible for, and shall pay, the following closing costs (such costs being referred to herein as &#147;</font><u><b><font size=2>Transferee&#146;s Closing Costs</font></b></u><font size=2>&#148;):  (i) any documentary, transfer, stamp, sales, use, gross receipts or similar
taxes related to the transfer of the Contributed Interests; (ii) other than the Incremental Title Costs, the premium for the Title Policies (and all endorsements thereto); (iii) one-half of the customary closing costs and escrow fees of the Title Company and Escrow Agent related to direct and/or indirect transfer of the Properties; (iv) one-half of the Assumption Fees, (v) the cost of the Surveys, and (vi) the costs and expenses incurred in connection with the termination of certain Contracts, as and to the extent payable by Transferee pursuant to </font><u><b><font size=2>Section 6.3</font></b></u><font size=2>.  The provisions of this </font><u><b><font size=2>Section 10.2</font></b></u><font size=2> shall survive Closing.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><a name="toc79"></a>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>61</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Settlement Sheet</font></u><font size=2>.  At Closing, Transferor and Transferee shall execute the Closing Statement to reflect the credits, prorations and adjustments contemplated by or specifically provided for in this Agreement.  The Closing Statement shall not duplicate the Proration Schedule and shall be prepared by the Title Company and approved by Transferee and Transferor, both acting reasonably.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc80"></a>10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Post-Closing Cooperation</font></u><font size=2>.  After Closing, Transferor and Transferee shall, and shall cause their respective affiliates (including any current or future property manager) to, reasonably cooperate with each other in case of either party&#146;s need in response to any legal requirement, regulatory audit requirement, tax audit, tax return preparation, Rent Audit, or any audit of any charges assessed against parties to any REA, or in response to any litigation threatened or brought against either party (including cooperating with respect to filing any claim for any insurance for the benefit of a Property Owner with respect to such litigation), or for any other legitimate business reason, by allowing the other party and its agents and representatives access, upon reasonable advance notice and
at reasonable times, to examine and make copies of any and all instruments, files and records in such party&#146;s possession or reasonable control pertaining to any of the Properties, any of the Property Owners, or any of the Contributed Interests (collectively, the &#147;</font><u><b><font size=2>Subject Files</font></b></u><font size=2>&#148;).  The foregoing shall not limit Transferor&#146;s or Transferee&#146;s right to destroy any or all of the Subject Files in the ordinary course of its business or otherwise, </font><u><font size=2>provided</font></u><font size=2>, that, Transferor shall provide 30 days&#146; prior written notice of its intention to do so, in which event Transferee may elect within such 30 day period by providing written notice to Transferor to take possession of any or all of the Subject Files.  If Transferee fails to timely make such election within such 30 day period, Transferee shall be deemed to have waived its right to take possession of the Subject Files
and Transferor shall thereafter be entitled to destroy any or all of the Subject Files.  The provisions of this </font><u><b><font size=2>Section 10.4</font></b></u><font size=2> shall survive Closing for a period of 4 years.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc81"></a>10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>SEC Reporting Requirements</font></u><font size=2>.  From and after the Effective Date until the 1<sup>st</sup> year anniversary of the Closing Date, Transferor shall, from time to time, upon reasonable advance written notice from Transferee, use commercially reasonable efforts to provide Transferee and its representatives with financial, leasing and other information pertaining to the period of each Property Owner&#146;s ownership and operation of its Property that is, in the reasonable opinion of Transferee and its outside, third party accountants, relevant to and reasonably necessary for the preparation of financial statements and the audit of such financial statements in accordance with generally accepted auditing standards in connection with Transferee&#146;s  (or its affiliates&#146;) obligations under
any or all of (x) Rule 3-05 (but only to the extent such Rule 3-05 references Rule 3-14 of Regulation S-X of the regulations of the Securities and Exchange Commission (the &#147;</font><U><B><font SIZE=2>SEC</font></B></U><font size=2>&#148;))<sup> </sup>and Rule 3-14 of Regulation S-X of the regulations of the SEC, as applicable; (y) any other rule issued by the SEC and applicable to Transferee; and (z) any registration statement, report or disclosure statement filed with the SEC by or on behalf of Transferee.</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>62</font></p>

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

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc82"></a>Remedies</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc83"></a>11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Breach by Transferor</font></u><font size=2>.  If Closing fails to occur because of a default by Transferor of any provision hereof, the CBL Contribution Agreement or any other agreement between or among Transferor, Transferee and CBL OP or their respective affiliates, Transferee shall be entitled to exercise the remedies set forth in this </font><u><b><font size=2>Section 11.1</font></b></u><font size=2>, </font><u><font size=2>provided</font></u><font size=2>, that as a condition precedent to the exercise of its remedies or termination of this Agreement, Transferee shall be required to give Transferor written notice of the same.  Transferor shall have 10 Business Days from the receipt of such notice to cure the default.  If Transferor timely cures the default, the default shall be deemed waived and this
Agreement shall continue in full force and effect.  If Transferor fails to timely cure such default, Transferee, at Transferee&#146;s option, shall be entitled to exercise either (but not both) of the following remedies:  (i) terminate this Agreement, in which event both parties shall be discharged from all duties and performance hereunder, except for any obligations which by their terms survive any termination of this Agreement; or (ii) seek specific performance of Transferor&#146;s obligations hereunder; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that any action for specific performance shall be commenced within ninety (90) days after such default, and if Transferee prevails thereunder, Transferor shall reimburse Transferee for all reasonable legal fees, court costs and all other costs of such action.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc84"></a>11.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Breach by Transferee</font></u><font size=2>.  If Closing fails to occur because of a default by Transferee or CBL OP of any provision hereof, the CBL Contribution Agreement or any other agreement between or among Transferor, Transferee and CBL OP or their respective affiliates, Transferor shall be entitled to exercise the remedies set forth in this </font><u><b><font size=2>Section 11.2</font></b></u><font size=2>, </font><u><font size=2>provided</font></u><font size=2>, that as a condition precedent to the exercise of its remedies or termination of this Agreement, Transferor shall be required to give Transferee or CBL OP, as applicable, written notice of the same.  Transferee or CBL OP, as applicable, shall have 10 Business Days from the receipt of such notice to cure the default.  If Transferee or CBL OP, as
applicable, timely cures the default, the default shall be deemed waived and this Agreement shall continue in full force and effect.  If Transferee or CBL OP, as applicable, fails to timely cure such default, Transferor shall be entitled to terminate this Agreement pursuant to the terms of this </font><u><b><font size=2>Section 11.2</font></b></u><font size=2>.  IF TRANSFEROR TERMINATES THIS AGREEMENT PURSUANT TO THIS </font><u><B><font SIZE=2>SECTION</font></B><font size=2>&nbsp;</font><b><font size=2>11.2</font></b></u><font size=2>, TRANSFEREE, CBL OP AND TRANSFEROR AGREE THAT TRANSFEROR&#146;S ACTUAL DAMAGES WOULD BE IMPRACTICABLE OR EXTREMELY DIFFICULT TO FIX.  THE PARTIES THEREFORE AGREE THAT, IN SUCH EVENT, TRANSFEROR, AS TRANSFEROR&#146;S SOLE AND EXCLUSIVE REMEDY, IS ENTITLED TO LIQUIDATED DAMAGES IN THE AMOUNT OF THE DEPOSIT, IN WHICH CASE (A) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF TRANSFEREE, CBL OP AND TRANSFEROR HEREUNDER SHALL BE OF NO FURTHER FORCE OR EFFECT
AND NONE OF THE PARTIES SHALL HAVE ANY FURTHER RIGHTS OR OBLIGATIONS HEREUNDER OTHER THAN PURSUANT TO ANY PROVISION HEREOF WHICH EXPRESSLY SURVIVES THE TERMINATION OF THIS AGREEMENT, (B) ESCROW AGENT SHALL DELIVER THE DEPOSIT TO TRANSFEROR PURSUANT TO </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>63</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>TRANSFEROR&#146;S INSTRUCTIONS,<sup> </sup>AND THE SAME SHALL BE THE FULL, AGREED AND LIQUIDATED DAMAGES (OTHER THAN ANY AMOUNTS PAYABLE PURSUANT TO THE INDEMNITY PROVISIONS OF </font><U><B><font SIZE=2>SECTION 2.1</font></B></U><font size=2>), AND (C) ALL TITLE AND ESCROW CANCELLATION CHARGES, IF ANY, SHALL BE CHARGED TO TRANSFEREE.  THE PARTIES HEREBY AGREE THAT THE AMOUNT OF THE DEPOSIT IS A FAIR AND REASONABLE ESTIMATE OF THE TOTAL DETRIMENT THAT TRANSFEROR WOULD SUFFER IN THE EVENT OF TRANSFEREE&#146;S AND/OR CBL OP&#146;s DEFAULT AND FAILURE TO DULY COMPLETE THE ACQUISITION HEREUNDER.  TRANSFEROR IRREVOCABLY WAIVES THE RIGHT TO SEEK OR OBTAIN ANY OTHER LEGAL OR EQUITABLE REMEDIES, INCLUDING THE REMEDIES OF DAMAGES AND SPECIFIC PERFORMANCE (</font><U><font SIZE=2>PROVIDED</font></U><font size=2>, THAT TRANSFEROR IS ABLE TO COLLECT THE FULL AMOUNT OF THE DEPOSIT FROM ANY LETTER OF CREDIT PROVIDER, TO
THE EXTENT APPLICABLE. OTHERWISE TRANSFEROR SHALL HAVE THE RIGHT TO TAKE SUCH ACTION AS IS REQUIRED TO COLLECT SUCH AMOUNT FROM SUCH LETTER OF CREDIT PROVIDER OR TRANSFEREE).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font SIZE=2>TRANSFEROR, CBL OP AND TRANSFEREE ACKNOWLEDGE THAT THEY HAVE READ AND UNDERSTAND THE PROVISIONS OF THIS </font><U><B><font SIZE=2>SECTION 11.2</font></B></U><font size=2>, AND BY THEIR INITIALS IMMEDIATELY BELOW AGREE TO BE BOUND BY ITS TERMS.</font></p>


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    <tr style=' page-break-inside:avoid'>
        <td width="213" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p  style='text-indent:99.0pt; '><br> <font size=2>Transferor&#146;s Initials</font><u></u></p> </td>
        <td width="213" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p  style='text-indent:99.0pt; '><br> <font size=2>CBL OP&#146;s Initials</font></p> </td>
        <td width="213" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p  style='text-indent:99.0pt; '><br> <font size=2>Transferee&#146;s Initials</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><B><font SIZE=2>ARTICLE XII</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc85"></a>Escrow</font></b></u></p>
<a name="toc86"></a>&nbsp;


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        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p   style='text-indent:0in;page-break-after:avoid; '><font size=1>&nbsp;</font></p>  </td>
        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>12.1</font></p> </td>
        <td width="71" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Escrow</font></u><font size=2>.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Escrow Agent is hereby appointed and designated to act as Escrow Agent hereunder and is instructed to hold and deliver, pursuant to the terms of this Agreement, the documents and funds to be deposited into escrow as herein provided.  Escrow Agent shall hold the Deposit in escrow (and, to the extent delivered in the form of cash, in insured money market accounts, certificates of deposit, United States Treasury Bills or such other interest-bearing accounts as Transferee and Transferor, both acting reasonably, may jointly instruct from time to time) until the earlier to occur of (i) the Closing Date, at which time the Deposit shall be returned to Transferee in accordance with the terms of </font><u><b><font size=2>Section 1.3</font></b></u><font size=2>, or (ii) the date on which Escrow Agent is authorized to
disburse the Deposit as set forth in </font><u><b><font size=2>Section 12.1(b)</font></b></u><font size=2>.  The tax identification numbers of the parties shall be furnished to Escrow Agent upon request.</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>64</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Closing does not occur, and either Transferor or Transferee makes a written demand upon Escrow Agent for delivery of the Deposit, Escrow Agent shall give written notice to the other party of such demand.  If Escrow Agent does not receive a written objection from such other party to the proposed delivery on or before the 10<sup>th</sup> day after the giving of such notice, Escrow Agent shall be authorized to make such delivery.  If Escrow Agent does receive such written objection within such 10-day period, Escrow Agent shall continue to hold the Deposit until otherwise directed by joint written instructions from the parties to this Agreement or a final judgment of a court of competent jurisdiction.  However, Escrow Agent shall have the right at any time to deposit the Deposit with the clerk of a state court
in the State of Missouri or the State of New York.  Escrow Agent shall give written notice of such deposit to Transferor and Transferee as soon as reasonably practicable.  Upon such deposit, Escrow Agent shall be relieved and discharged of all further obligations and responsibilities hereunder.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties acknowledge that Escrow Agent is acting solely as a stakeholder at their request and for their convenience, that Escrow Agent shall not be deemed to be the agent of either of the parties for any act or omission on its part unless taken or suffered in bad faith, in willful disregard of this Agreement or in gross negligence.  Transferor and Transferee jointly and severally shall indemnify, protect, defend and hold Escrow Agent harmless from and against all Losses incurred in connection with the performance of Escrow Agent&#146;s duties hereunder, except with respect to (i) actions or omissions taken or suffered by Escrow Agent in bad faith, in willful disregard of this Agreement or in gross negligence on the part of Escrow Agent, or (ii) any default by Escrow Agent in the performance of its filing
obligations under </font><u><b><font size=2>Section 12.1(e)</font></b></u><font size=2>.  Escrow Agent&#146;s closing escrow fees, if any, shall be paid in accordance with </font><u><b><font size=2>Section 10.2</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties shall deliver to Escrow Agent an executed copy of this Agreement, which shall constitute their instructions to Escrow Agent.  Escrow Agent shall execute the signature page for Escrow Agent attached hereto with respect to the provisions of this </font><u><b><font size=2>Section 12.1</font></b></u><font size=2>; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that (i) Escrow Agent&#146;s signature hereon shall not be a prerequisite to the binding nature of this Agreement as between Transferee and Transferor, and the same shall become fully effective as between Transferee and Transferor upon execution by Transferee and Transferor, and (ii) the signature of Escrow Agent will not be necessary to amend any provision of this Agreement other
than this </font><u><b><font size=2>Section</font></b><font size=2>&nbsp;</font><b><font size=2>12.1</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Escrow Agent, as the Person responsible for closing the transaction within the meaning of Section 6045(e)(2)(A) of the Code, shall file all necessary information reports, returns, and statements regarding the transaction required by the Code including the tax reports required pursuant to Section 6045 of the Code (but only to the extent that Escrow Agent is given the information necessary to make such filings).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto shall execute such additional escrow instructions (not inconsistent with this Agreement as determined by counsel for Transferee and Transferor) as Escrow Agent and/or Transferor and Transferee shall reasonably deem necessary for its or their protection, including Escrow Agent&#146;s general provisions (as may be modified by Transferee, </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>65</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>Transferor and Escrow Agent) with respect to the documents and the funds to be deposited into escrow as provided in this Agreement.  In the event of any inconsistency between the provisions of this Agreement and such additional escrow instructions, the provisions of this Agreement shall govern, unless otherwise expressly agreed to in writing by Transferor and Transferee.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this </font><u><b><font size=2>Article XII</font></b></u><font size=2> shall survive Closing and the delivery of the documents being delivered pursuant hereto, and shall not be deemed merged into any instrument of conveyance delivered at Closing.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc87"></a>Miscellaneous</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc88"></a>13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Brokers</font></u><font size=2>.  Each of Transferor, on the one hand, and Transferee and CBL OP, jointly and severally, on the other hand, hereby represents and warrants to and agrees with the other that it has not had, and it shall not have, any dealings with (and it has not engaged and it will not engage) any third party to whom the payment of any broker&#146;s fee, finder&#146;s fee, commission or similar compensation (&#147;</font><u><b><font size=2>Commission</font></b></u><font size=2>&#148;) shall or may become due or payable in connection with the transactions contemplated hereby.  Each of Transferor, on the one hand, and Transferee and CBL OP, jointly and severally, on the other hand, hereby agrees to indemnify, hold harmless, protect and defend the other and its respective affiliates and their
officers, directors and employees from and against any Loss for or in connection with any claims for Commissions claimed or asserted by or through it in connection with the transaction contemplated herein (or any breach of any of its representations under this </font><u><b><font size=2>Section 13.1</font></b></u><font size=2>).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc89"></a>13.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Expenses</font></u><font size=2>.  Subject to the payment of Closing costs pursuant to </font><u><b><font size=2>Section 10.2</font></b></u><font size=2> and any other provision of this Agreement, whether or not the transactions contemplated by this Agreement are consummated, all fees and expenses incurred by any party hereto in connection with this Agreement shall be borne by such party.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc90"></a>13.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Further Assurances</font></u><font size=2>.  Each of the parties hereto agrees to perform, execute and deliver such customary documents, writings, acts and further assurances as may be necessary to carry out the intent and purpose of this Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc91"></a>13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Survival of Representations and Warranties</font></u><font size=2>.  All of Transferor&#146;s and Transferee&#146;s respective representations, warranties, covenants and indemnities set forth in </font><u><b><font size=2>Article IV</font></b></u><font size=2> and </font><u><b><font size=2>Article V</font></b></u><font size=2>, respectively, of this Agreement shall survive Closing and the delivery of the Closing Documents, and shall not be deemed merged into any instrument of conveyance delivered at Closing, for a period of one year following the Closing (</font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that the indemnities of Transferor, on the one hand, and Transferee and CBL OP, jointly and severally, on the other hand, set forth in
</font><u><b><font size=2>Section 13.1</font></b></u><font size=2>, and the indemnity of Transferee and CBL OP set forth in </font><u><b><font size=2>Section 2.1</font></b></u><font size=2>, shall survive for the applicable statute of limitations).  Each such representation and warranty shall automatically be null and void and of no further force and effect upon the expiration of the applicable survival period specified above, and Transferee or Transferor, as applicable, shall not be entitled to commence an action or proceeding claiming breach of any </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>66</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22452514v30</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>such representation or warranty by the other or CBL OP at any time subsequent to the expiration of the applicable survival period specified above.  Subject to the foregoing, any provision of this Agreement which by its terms requires observance or performance subsequent to Closing, whether or not there is an express survival provision, shall continue in force and effect following such Closing.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc92"></a>13.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Partial Invalidity</font></u><font size=2>.  If any provision of this Agreement is determined to be unenforceable, such provision shall be reformed and enforced to the maximum extent permitted by Law.  If it cannot be reformed, it shall be stricken from and construed for all purposes not to constitute a part of this Agreement, and the remaining portions of this Agreement shall remain in full force and effect and shall, for all purposes, constitute this entire Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc93"></a>13.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Time of Essence</font></u><font size=2>.  Time shall be of the essence with respect to all matters contemplated by this Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc94"></a>13.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Construction of Agreement</font></u><font size=2>.  All parties hereto acknowledge that they have had the benefit of independent counsel with regard to this Agreement and that this Agreement has been prepared as a result of the joint efforts of all parties and their respective counsel.  Accordingly, all parties agree that the provisions of this Agreement shall not be construed or interpreted for or against any party hereto based upon authorship.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc95"></a>13.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Amendments/Waiver</font></u><font size=2>.  Except as set forth in </font><u><b><font size=2>Section 12.1(d)</font></b></u><font size=2>, no amendment, change or modification of this Agreement shall be valid unless the same is in writing and signed by the party or parties to be bound.  No waiver of any of the provisions of this Agreement shall be valid unless in writing and signed by the party against whom it is sought to be enforced.  No waiver of any provision shall be deemed a continuing waiver of such provision or of this Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc96"></a>13.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Entire Agreement</font></u><font size=2>.  This Agreement, together with the Exhibits and Schedules attached hereto, and the Closing Documents, constitutes the entire agreement between the parties relating to the subject matter hereof and supersedes all prior negotiations, agreements, understandings, letters of intent and discussions (whether oral or written) between the parties, and there are no promises, agreements, conditions, undertakings, warranties or representations, oral or written, express or implied, between the parties other than as expressly herein set forth.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc97"></a>13.10&nbsp;&nbsp;&nbsp;</font><u><font size=2>Counterparts; Facsimile</font></u><font size=2>.  This Agreement may be executed in two or more counterparts, each of which will constitute an original, and all of which together shall constitute one and the same agreement.  Executed copies hereof may be delivered by facsimile (or other electronic means) and, upon receipt, shall be deemed originals and binding upon the parties hereto.  Without limiting or otherwise affecting the validity of executed copies hereof that have been delivered by facsimile (or other electronic means), the parties will use their best efforts to deliver originals as promptly as possible after execution.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><a name="toc98"></a>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>67</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>13.11&nbsp;&nbsp;&nbsp;</font><u><font size=2>Dates</font></u><font size=2>.  If any date set forth in this Agreement for the delivery of any document or the happening of any event (such as, for example, the Closing Date) should, under the terms hereof, fall on a non-Business Day, then such date shall be extended automatically to the next succeeding Business Day.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc99"></a>13.12&nbsp;&nbsp;&nbsp;</font><u><font size=2>Governing Law/Jurisdiction</font></u><font size=2>.  This Agreement and the legal relations between the parties hereto shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to the conflicts of laws principles thereof.  Any action brought to interpret or enforce this Agreement shall be brought in a court of competent jurisdiction in the State of New York and each party hereto agrees to submit to personal jurisdiction in the State of New York in any action or proceeding arising out of this Agreement and, in furtherance of such agreement, each party hereby agrees and consents that, without limiting other methods of obtaining jurisdiction, personal jurisdiction over such party in any such action or proceeding may be obtained within or without the jurisdiction of any
court located in New York, and that any process or notice of motion or other application to any such court in connection with any such action or proceeding may be served upon such party by registered or certified mail to or by personal service at the last known address of such party, whether such address be within or without the jurisdiction of any such court.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc100"></a>13.13&nbsp;&nbsp;&nbsp;</font><u><font size=2>Notices</font></u><font size=2>.  All notices, consents, reports, demands, requests and other communications required or permitted hereunder (&#147;</font><u><b><font size=2>Notices</font></b></u><font size=2>&#148;) shall be in writing, and shall be:  (a) personally delivered with a written receipt of delivery; (b) sent by a nationally recognized overnight delivery service requiring a written acknowledgement of receipt or providing a certification of delivery or attempted delivery; (c) sent by certified or registered mail, return receipt requested; or (d) sent by confirmed facsimile transmission with an original copy thereof transmitted to the recipient by one of the means described in </font><u><b><font size=2>subsections (a)</font></b></u><font size=2> through </font><u><b><font size=2>(c)</font></b></u><font size=2>
no later than 3 Business Days thereafter.  All Notices shall be deemed effective when actually delivered as documented in a delivery receipt; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that if the Notice was sent by overnight courier or mail as aforesaid and is affirmatively refused or cannot be delivered during customary business hours by reason of the absence of a signatory to acknowledge receipt, or by reason of a change of address with respect to which the addressor did not have either knowledge or written notice delivered in accordance with this </font><u><b><font size=2>Section 13.13</font></b></u><font size=2>, then the first attempted delivery shall be deemed to constitute delivery; and </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>further</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that Notices properly given by facsimile shall be deemed
given when received by facsimile.  Each party shall be entitled to change its address for Notices from time to time by delivering to the other parties Notice thereof in the manner herein provided for the delivery of Notices.  All Notices shall be sent to the addressee at its address set forth following its name below:</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>68</font></p>

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

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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;'>
    <tr >
        <td width="48" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p  style='margin-top:12.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="144" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>To Transferor:</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Westfield America Limited Partnership</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>c/o Westfield Corporation, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>11601 Wilshire Blvd., 12<sup>th</sup> Floor</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Los Angeles, California 90025-1748</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Attention:  Peter Schwartz, Esq. and Elizabeth Westman, Esq.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Telephone:  (310) 445-2453 and (310) 575-6057</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Facsimile:  (310) 478-3987 and (310) 487-3173</font></p>


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    <tr >
        <td width="48" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p  style='margin-top:12.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="144" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>with a copy to:</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Debevoise &amp; Plimpton LLP</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>919 Third Avenue</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>New York, New York 10022</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Attention:  Matthew T. Golden, Esq.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Telephone:  (212) 909-6269</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Facsimile:  (212) 909-6836</font></p>


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        <td width="48" valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="144" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>To CBL OP or</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>CBL &amp; Associates Limited Partnership</font></p> </td> </tr></table>
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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;'>
    <tr >
        <td width="48" valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="144" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Transferee:</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>c/o CBL &amp; Associates Properties, Inc.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>2030 Hamilton Place Boulevard</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>CBL Center, Suite 500</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Chattanooga, Tennessee 37421</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Attention:  Scott Word</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Telephone:  (423) 490-8358</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Facsimile:  (423) 490-8390</font></p>

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


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        <td width="48" valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="144" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>with a copy to:</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>Morrison &amp; Foerster LLP</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>1290 Avenue of the Americas</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>New York, New York 10104</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Attention:  Yaacov Gross, Esq.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Telephone:  (212) 468-8012</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Facsimile:  (212) 468-7900</font></p>

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


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    <tr >
        <td width="48" valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="144" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>and to:</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>Husch &amp; Eppenberger, LLC</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>2030 Hamilton Place Boulevard</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>CBL Center, Suite 210</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Chattanooga, Tennessee 37421</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Attention:  Jeffery V. Curry, Esq.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Telephone:  (423) 757-5910</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Facsimile:  (423) 899-1278</font></p>

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

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>Any notice required hereunder to be delivered to Escrow Agent shall be delivered in accordance with the above provisions as follows:</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>69</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22452514v30</font></p>
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<p style=' margin-bottom:0pt; margin-top:5pt; margin-left:2in;text-align:left;'><font size=2>Fidelity National Title Insurance Company </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>1800 Parkway Place, Suite 700 </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Marietta, GA 30067 </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Telephone:&nbsp; (888) 270-2050 </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Telecopier:&nbsp; (770) 850-8222 </font></p>

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

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>Unless specifically required to be delivered to Escrow Agent pursuant to the terms of this Agreement, no notice hereunder must be delivered to Escrow Agent in order to be effective so long as it is delivered to the other parties in accordance with the above provisions.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc101"></a>13.14&nbsp;&nbsp;&nbsp;</font><u><font size=2>Headings/Use of Terms/Exhibits</font></u><font size=2>.  The paragraph and section headings that appear in this Agreement are for purposes of convenience of reference only and are not to be construed as modifying, explaining, restricting or affecting the substance of the paragraphs and sections in which they appear.  Wherever the singular number is used, and when the context requires, the same shall include the plural and the masculine gender shall include the feminine and neuter genders.  The term &#147;</font><u><b><font size=2>including</font></b></u><font size=2>&#148; means &#147;</font><u><b><font size=2>including, but not limited to</font></b></u><font size=2>&#148; and &#147;</font><u><b><font size=2>such as</font></b></u><font size=2>&#148; means &#147;</font><u><b><font size=2>such as, but not limited
to</font></b></u><font size=2>&#148; and similar words are intended to be inclusive.  All references to clauses, sections and articles mean the clauses, sections and articles in this Agreement.  All Exhibits and Schedules attached hereto are hereby incorporated herein by reference as though set out in full herein.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc102"></a>13.15&nbsp;&nbsp;&nbsp;</font><u><font size=2>Assignment</font></u><font size=2>.  Neither Transferor nor Transferee shall assign this Agreement or any rights hereunder, or delegate any of its obligations, without the prior written approval of the other.  Subject to the provisions of this </font><u><b><font size=2>Section 13.15</font></b></u><font size=2>, this Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs, personal representatives, successors and permitted assigns.  Except as specifically set forth or referred to herein, nothing herein expressed or implied is intended or shall be construed to confer upon or give to any Person, other than the parties hereto and their successors or permitted assigns, any rights or remedies under or by reason of this Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc103"></a>13.16&nbsp;&nbsp;&nbsp;</font><u><font size=2>Attorneys&#146; Fees</font></u><font size=2>.  If litigation or any other action is required by either Transferor or Transferee to enforce or interpret the terms of this Agreement, the prevailing party in such litigation or other action shall, in addition to all other relief granted or awarded by the court or arbitrator, be awarded costs and reasonable attorneys&#146; fees, charges and disbursements (including those of in-house counsel) and expert witness fees and costs incurred by reason of such litigation or other action and those incurred in preparation thereof at both the trial and appellate levels.</font></p>
<a name="toc104"></a>&nbsp;


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    <tr >
        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p   style='text-indent:0in;page-break-after:avoid; '><font size=1>&nbsp;</font></p>  </td>
        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>13.17</font></p> </td>
        <td width="125" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Indemnification</font></u><font size=2>.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to any other indemnity under this Agreement, Transferor agrees to indemnify, protect, hold harmless and, if requested by Transferee in Transferee&#146;s sole and absolute discretion, defend (with counsel of Transferor&#146;s choosing, subject to Transferee&#146;s </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>70</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22452514v30</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>consent, not to be unreasonably withheld, delayed or conditioned) Transferee, its successors and assigns, from any and all Losses to the extent arising out of or in connection with any breach of any of Transferor&#146;s representations, warranties, covenants or agreements herein or in any of the Closing Documents (</font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that Transferor&#146;s indemnity obligations with respect to the matters described in this </font><u><b><font size=2>subsection (a)</font></b></u><font size=2> shall be subject to the limitations set forth in </font><u><b><font size=2>Article IV</font></b></u><font size=2> and </font><u><b><font size=2>Section 13.4</font></b></u><font size=2>).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to any other indemnity under this Agreement, Transferee and CBL OP agrees, jointly and severally, to indemnify, protect, hold harmless and, if requested by Transferor in Transferor&#146;s sole and absolute discretion, defend (with counsel of Transferee&#146;s choosing, subject to Transferor&#146;s consent, not to be unreasonably withheld, delayed or conditioned) Transferor, its successors and assigns, from any and all Losses to the extent arising out of or in connection with any breach of any of Transferee&#146;s or CBL OP&#146;s representations, warranties, covenants or agreements herein or in any of the Closing Documents (</font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that Transferee&#146;s and CBL OP&#146;s indemnity obligations
with respect to the matters described in this </font><u><b><font size=2>subsection (b)</font></b></u><font size=2> shall be subject to the limitations set forth in </font><u><b><font size=2>Article V</font></b></u><font size=2> and </font><u><b><font size=2>Section 13.4</font></b></u><font size=2>).  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc105"></a>13.18&nbsp;&nbsp;&nbsp;</font><u><font size=2>Limitation on Liability</font></u><font size=2>.  The obligations and liabilities of Transferor hereunder will be solely the obligations and liabilities of Transferor, and no direct or indirect stockholder, officer, director, partner, agent or employee of Transferor will be obligated personally for any debt, obligation or liability of Transferor, except, unless and to the extent that such obligation or liability is incurred in connection with any fraudulent action taken by such stockholder, officer, partner, director, agent or employee.  The obligations and liabilities of Transferee hereunder will be solely the obligations and liabilities of Transferee, and no direct or indirect stockholder, officer, director, agent or employee of Transferee will be obligated personally for any debt, obligation or liability of
Transferee, except, unless and to the extent that such obligation or liability is incurred in connection with any fraudulent action taken by such stockholder, officer, director, agent or employee.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc106"></a>13.19&nbsp;&nbsp;&nbsp;</font><u><font size=2>Confidentiality</font></u><font size=2>.  Transferor, CBL OP and Transferee shall, prior to the Closing, maintain the confidentiality of the transactions contemplated hereby and shall not, except as required by law, governmental regulation or the requirements of any stock exchange applicable to Transferor or Transferee, disclose the terms of this Agreement or of such transactions to any third parties whomsoever other than the principals of Escrow Agent, the Title Company and such other Persons whose assistance is required in carrying out the terms of this Agreement.  Neither Transferor nor Transferee shall at any time issue a press release regarding the transactions contemplated hereby unless such release or communication has received the prior approval (not to be unreasonably withheld or delayed) of the other parties
hereto.  Transferee, CBL OP and Transferor shall cooperate with each other to agree upon the initial presentation materials regarding the transaction.  Each of Transferee and CBL OP agrees that all documents and information regarding the Properties, the Contributed Interest and/or the Property Owners, of whatsoever nature made available to Transferee, CBL OP or any of their agents, employees, </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>71</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22452514v30</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>contractors and representatives by Transferor or any Transferor Related Party and the results of all tests and studies of the Properties, if any, are confidential and, prior to the Closing, none of Transferee, CBL OP, or any of their agents, employees, contractors and representatives, shall disclose any such documents or information to any other Person except those assisting it with the analysis of the Properties, the Contributed Interests or the Property Owners, and only after procuring such Person&#146;s agreement to abide by these confidentiality restrictions.  Notwithstanding the foregoing, the parties hereto (and each employee, representative, or other agent of the parties) may disclose to any and all Persons, without limitation of any kind, the tax treatment and any facts that may be relevant to the tax structure of Transferee and the transactions contemplated by this Agreement, including the
admission of Transferor as a Preferred Member of Transferee; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that no party (and no employee, representative or other agent thereof) shall disclose any other information that is not necessary to understand the tax treatment and tax structure of Transferee and the transactions contemplated by this Agreement, including the admission of Transferor as a Preferred Member of Transferee, and any information that could lead another to determine the identity of the parties hereto, or any other information to the extent that such disclosure could result in a violation of any Federal or state securities laws.   This </font><u><b><font size=2>Section 13.19</font></b></u><font size=2> shall survive Closing or termination of the Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt;text-align:center;'><b><font size=2>[Remainder of Page Left Blank Intentionally; Signature Page Follows]</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>72</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22452514v30</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>IN WITNESS WHEREOF, the parties have caused this Contribution Agreement to be executed as of the date first set forth above.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><U><B><font SIZE=2>TRANSFEREE</font></B></U><font size=2>:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>CW JOINT VENTURE, LLC, a </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>Delaware limited liability company</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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        <td width="32" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="275" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>CBL &amp; Associates Limited Partnership,</font></p> </td> </tr></table>
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<table border="0" cellspacing=0 cellpadding=0 width="392" >
    <tr >
        <td width="272" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="120" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=2>its sole member</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="171" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Stephen D. Lebovitz</font></u></p> </td> </tr></table>
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        <td width="304" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="197" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=2>Name: Stephen D. Lebovitz</font></p> </td> </tr></table>
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<table border="0" cellspacing=0 cellpadding=0 width="421" >
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        <td width="304" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="117" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=2>Title: President</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><U><B><font SIZE=2>TRANSFEROR</font></B></U><font size=2>:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>WESTFIELD AMERICA LIMITED PARTNERSHIP, a</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>Delaware limited partnership</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="32" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="339" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Westfield U.S. Holdings, LLC, its general partner</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="113" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Peter Lowy</font></u></p> </td> </tr></table>
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<table border="0" cellspacing=0 cellpadding=0 width="444" >
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        <td width="304" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="140" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=2>Name: Peter Lowy</font></p> </td> </tr></table>
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<table border="0" cellspacing=0 cellpadding=0 width="515" >
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        <td width="304" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="211" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=2>Title: Chief Executive Officer</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><U><B><font SIZE=2>CBL OP</font></B></U><font size=2>:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>CBL &amp; ASSOCIATES LIMITED PARTNERSHIP, a Delaware limited partnership</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="32" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="277" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>CBL Holdings I, Inc., its general partner</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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        <td width="272" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="171" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Stephen D. Lebovitz</font></u></p> </td> </tr></table>
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    <tr >
        <td width="304" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="197" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=2>Name: Stephen D. Lebovitz</font></p> </td> </tr></table>
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    <tr >
        <td width="304" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="117" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=2>Title: President</font></p> </td> </tr></table>
</div>

<p style=' 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>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22452514v30</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SIGNATURE PAGE</font></B></p>

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

<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>The undersigned hereby accepts the foregoing Contribution Agreement (the &#147;</font><u><b><font size=2>Agreement</font></b></u><font size=2>&#148;) and executes this Signature Page for the purpose of agreeing to the provisions of the Agreement applicable to Escrow Agent (as defined in the Agreement) and agreeing to act as Escrow Agent in strict accordance with the terms thereof.</font></p>

<p style=' margin-bottom:0pt; margin-top:24pt; margin-left:3.25in;text-align:left;'><font SIZE=2>ESCROW AGENT:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.25in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:24pt; margin-top:0pt; margin-left:3.25in;text-align:left;'><font SIZE=2>FIDELITY TITLE INSURANCE COMPANY</font></p>

<p style=' margin-bottom:0pt; margin-top:24pt; margin-left:3.25in;text-align:left;'><font size=2>&nbsp;</font></p>


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    <tr >
        <td width="312" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt'><font size=1>&nbsp;</font></p> </td>
        <td width="41" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="144" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Michael R. Sher</font></u></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="512" >
    <tr >
        <td width="341" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt'><font size=1>&nbsp;</font></p> </td>
        <td width="171" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt'><font size=2>Name: Michael R. Sher</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="584" >
    <tr >
        <td width="341" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt'><font size=1>&nbsp;</font></p> </td>
        <td width="243" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt'><font size=2>Title: Vice President/NTS Counsel</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.25in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="497" >
    <tr >
        <td width="312" nowrap valign=top style='padding:0in 0in 24.0pt 0in; '>
            <p  style='margin-top:0in;margin-right:0in;margin-bottom: 24.0pt;margin-left:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="67" nowrap valign=top style='padding:0in 0in 24.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:  </font></p> </td>
        <td width="119" nowrap valign=top style='padding:0in 0in 24.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>August 9, 2007</font></u></p> </td> </tr></table>
</div>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22452514v30</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><U><B><font SIZE=2>LIST OF SCHEDULES</font></B></U></p>


<div align=center>

<table border="0" cellspacing=0 cellpadding=0 width="636" >
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Defined Terms</font></p> </td>
        <td width="196" valign=top style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 1</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Properties Owned by Mid Rivers Land I Owner</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 2</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Allocated Contributed Interests Value</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 1.2(a)</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Permitted Exceptions</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 2.2(a)</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Mechanics&#146; Liens Arising from Work Performed for Property Owners</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 2.2(b)</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Other Names for Transferor and Property Owners</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.1(a)</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Tenant Leases Not in Full Force and Effect; Defaults under Tenant Leases</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.5(b)</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Rent Roll</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.5(c)</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Contract List</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.5(d)</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Defaults under Continuing Contracts or Permits; Defaults under Permitted Exceptions</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.5(e)</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Third Party Brokerage and Leasing Agreement Where Fees are Payable</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.5(f)</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Threatened Actions, Property Violations and Proceedings</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.6</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Environmental Reports</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.7</font></p> </td> </tr></table>
</div>

<p style=' 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=1>22452514v30</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=center>

<table border="0" cellspacing=0 cellpadding=0 width="636" >
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Pending Tax Proceedings</font></p> </td>
        <td width="196" valign=top style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.8(a)</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Notice of Tax Audits</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.8(b)</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Tax Matters Agreements</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.8(c)</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Tax Basis of Properties</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.8(d)</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Tax Depreciation Schedule</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.8(e)</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Property Employees</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.11</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Material Liabilities of Property Owners Other than (i) Liabilities Reflected in Property Owners&#146; financial statements described in Section 4.14, and (ii) Liabilities Incurred in the Ordinary Course of Business of Owning or Operating the Properties</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.14</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Existing Loan Documents; Outstanding Principal Balances</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.17</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Preemptive Rights </font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 5.7</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Repurchase Obligations</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 5.8</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Approved Transactions Guidelines</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 6.1(c)</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Terminated Contracts</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 6.3</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Anchor Tenants</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 6.6</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Budget for Dick&#146;s Tenant Lease</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 10.1(n)</font></p> </td> </tr></table>
</div>

<p style=' 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>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22452514v30</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><U><B><font SIZE=2>LIST OF EXHIBITS</font></B></U></p>


<div align=center>

<table border="0" cellspacing=0 cellpadding=0 width="636" >
    <tr >
        <td width="200" valign=top style='border:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit A</font><u></u></p> </td>
        <td width="436" valign=top style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Form of Tenant Estoppel </font><u></u></p> </td> </tr>
    <tr >
        <td width="200" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit B</font><u></u></p> </td>
        <td width="436" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Form of Assignment and Assumption of Contributed Interests </font><u></u></p> </td> </tr>
    <tr >
        <td width="200" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit C</font><u></u></p> </td>
        <td width="436" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Form of Non-Foreign Affidavit </font><u></u></p> </td> </tr>
    <tr >
        <td width="200" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit D-1</font><u></u></p> </td>
        <td width="436" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Form of Title Affidavit </font><u></u></p> </td> </tr>
    <tr >
        <td width="200" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit D-2</font><u></u></p> </td>
        <td width="436" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Form of Non-Imputation Affidavit </font><u></u></p> </td> </tr>
    <tr >
        <td width="200" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit E</font><u></u></p> </td>
        <td width="436" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Form of Tenant Notification Letter </font><u></u></p> </td> </tr>
    <tr >
        <td width="200" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit F</font></p> </td>
        <td width="436" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Form of Amended and Restated Operating Agreement</font></p> </td> </tr>
    <tr >
        <td width="200" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit G</font></p> </td>
        <td width="436" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Legal Description of Properties</font></p> </td> </tr>
    <tr >
        <td width="200" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit H</font></p> </td>
        <td width="436" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Form of Tax Protection Agreement</font></p> </td> </tr>
    <tr >
        <td width="200" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit I</font></p> </td>
        <td width="436" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Form of Letter of Credit</font></p> </td> </tr>
    <tr >
        <td width="200" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit J</font></p> </td>
        <td width="436" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Assumed Guaranties</font></p> </td> </tr>
    <tr >
        <td width="200" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit K</font></p> </td>
        <td width="436" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Mid Rivers Outparcels</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><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=1>22452514v30</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><U><B><font SIZE=2>SCHEDULE 1</font></B></U></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>GLOSSARY OF DEFINITIONS</font></B></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>As used in the foregoing Contribution Agreement, the following terms shall have the following meanings:</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Access Agreement</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 2.1</font></b></u><font size=2>. </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Accountants</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.5</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Act</font></b></u><font size=2>&#148; means the Securities Act of 1933, as amended.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Additional Rent</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.1(d)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Additional Rent Year</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.1(i)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Agreement</font></b></u><font size=2>&#148; has the meaning set forth in the opening paragraph hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Allocated Contributed Interests Value</font></b></u><font size=2>&#148; means the portion of the Contributed Interests Value allocated by the parties to the Properties, as set forth on </font><u><b><font size=2>Schedule 1.2(a)</font></b></u><font size=2> attached hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Amended and Restated Operating Agreement</font></b></u><font size=2>&#148; means that certain Amended and Restated Operating Agreement of Transferee to be executed and delivered by CBL OP and Transferor simultaneously with Closing, in the form attached hereto as </font><u><b><font size=2>Exhibit</font></b><font size=2>&nbsp;</font><B><font SIZE=2>F</font></B></u><font size=2>. </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Anchor Tenant</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.6</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Anchor Estoppels</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.6</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Approved Transactions Guidelines</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.1(c)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Assignment and Assumption of Contributed Interests</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 9.2(b)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Assumed Guaranties</font></b></u><font size=2>&#148; means, with respect to each Existing Mortgage Loan, those guaranties and indemnities set forth on </font><u><b><font size=2>Exhibit J</font></b></u><font size=2> attached hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Assumption Fees</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.9(e)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Basic Rent</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.1(d)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Bringdown Certificate</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.1(c)</font></b></u><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:center;'><font size=2>Schedule 1-1</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22452514v30</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Business Day</font></b></u><font size=2>&#148; means each day of the year other than Saturdays, Sundays, legal holidays and days on which banking institutions are generally authorized or obligated by Law to close in the Sate of Missouri, the State of New York or the State of California.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Capital Account</font></b></u><font size=2>&#148; has the meaning set forth in the Amended and Restated Operating Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>CBL Contribution</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>CBL Contribution Agreement</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>CBL Cross-Default</font></b></u><font size=2>&#148; means an Event of Default (as defined in the Cross Collateralized Mortgage Loan) under the Cross Collateralized Mortgage Loan from and after the Closing Date, that is (i) related to or arising from the Mid Rivers Mall Property or the Mid Rivers Land II Property or (ii) caused by Transferee, CBL OP, Mid Rivers Mall Owner or Mid Rivers Land II Owner.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>CBL Cross-Default Response Period</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.10(c)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>CBL Indemnity</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.10(c)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><U><B><font SIZE=2>CBL OP</font></B></U><font size=2>&#148; has the meaning set forth in the opening paragraph hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>CBL OP&#146;s Actual Knowledge</font></b></u><font size=2>&#148; means the actual knowledge, without any duty of inquiry or investigation, of Keith Honnold and Scott Word as to a fact at the given time.  Without limiting the foregoing, Transferor acknowledges that the individuals have not performed and are not obligated to perform any investigation or review of any files or other information in the possession of CBL OP or any of its affiliates, or to make any inquiry of any Persons, or to take any other actions in connection with the representations and warranties of CBL OP set forth in this Agreement.  Neither the actual knowledge of any other Person, nor the constructive knowledge of the foregoing individuals or of any other Person, shall be imputed to the foregoing individuals.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><U><B><font SIZE=2>CBL REIT</font></B></U><font size=2>&#148; means CBL &amp; Associates Properties, Inc., a Delaware corporation.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Closing</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 9.1</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Closing Documents</font></b></u><font size=2>&#148; means those documents required to be delivered by Transferor or Transferee at Closing pursuant to or in connection with this Agreement, including, without limitation, those attached hereto as </font><u><b><font size=2>Exhibits A</font></b></u><font size=2> through </font><U><B><font SIZE=2>F</font></B></U><font size=2>, and </font><u><b><font size=2>Exhibits H</font></b></u><font size=2> and </font><U><B><font SIZE=2>I</font></B></U><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Closing Statement</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 9.2(g)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><U><B><font SIZE=2>COBRA</font></B></U><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.8(b)</font></b></u><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:center;'><font size=2>Schedule 1-2</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22452514v30</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Code</font></b></u><font size=2>&#148; means the Internal Revenue Code of 1986, as amended from time to time (or any corresponding provisions of succeeding law).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Commission</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 13.1</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Common Member</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Common Membership Interest</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Continuing Contracts</font></b></u><font size=2>&#148; means any Contracts, other than Contracts which are national contracts or which require the consent of the other party thereto to any change-of-control in the applicable Property Owner, that Transferee elects to assume or does not elect, pursuant to </font><u><b><font size=2>Section 6.3</font></b></u><font size=2> hereof, to require Transferor to terminate.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Contract List</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 4.5(d)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Contracts</font></b></u><font size=2>&#148; means, subject to </font><u><b><font size=2>Section 6.3</font></b></u><font size=2>, all right, title and interest of Transferor or any Property Owner in and to any and all contracts, agreements or commitments, oral or written (other than the Tenant Leases, the MRO Ground Lease and option agreements), binding upon or relating to any Real Property for the operation and maintenance of such Real Property, that extend beyond Closing, to the extent that they are assignable.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Contributed Interests</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Contributed Interests Value</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 1.2(a)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Contribution</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Cross-Collateralized Mortgage Loan</font></b></u><font size=2>&#148; means that certain loan in the original principal amount of $800,000,000, made pursuant to that certain Loan Agreement, dated as of July 11, 2001, by and between UBS Warburg Real Estate Investments Inc., as lender, and certain affiliates of Transferor, as borrowers, which loan is secured by one or more mortgages on the Mid Rivers Mall Property, the Mid Rivers Land II Property and certain properties owned by the WALP Borrowers.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Curable Title Objections</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 2.2(b)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Deposit</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 1.2(d)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Dick&#146;s</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.1(n)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Dick&#146;s Space</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.1(n)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Dick&#146;s Tenant Lease</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.1(n)</font></b></u><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:center;'><font size=2>Schedule 1-3</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22452514v30</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Dick&#146;s TI/LC Costs</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.1(n)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Early Terminated Tenant Lease</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 1.2(b)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Effective Date</font></b></u><font size=2>&#148; means August 9, 2007. </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Environmental Law</font></b></u><font size=2>&#148; means any Law, including requirements under permits, licenses, consents and approvals, relating to pollution or protection of human health or the environment, including those that relate to emissions, discharges, releases or threatened releases, or the generation, manufacturing, processing, distribution, use, treatment, storage, disposal, transport, or handling, of Hazardous Materials.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><U><B><font SIZE=2>ERISA</font></B></U><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.8(b)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Escrow Agent</font></b></u><font size=2>&#148; means Fidelity National Title Insurance Company.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Estoppel Certificates</font></b></u><font size=2>&#148; means, collectively, each Anchor Store Estoppel, each Tenant Estoppel, each REA Estoppel, and each Transferor&#146;s Estoppel (if any).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Excluded Recourse Obligations</font></b></u><font size=2>&#148; means the obligations of the guarantor or indemnitor under (i) Sections 1(a) and (e) of the Indemnity and Guaranty Agreement related to the South County Mortgage Loan, (ii) Sections 1(a) and (e) of the Indemnity and Guaranty Agreement related to the South County Mortgage Loan, and (iii) Sections 1(a) and (e) of the Indemnity and Guaranty Agreement related to the Cross-Collateralized Mortgage Loan.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Executive Order</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Existing Mortgage Loans</font></b></u><font size=2>&#148; means, collectively, the Cross-Collateralized Mortgage Loan, the South County Mortgage Loan, and the West County Mortgage Loan; and each, an &#147;</font><u><b><font size=2>Existing Mortgage Loan</font></b></u><font size=2>&#148;.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Existing Lender</font></b></u><font size=2>&#148; and &#147;</font><u><b><font size=2>Existing Lenders</font></b></u><font size=2>&#148; have the meanings set forth in </font><u><b><font size=2>Section 6.9(a)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Existing Loan Documents</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 4.17</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Hazardous Materials</font></b></u><font size=2>&#148; means those materials that are regulated by or form the basis of liability under any Environmental Law, including:  (a) any substance identified under any Environmental Law as a pollutant, contaminant, hazardous substance, liquid, industrial or solid or hazardous waste, hazardous material or toxic substance; (b) any petroleum or petroleum derived substance or waste; (c) any asbestos or asbestos-containing material; (d) any polychlorinated biphenyl (PCB) or PCB-containing or urea-formaldehyde-containing material or fluid; (e) any radioactive material or substance, including radon; (f) any lead or lead based paints or materials; and (g) any mold, fungi, yeast or other similar biological agents that may have an adverse effect on human health.</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>Schedule 1-4</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22452514v30</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Improvements</font></b></u><font size=2>&#148; mean all right, title and interest of Transferor or any Property Owner in and to the improvements, structures, parking facilities and fixtures now or hereafter placed, constructed, installed or located on any Land, including all apparatus, equipment and appliances affixed to and used in connection with the operation or occupancy thereof (such as heating, air conditioning, and mechanical systems).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Intangible Property</font></b></u><font size=2>&#148; means any and all intangible property, goodwill, rights, privileges, and appurtenances owned by any Property Owner and in any way related to, or used in connection with, the ownership, operation, maintenance, use or occupancy of any Real Property (other than the Contracts, the MRO Ground Lease and the Tenant Leases) to the extent that they are assignable, including the Permits, Plans and Records, guaranties, warranties, websites, e-mail addresses, trade names, trademarks, telephone and facsimile numbers assigned to any Property or any Property management office and all rights, claims and recoveries under insurance policies related to any Real Property or any Personal Property.  Intangible Property shall not include, any rights to the name &#147;Westfield&#148; or any marks, logos or other brand
identification items associated with the &#147;Westfield&#148; name, but shall include, any rights to the names &#147;Mid Rivers Mall&#148;, &#147;West County Mall&#148;, and &#147;South County Mall&#148;, and any variations thereof, if any.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Intangible Property Documents</font></b></u><font size=2>&#148; means any and all documents and instruments evidencing and/or relating to all or any portion of the Intangible Property.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>L&amp;T Owner</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>L&amp;T Property</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Land</font></b></u><font size=2>&#148; means, collectively, the parcels of land described in </font><u><b><font size=2>Exhibit</font></b><font size=2>&nbsp;</font><B><font SIZE=2>G-1</font></B></u><font size=2> attached hereto (the Land related to the Mid Rivers Mall Property), </font><u><b><font size=2>Exhibit</font></b><font size=2>&nbsp;</font><B><font SIZE=2>G-2</font></B></u><font size=2> attached hereto (the Land related to the Mid Rivers Land II Property), </font><u><b><font size=2>Exhibit</font></b><font size=2>&nbsp;</font><B><font SIZE=2>G-3</font></B></u><font size=2> attached hereto (the Land related to the South County Mall Property), </font><u><b><font size=2>Exhibit</font></b><font size=2>&nbsp;</font><B><font SIZE=2>G-4</font></B></u><font size=2> attached hereto (the Land related to the West County Mall Property), </font><u><b><font
size=2>Exhibit</font></b><font size=2>&nbsp;</font><B><font SIZE=2>G-5</font></B></u><b><font size=2> </font></b><font size=2>attached hereto (the Land related to the L&amp;T Property),  </font><u><b><font size=2>Exhibit G-6</font></b></u><font size=2> attached hereto (the Land related to the Mid Rivers Office Property), </font><u><b><font size=2>Exhibit G-7</font></b></u><font size=2> attached hereto (the Land related to the Vacant Parcel 4 Property), </font><u><b><font size=2>Exhibit G-8</font></b></u><font size=2> attached hereto (the Land related to the Vacant Parcel 5 Property), and </font><u><b><font size=2>Exhibit G-9</font></b></u><font size=2> attached hereto (the Land related to the Ruby Tuesday Property), attached hereto, in each case, together with all of each Property Owner&#146;s right, title and interest, if any, in and to (i)&nbsp;any reversions, remainders, privileges, easements, rights-of-way, appurtenances, agreements, rights, licenses, tenements and hereditaments
appertaining to or otherwise benefiting or used in connection with the real property or the Improvements located thereon, (ii) any strips and gores of land, streets, alleys, public ways or rights-of-way abutting, adjoining, adjacent, connected or appurtenant thereto, and (iii)&nbsp;any minerals and mineral rights, oil, gas, and oil and gas rights, other hydrocarbon substances and rights, development rights, air rights, water and water rights, wells, well rights and well permits, water and sewer taps (or their equivalents), and sanitary or storm sewer capacity appertaining to or otherwise benefiting or used in connection therewith.</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>Schedule 1-5</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22452514v30</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Laws</font></b></u><font size=2>&#148; means all Federal, state and local laws, statutes, codes, regulations, rules, ordinances, orders, policy directives, judgments or decrees (including common law), including those of judicial and administrative bodies.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Lender Consent</font></b></u><font size=2>&#148; and &#147;</font><u><b><font size=2>Lender Consents</font></b></u><font size=2>&#148; have the meanings set forth in </font><u><b><font size=2>Section 6.9(b)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Liens</font></b></u><font size=2>&#148; means liens, encumbrances, claims, covenants, conditions, restrictions, easements, rights of way, options, pledges, judgments, pledges, hypothecations, rights of first offer or first refusal, security interests or other similar matters.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Losses</font></b></u><font size=2>&#148; means, on an after-tax basis, all damages, losses, liabilities, claims, actions, interest, penalties, demands, obligations, judgments, expenses or costs (including reasonable attorneys&#146; fees, charges and disbursements, including those of in-house counsel and appeals, and expert witness fees), including, without limitation, any claim for a mechanic&#146;s lien or materialmen&#146;s lien.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Lost Rent</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 1.2(b)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>L&amp;T Closing Date</font></b></u><font size=2>&#148; has the meaning set froth in </font><u><b><font size=2>Section 6.17</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Material Adverse Effect</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 5.6</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Material Adverse Title Effect</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 2.2(b)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Material Event Termination Notice</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.4</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Membership Interests</font></b></u><font size=2>&#148; means each of the Common Membership Interests and the Preferred Membership Interests.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Mid Rivers Land I Owner</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Mid Rivers Land I Property</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Mid Rivers Land II Owner</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Mid Rivers Land II Property</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Mid Rivers Loan Payment</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.10(a)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Mid Rivers Mall Owner</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Mid Rivers Office Property</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Mid Rivers Outparcels</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.15</font></b></u><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:center;'><font size=2>Schedule 1-6</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22452514v30</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Mid Rivers Transfer Right</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.10(c)(iii)(B)(1)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>MRO Ground Lease</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>MRO Ground Rent</font></b></u><font size=2>&#148; means the rent payable by MRO Leasehold Owner pursuant to the MRO Ground Lease.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>MRO Leasehold Owner</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>New Income</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 1.2(b)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>New Tenant Lease</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 1.2(b)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Notices</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 13.13</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><U><B><font SIZE=2>OFAC</font></B></U><font size=2>&#148; has the meaning set forth in the definition of &#147;Prohibited Person&#148;.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Original Operating Agreement</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Parking Deck</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.16</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Permits</font></b></u><font size=2>&#148; means all right, title and interest of Transferor or any Property Owner in and to all governmental or quasi-governmental permits, agreements, licenses, certificates, authorizations, applications, approvals, entitlements, variances and waivers, including building permits and certificates of occupancy, relating to the construction, ownership, development, use, operation, maintenance or repair of any Real Property, to the extent that they are assignable.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Person</font></b></u><font size=2>&#148; means any individual, corporation, partnership, joint venture, limited liability company, estate, trust, real estate investment trust, unincorporated association, joint stock company, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing or any other entity or association.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Personal Property</font></b></u><font size=2>&#148; means all right, title and interest of Transferor or any Property Owner in and to all tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of any Real Properties.  Personal Property shall not include any tangible personal property and fixtures which are owned by Tenants.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Plans and Records</font></b></u><font size=2>&#148; means, to the extent in Transferor&#146;s Possession or Reasonable Control, all right, title and interest of Transferor or any Property Owner in and to all reports, studies, financial or other records, books or documents existing and relating to the ownership, use, operation, construction, fabrication, repair or maintenance of, or otherwise to, any Real Property, including the following:  surveys, maps, plats and street improvement specifications of each Real Property; soil, substratus, environmental, engineering, structural and geological </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Schedule 1-7</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22452514v30</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>studies, reports and assessments; architectural drawings, as-builts, plans, engineer&#146;s drawings and specifications; appraisals; title reports or policies together with any copies of documents referenced therein; expansion, renovation or development-related documents; and booklets, manuals, files, records, correspondence contained in lease files, tenant lists, tenant files, logos, tenant prospect lists, other mailing lists, sales brochures and other materials, and leasing brochures and advertising materials and similar items.  Nothing in this Agreement shall prohibit Transferor from retaining a copy of any item delivered to Transferee.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Preferred Member</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Preferred Membership Interests</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 1.1</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Prohibited Person</font></b></u><font size=2>&#148; means any of the following:  (a) a Person that is listed in the Annex to, or is otherwise subject to the provisions of, Executive Order No. 13224 on Terrorist Financing (effective September 24, 2001) (the &#147;</font><u><b><font size=2>Executive Order</font></b></u><font size=2>&#148;); (b) a Person owned or controlled by, or acting for or on behalf of any Person that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive Order; (c) a Person that is named as a &#147;specially designated national&#148; or &#147;blocked person&#148; on the most current list published by the U.S. Treasury Department&#146;s Office of Foreign Assets Control (&#147;</font><U><B><font SIZE=2>OFAC</font></B></U><font size=2>&#148;) at its official website,
http:www/treas.gov/offices/enforcement/ofac; (d) a Person that is otherwise the target of any economic sanctions program currently administered by OFAC; or (e) a Person that is affiliated with any Person identified in </font><u><b><font size=2>clause (a)</font></b></u><font size=2>, </font><u><b><font size=2>(b)</font></b></u><font size=2>, </font><u><b><font size=2>(c)</font></b></u><font size=2> and/or </font><u><b><font size=2>(d)</font></b></u><font size=2> above.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Property</font></b></u><font size=2>&#148; means, each of the Mid Rivers Mall Property, the Mid Rivers Land II Property, the South County Mall Property, the West County Property, the L&amp;T Property, the Mid Rivers Office Property, and each of the properties set forth on </font><u><b><font size=2>Schedule 2</font></b></u><font size=2> attached hereto; and collectively, the &#147;</font><u><b><font size=2>Properties</font></b></u><font size=2>&#148;.  Each Property is comprised of all of the applicable Property Owner&#146;s right, title and interest (if any) in and to (a) the Real Property, (b) the Personal Property, (c) the Tenant Leases, (d) in the case of the Mid Rivers Office Property, the MRO Ground Lease, (e) the Continuing Contracts, and (f) the Intangible Property, related thereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Property Documents</font></b></u><font size=2>&#148; means the following to the extent in Transferor&#146;s Possession or Reasonable Control and relating to the Properties:  (a) Tenant Leases, (b) the MRO Ground Lease, (c) Contracts, (d) current insurance certificates, (e) existing ALTA surveys, (f) existing title insurance commitments or reports, (g) Permits, (h) tax bills for the last 2 years, (i) current rent rolls, (j) soil, substratus, environmental, structural and geological studies, reports and assessments, (k) operating statements, (l) guarantees and warranties, and (m) other materials reasonably requested by Transferee.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Property Employees</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 4.11</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Property Owner</font></b></u><font size=2>&#148; and &#147;</font><u><b><font size=2>Property Owners</font></b></u><font size=2>&#148; have the meanings set forth in the recitals hereto.</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>Schedule 1-8</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22452514v30</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Property Owner Organizational Documents</font></b></u><font size=2>&#148; means, with respect to each Property Owner, the certificate of formation or certificate of limited partnership, as applicable, and the limited liability company agreements or limited partnership agreement, as applicable, of such Property Owner.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Pro-Rated Termination Payments</font></b></u><font size=2>&#148; means Termination Payments received under (i) the first Early Terminated Tenant Lease, the termination of which results in the actual in-place net operating income from the Contributed Interests (after taking into account all income under New Tenant Leases) as of the Closing Date to be less than $45,603,020, and (ii) all subsequent Early Terminated Tenant Leases.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Proration Schedule</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.1</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Proration Time</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.1(h)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><U><B><font SIZE=2>REA</font></B></U><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.6</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>REA Estoppel</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.6</font></b></u><font size=2>. </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>REA Party</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.6</font></b></u><font size=2>. </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Real Property</font></b></u><font size=2>&#148; means, collectively, the Land and Improvements.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Related Property</font></b></u><font size=2>&#148; means, with respect to each Property Owner, any Property (other than the Property owned by such Property Owner) related to the ownership and operation of a Property, which has been transferred to another Property Owner.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Rent Audit</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.1(f)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Rent Roll</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 4.5(c)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><U><B><font SIZE=2>SEC</font></B></U><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.5</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>South County Mall Owner </font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>South County Mall Property</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>South County Mortgage Loan</font></b></u><font size=2>&#148; means that certain loan in the original principal amount of $86,000,000, made pursuant to that certain Loan Agreement, dated as of October 3, 2003, by and between UBS Real Estate Investments Inc., as lender, and South County Mall Owner, as borrower, which loan is secured by one or more mortgages on the South County Mall Property.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Subject Files</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.4</font></b></u><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:center;'><font size=2>Schedule 1-9</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22452514v30</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Survey</font></b></u><font size=2>&#148; means a current as-built ALTA survey of each Property.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Tax Protection Agreement</font></b></u><font size=2>&#148; means the tax protection agreement substantially in the form of </font><u><b><font size=2>Exhibit H</font></b></u><font size=2> attached hereto to be delivered at Closing by Transferee and CBL OP in favor of Transferor.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Tax Returns</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 4.7(b)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Taxes</font></b></u><font size=2>&#148; means all taxes, charges, fees, levies or other assessments, including, without limitation, special assessments for improvements, income, gross receipts, excise, real and personal property, sales, transfer, deed, stamp, license, payroll and franchise taxes, imposed by any governmental authority and shall include any interest, penalties or additions to tax attributable to any of the foregoing.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Tenant Contributions</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.1(i)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Tenant Deposits</font></b></u><font size=2>&#148; means all security deposits plus any interest accrued thereon, paid by Tenants to the applicable Property Owner relating to a Property.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Tenant Estoppel</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.6</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Tenant Leases</font></b></u><font size=2>&#148; means all leases, licenses, tenancies or occupancy arrangements (other than option agreements), whether written or oral, to which any Property Owner is a party, and all right, title and interest of the applicable Property Owner as landlord thereunder, affecting any portion of any Real Property, if any, that extend beyond Closing.  The MRO Ground Lease shall not constitute a Tenant Lease.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Tenants</font></b></u><font size=2>&#148; means all Persons leasing, renting or occupying space within a Property pursuant to Tenant Leases.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Termination Payments</font></b></u><font size=2>&#148; means the aggregate amount of payments actually made (whether such payment is made prior to or after the Closing Date) by Tenants in connection with the termination of the Early Terminated Tenant Leases.  Termination Payments (including any Pro-Rated Termination Payments) shall be applied in accordance with </font><u><b><font size=2>Sections 10.1(g)</font></b></u><font size=2>, </font><u><b><font size=2>(h)</font></b></u><font size=2> and </font><u><b><font size=2>(m)</font></b></u><font size=2> regardless of when received.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Title Commitment</font></b></u><font size=2>&#148; means a current commitment for an owner&#146;s title insurance policy for each Property.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Title Company</font></b></u><font size=2>&#148; means Fidelity National Title Insurance Company.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Title Policy</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 7.1(a)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transfer Tax Returns</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 7.1(h)</font></b></u><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:center;'><font size=2>Schedule 1-10</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22452514v30</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferee</font></b></u><font size=2>&#148; has the meaning set forth in the opening paragraph hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferee Employer</font></b></u><font size=2>&#148; and &#147;</font><u><b><font size=2>Transferee Employers</font></b></u><font size=2>&#148; have the meanings set forth in </font><u><b><font size=2>Section 6.8(a)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferee&#146;s Actual Knowledge</font></b></u><font size=2>&#148; means the actual knowledge, without any duty of inquiry or investigation, of Keith Honnold and Scott Word as to a fact at the given time.  Without limiting the foregoing, Transferor acknowledges that the individuals have not performed and are not obligated to perform any investigation or review of any files or other information in the possession of Transferee or any of its affiliates, or to make any inquiry of any Persons, or to take any other actions in connection with the representations and warranties of Transferee set forth in this Agreement.  Neither the actual knowledge of any other Person, nor the constructive knowledge of the foregoing individuals or of any other Person, shall be imputed to the foregoing individuals.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferee&#146;s Closing Costs</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.2</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferee&#146;s Objections</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 2.2(b)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferor</font></b></u><font size=2>&#148; has the meaning set forth in the opening paragraph hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferor Related Party</font></b></u><font size=2>&#148; means each of Transferor and each Property Owner, and their respective affiliates and the direct and indirect shareholders, officers, directors, partners, principals, members, employees, agents and contractors, and any successors or assigns of the foregoing.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferor&#146;s Actual Knowledge</font></b></u><font size=2>&#148; means the actual knowledge, without any duty of inquiry or investigation, of Bill Hecht, Bill Gioroukos, Peter Koenig, Roger Porter, Mark Stefanek, Linda Kaufman and/or Ken Wong as to a fact at the time given.  Without limiting the foregoing, Transferee acknowledges that the foregoing individuals have not performed and are not obligated to perform any investigation or review of any files or other information in the possession of Transferee or any of its affiliates, or to make any inquiry of any Persons, or to take any other actions in connection with the representations and warranties of Transferor set forth in this Agreement.  Neither the actual knowledge of any other Person, nor the constructive knowledge of the foregoing individuals or of any other Person, shall be imputed to the
foregoing individuals.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferor&#146;s Closing Costs</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.2</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferor&#146;s Estoppel</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.6</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferor&#146;s Response</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 2.2(d)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferor&#146;s Possession or Reasonable Control</font></b></u><font size=2>&#148; means within the possession or control of (a) Transferor, (b) any Property Owner, (c) any Person controlled by Transferor or any Property Owner, (d) any Property Owner&#146;s property manager (or any of such property manager&#146;s affiliates), or (e) any employees, agents or third party consultants of Transferor or any Property Owner.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>WALP Borrowers</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.10</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>WALP Borrowers Event of Default</font></b></u><font size=2>&#148; means an Event of Default (as defined in the Cross Collateralized Mortgage Loan) under the Cross Collateralized Mortgage Loan that is not a CBL Cross-Default.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.58in;text-align:justify;'><font size=2> &#147;</font><u><b><font size=2>WALP Maximum Liability</font></b></u><font size=2>&#148; means an amount equal to (i) the aggregate Net Fair Market Value (as defined in, and as determined pursuant to, the Amended and Restated Operating Agreement) of the Mid Rivers Mall Property and the Mid Rivers Land II Property, </font><u><font size=2>plus</font></u><font size=2> (ii) the amount of any escrows or reserves or other sums then being held under the Cross-Defaulted Mortgage Loan by the applicable Existing Lender in respect of the Mid Rivers Mall Property and/or the Mid Rivers Land II Property which are applied to the repayment of the Cross Collateralized Mortgage Loan or otherwise not refunded to CBL OP, </font><u><font size=2>plus</font></u><font size=2> (iii) any rents, insurance proceeds, condemnation awards or other sums from the Mid Rivers Mall Property or the Mid Rivers Land II
Property which are applied by the Existing Lender under the Cross-Collateralized Mortgage Loan for costs and expenses not related to the Mid Rivers Mall Property or the Mid Rivers Land II Property or to the repayment of the Cross Collateralized Mortgage Loan or otherwise not refunded to CBL OP.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>WALP Properties</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.10</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>WARN Act</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.8(b)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>West County Mall Owner</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>West County Mall Property</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>West County Mortgage Loan</font></b></u><font size=2>&#148; means that certain loan in the original principal amount of $170,000,000, made pursuant to that certain Loan Agreement, dated as of March 28, 2003, by and between UBS Warburg Real Estate Investments Inc., as lender, and West County Mall Owner, as borrower, which loan is secured by one or more mortgages on the West County Mall Property.</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>Schedule 1-11</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22452514v30</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<DESCRIPTION>EXHIBIT 10.22.2
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><b><font size=2>Exhibit 10.22.2</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;'><B><font SIZE=2>CONTRIBUTION AGREEMENT</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>AMONG,</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>CBL &amp; ASSOCIATES LIMITED PARTNERSHIP</font></b></p>

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

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

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:center;'><B><font SIZE=2>ST. CLAIR SQUARE, GP, INC.</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>AND</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>CW JOINT VENTURE, LLC, </font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>as Transferee</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>AND</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>WESTFIELD AMERICA LIMITED PARTNERSHIP</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:left;'><font size=2>&nbsp;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><u><font size=2>Page</font></u></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:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC2"><u><font size=2>ARTICLE I Contribution of Contributed Interests</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC2"><u><font size=2>4</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC3"><u><font size=2>1.1</font></u>                            <u><font size=2>Contribution</font></u></a></p> </td>
        <td width="28" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC3"><u><font size=2>4</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC4"><u><font size=2>1.2</font></u>                            <u><font size=2>Contributed Interests Value</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC4"><u><font size=2>4</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC5"><u><font size=2>1.3</font></u>                            <u><font size=2>Closing Costs</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC5"><u><font size=2>4</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC6"><u><font size=2>ARTICLE II Investigation of the Properties and Titles</font></u></a></p> </td>
        <td width="28" nowrap valign=top style='padding:12.0pt 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC6"><u><font size=2>4</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC7"><u><font size=2>2.1</font></u>                            <u><font size=2>Inspection of Properties; Indemnity</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC7"><u><font size=2>4</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC8"><u><font size=2>2.2</font></u>                            <u><font size=2>Title and Survey</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC8"><u><font size=2>5</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC9"><u><font size=2>2.3</font></u>                            <u><font size=2>Status of Title</font></u></a></p> </td>
        <td width="28" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC9"><u><font size=2>5</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC10"><u><font size=2>ARTICLE III Transferee&#146;s Acknowledgement</font></u></a></p> </td>
        <td width="28" nowrap valign=top style='padding:12.0pt 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC10"><u><font size=2>5</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC11"><u><font size=2>ARTICLE IV Transferor&#146;s Representation &amp; Warranties</font></u></a></p> </td>
        <td width="28" nowrap valign=top style='padding:12.0pt 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC11"><u><font size=2>7</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC12"><u><font size=2>4.1</font></u>                            <u><font size=2>Authority; Ownership of Contributed Interests</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC12"><u><font size=2>7</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC13"><u><font size=2>4.2</font></u>                            <u><font size=2>No Conflicts</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC13"><u><font size=2>8</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC14"><u><font size=2>4.3</font></u>                            <u><font size=2>Consents; Binding Obligations</font></u></a></p> </td>
        <td width="28" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC14"><u><font size=2>9</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC15"><u><font size=2>4.4</font></u>                            <u><font size=2>No Bankruptcy</font></u></a></p> </td>
        <td width="28" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC15"><u><font size=2>9</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC16"><u><font size=2>4.5</font></u>                            <u><font size=2>Tenant Leases, Contracts, Permitted Exceptions and Permits</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC16"><u><font size=2>9</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC17"><u><font size=2>4.6</font></u>                            <u><font size=2>No Actions/Compliance With Laws</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC17"><u><font size=2>10</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC18"><u><font size=2>4.7</font></u>                            <u><font size=2>Hazardous Materials and Repairs</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC18"><u><font size=2>11</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC19"><u><font size=2>4.8</font></u>                            <u><font size=2>Taxes and Special Assessments</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC19"><u><font size=2>11</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC20"><u><font size=2>4.9</font></u>                            <u><font size=2>Non-Foreign Status</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC20"><u><font size=2>12</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC21"><u><font size=2>4.10</font></u>                    <u><font size=2>Not a Prohibited Person</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC21"><u><font size=2>12</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC22"><u><font size=2>4.11</font></u>                    <u><font size=2>Intentionally Deleted</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC22"><u><font size=2>12</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC23"><u><font size=2>4.12</font></u>                    <u><font size=2>Single-Purpose</font></u></a></p> </td>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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

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

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

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


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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
<!-- EEDocs PBStart-->
<p style='page-break-before:always'></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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

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

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

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


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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><a name="toc104"></a>&nbsp;</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><a href="#TOC104"></a>
</font></p>


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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><U><B><font SIZE=2>CONTRIBUTION AGREEMENT</font></B></U></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><B><font SIZE=2>THIS CONTRIBUTION AGREEMENT</font></B><font size=2> (this &#147;</font><u><b><font size=2>Agreement</font></b></u><font size=2>&#148;) is made as of August 9, 2007, by and among CBL &amp; ASSOCIATES LIMITED PARTNERSHIP, a Delaware limited partnership (&#147;</font><u><b><font size=2>Transferor</font></b></u><font size=2>&#148;), ST. CLAIR SQUARE GP, INC., an Illinois corporation (&#147;</font><u><b><font size=2>St. Clair Square GP</font></b></u><font size=2>&#148;), CW JOINT VENTURE, LLC, a Delaware limited liability company (&#147;</font><u><b><font size=2>Transferee</font></b></u><font size=2>&#148;), WESTFIELD AMERICA LIMITED PARTNERSHIP, a Delaware limited partnership (&#147;</font><u><b><font size=2>Westfield</font></b></u><font size=2>&#148;).  All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth herein or in
</font><u><b><font size=2>Schedule 1</font></b></u><font size=2> attached hereto.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, Transferee was formed on July 17, 2007 by filing a Certificate of Formation with the Secretary of State of the State of Delaware.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, CBL OP, as the sole member of Transferee, adopted that certain Limited Liability Company Agreement of CW Joint Venture, LLC, dated effective as of July 17, 2007 (the &#147;</font><u><b><font size=2>Original Operating Agreement</font></b></u><font size=2>&#148;).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, Westfield entered into that certain Contribution Agreement, dated as of even date herewith, by and between Westfield, as transferor, and Transferee, as transferee (the &#147;</font><u><b><font size=2>Westfield Contribution Agreement</font></b></u><font size=2>&#148;), pursuant to which Westfield has agreed to contribute to Transferee (the &#147;</font><u><b><font size=2>Westfield Contribution</font></b></u><font size=2>&#148;) those certain properties more particularly described therein.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, in consideration for the Westfield Contribution, Transferee has agreed to issue to Westfield, upon the closing under the Westfield Contribution Agreement, preferred units in Transferee that, following their issuance, will represent 100% of all of the authorized, issued and outstanding preferred units in Transferee (the &#147;</font><u><b><font size=2>Preferred Membership Interests</font></b></u><font size=2>&#148;).  Each holder of the Preferred Membership Interests shall be referred to herein as the &#147;</font><u><b><font size=2>Preferred Member</font></b></u><font size=2>&#148;.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, Transferor owns, and immediately prior to Closing will own, 100% of the limited liability company interests (collectively, the &#147;</font><u><b><font size=2>Direct Contributed Interests</font></b></u><font size=2>&#148;) in each of (a) CHM/Akron, LLC, a Delaware limited liability company (&#147;</font><u><b><font size=2>Chapel Hill Mall Owner</font></b></u><font size=2>&#148;), (b) C.H. of Akron II, LLC, a Delaware limited liability company (&#147;</font><u><b><font size=2>Chapel Hill Suburban/Crossing Owner</font></b></u><font size=2>&#148;), (c) Greenbrier Mall II, LLC, a Delaware limited liability company (&#147;</font><u><b><font size=2>Greenbrier Mall Owner</font></b></u><font size=2>&#148;), (d) Shoppes at St. Clair CMBS, LLC, a Delaware limited liability company (&#147;</font><u><b><font size=2>Shoppes at St. Clair Owner</font></b></u><font size=2>&#148;) and (e)
Acadiana Mall CMBS, LLC, a Delaware limited liability company (&#147;</font><u><b><font size=2>Acadiana Mall Owne</font></b></u><b><font size=2>r</font></b><font size=2>&#148;).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, Transferor owns, and immediately prior to Closing will own the following ownership interests (the &#147;</font><u><b><font size=2>Indirect Park Plaza Contributed Interests</font></b></u><font size=2>&#148;): (a) 100% of the limited liability company interests in CBL/Park Plaza GP, LLC (&#147;</font><u><b><font size=2>CBL/Park Plaza GP</font></b></u><font size=2>&#148;), which in turn </font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>owns, 0.1% of the partnership interests in CBL/Park Plaza Limited Partnership (&#147;</font><u><b><font size=2>CBL/Park Plaza Limited Partnership</font></b></u><font size=2>&#148;), which in turn owns, 100% of the limited liability company interests in CBL/Park Plaza Mall, LLC, a Delaware limited liability company (&#147;</font><u><b><font size=2>Park Plaza Mall Owner</font></b></u><font size=2>&#148;), and (b) 99.9% of the partnership interest in CBL/Park Plaza Limited Partnership.  As such, Transferor owns, indirectly, 100% of the limited liability company interests in Park Plaza Mall Owner.  CBL/Park Plaza GP and CBL/Park Plaza Limited Partnership are hereinafter collectively referred to as the &#147;</font><u><b><font size=2>Park Plaza Subsidiary Entities</font></b></u><font size=2>&#148;.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, Transferor owns, and immediately prior to Closing will own the following ownership interests (the &#147;</font><u><b><font size=2>Indirect Westmoreland Contributed Interests</font></b></u><font size=2>&#148;):  (a) 100% of the limited liability company interests in CBL/Westmoreland I, LLC (&#147;</font><u><b><font size=2>CBL/Westmoreland I</font></b></u><font size=2>&#148;), which in turn owns, 0.5% of the partnership interests in CBL/Westmoreland, L.P., a Pennsylvania limited partnership (&#147;</font><u><b><font size=2>Westmoreland Mall Owner</font></b></u><font size=2>&#148;), and (b) 100% of the limited liability company interests in CBL/Westmoreland II, LLC (&#147;</font><u><b><font size=2>CBL/Westmoreland II</font></b></u><font size=2>&#148;), which in turn owns, 99.5% of the partnership interests in Westmoreland Mall Owner.  As such, Transferor owns, indirectly, 100% of
the partnership interests in Westmoreland Mall Owner.  CBL/Westmoreland I and CBL/Westmoreland II are hereinafter collectively referred to as the &#147;</font><u><b><font size=2>Westmoreland Subsidiary Entities</font></b></u><font size=2>&#148;.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, Transferor owns, and immediately prior to Closing will own the following ownership interests (the &#147;</font><u><b><font size=2>Direct St. Clair Square Contributed Interests</font></b></u><font size=2>&#148;), 99% of the partnership interests, constituting all of the limited partnership interests, in St. Clair Square Limited Partnership, an Illinois limited partnership (&#147;</font><u><b><font size=2>St. Clair Square Owner</font></b></u><font size=2>&#148;; and together with Chapel Hill Mall Owner, Chapel Hill Suburban/Crossing Owner, Greenbrier Mall Owner, Park Plaza Mall Owner, Westmoreland Mall Owner, Shoppes at St. Clair Owner and Acadiana Mall Owner, collectively, the &#147;</font><u><b><font size=2>Property Owners</font></b></u><font size=2>&#148;, and each, a &#147;</font><u><b><font size=2>Property Owner</font></b></u><font size=2>&#148;).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, St. Clair Square GP will own, prior to the Closing (&#147;</font><u><b><font size=2>Indirect St. Clair Square Contributed Interests</font></b></u><font size=2>&#148;), 100% of the limited liability company interests in St. Clair Square GP I, LLC (&#147;</font><u><b><font size=2>St. Clair Square Subsidiary Entity</font></b></u><font size=2>&#148;), which in turn owns, 1% of the partnership interests, constituting all of the general partnership interests, in St. Clair Square Owner.  As such, Transferor and St. Clair Square GP own, directly and indirectly, 100% of the general and limited partnership interests in St. Clair Square Owner.  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, each of the Property Owners, other than St. Clair Square Owner, is disregarded as an entity separate from Transferor for tax purposes.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, (a)&nbsp;Chapel Hill Mall Owner owns fee title to the shopping center located at Akron, Ohio, commonly known as &#147;Chapel Hill Mall&#148; (including the Land described on </font><u><b><font size=2>Exhibit G-1</font></b></u><font size=2> attached hereto and all Improvements located thereon, the &#147;</font><u><b><font size=2>Chapel Hill Mall Property</font></b></u><font size=2>&#148;), (b) Chapel Hill Suburban/Crossing Owner owns fee title to the shopping center located in Akron, Ohio, commonly known as &#147;Chapel Hill Suburban/Crossing&#148; (including the Land described on </font><u><b><font size=2>Exhibit G-2</font></b></u><font size=2> attached hereto and all Improvements located thereon, the &#147;</font><u><b><font size=2>Chapel Hill Suburban/Crossing Property</font></b></u><font size=2>&#148;), (c) Greenbrier Mall Owner owns fee title to the shopping </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>center located in Chesapeake, Virginia, commonly known as &#147;Greenbrier Mall&#148; (including the Land described on </font><u><b><font size=2>Exhibit G-3</font></b></u><font size=2> attached hereto and all Improvements located thereon, the &#147;</font><u><b><font size=2>Greenbrier Mall Property</font></b></u><font size=2>&#148;), (d) Park Plaza Mall Owner owns fee title to the shopping center located in Little Rock, Arkansas, commonly known as &#147;Park Plaza Mall&#148; (including the Land described on </font><u><b><font size=2>Exhibit G-4</font></b></u><font size=2> attached hereto and all Improvements located thereon, the &#147;</font><u><b><font size=2>Park Plaza Mall Property</font></b></u><font size=2>&#148;), (e) St. Clair Square Owner owns fee title to the shopping center located in Fairview Heights, Illinois, commonly known as &#147;St. Clair Square&#148; (including the Land described on
</font><u><b><font size=2>Exhibit G-5</font></b></u><font size=2> attached hereto and all Improvements located thereon, the &#147;</font><u><b><font size=2>St. Clair Square Property</font></b></u><font size=2>&#148;), (f) Shoppes at St. Clair Owner owns fee title to the shopping center located in Fairview Heights, Illinois, commonly known as &#147;Shoppes At St. Clair Square&#148; (including the Land described on </font><u><b><font size=2>Exhibit G-6</font></b></u><font size=2> attached hereto and all Improvements located thereon, the &#147;</font><u><b><font size=2>Shoppes At St. Clair Square Property</font></b></u><font size=2>&#148;), (g) Westmoreland Mall Owner owns fee title to the shopping center located in Greensberg, Pennsylvania, commonly known as &#147;Westmoreland Mall&#148;  (including the Land described on </font><u><b><font size=2>Exhibit G-7</font></b></u><font size=2> attached hereto and all Improvements located thereon, the &#147;</font><u><b><font size=2>Westmoreland
Mall Property</font></b></u><font size=2>&#148;) and (h) Acadiana Mall Owner owns fee title to the shopping center located in Lafayette, Louisiana, commonly known as &#147;Acadiana Mall&#148; (including the Land described on </font><u><b><font size=2>Exhibit G-8</font></b></u><font size=2> attached hereto and all Improvements located thereon, the &#147;</font><u><b><font size=2>Acadiana Mall Property</font></b></u><font size=2>&#148;). </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, Transferor and St. Clair Square GP (with respect to St. Clair Square Owner only) desire to contribute, or to cause to be contributed (the &#147;</font><u><b><font size=2>Contribution</font></b></u><font size=2>&#148;), to Transferee, and Transferee desires to accept, the Direct Contributed Interests, the Direct St. Clair Square Contributed Interests, and the Indirect Interests (as defined below) (collectively, the &#147;</font><u><b><font size=2>Contributed Interests</font></b></u><font size=2>&#148;), in exchange for the Common Membership Interests, upon and subject to the terms and conditions set forth in this Agreement.  Each holder of the Common Membership Interests shall be referred to herein as the &#147;</font><u><b><font size=2>Common Member</font></b></u><font size=2>&#148;.  As used herein, the term </font><b><font size=2>&#147;</font></b><u><b><font size=2>Indirect
Interests</font></b></u><b><font size=2>&#148;</font></b><font size=2> shall mean, collectively, the Indirect Park Plaza Contributed Interests, the Indirect Westmoreland Contributed Interests and Indirect St. Clair Square Contributed Interests, and the term </font><b><font size=2>(&#147;</font></b><u><b><font size=2>Indirect Owners</font></b></u><b><font size=2>&#148;)</font></b><font size=2> shall mean, collectively, CBL/Park Plaza GP, CBL/Westmoreland I, CBL Westmoreland II and St. Clair Square Subsidiary Entity.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, upon consummation of the Contribution, Transferor and St. Clair Square GP shall be admitted as Common Members in Transferee.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, simultaneous with the consummation of the Contribution and the admission of Transferor and St. Clair Square GP as Common Members in Transferee, and Westfield as a Preferred Member in Transferee, the Original Operating Agreement will be amended and restated in its entirety.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed as follows:</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><B><font SIZE=2>ARTICLE I</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc2"></a>Contribution of Contributed Interests</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc3"></a>1.1&nbsp;</font><u><font size=2>Contribution</font></u><font size=2>.  For the consideration hereinafter set forth, but subject to the terms, provisions, covenants and conditions contained herein, Transferor and St. Clair Square GP (with respect to St. Clair Square Owner only) hereby agree to make, or cause to be made, the Contribution.  In consideration of the Contribution, Transferor and St. Clair Square GP shall be admitted as Common Members in Transferee and shall receive common units in Transferee that, immediately following their issuance, will constitute 100% of all of the authorized, issued and outstanding common units in Transferee (the &#147;</font><u><b><font size=2>Common Membership Interests</font></b></u><font size=2>&#148;).</font></p>
<a name="toc4"></a>&nbsp;


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    <tr >
        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p   style='text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
        <td width="24" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>1.2</font></p> </td>
        <td width="200" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Contributed Interests Value</font></u><font size=2>.  </font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total value of the Contributed Interests shall be One Billion Thirty-One Million Seven Hundred Sixty-Five Thousand Sixty-Six and No/100 Dollars ($$1,031,765,066), less the outstanding principal balances of the Existing Mortgage Loans as of the Closing Date, and subject to the adjustments as set forth in </font><u><b><font size=2>Section 10.1</font></b></u><font size=2> (such reduced and adjusted amount being hereinafter referred to as the &#147;</font><u><b><font size=2>Contributed Interests Value</font></b></u><font size=2>&#148;).  The Contributed Interests Value has initially been allocated among the Contributed Interests as set forth on </font><u><b><font size=2>Schedule 1.2(a)</font></b></u><font size=2> attached hereto.  Such allocations may be revised pursuant to Section 3.1(c) of the Amended and
Restated Operating Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc5"></a>1.3&nbsp;</font><u><font size=2>Closing Costs</font></u><font size=2>.  At Closing, (i) Transferee shall cause Transferee&#146;s Closing Costs to be paid in full by delivering the amount thereof to Escrow Agent (by Federal funds wire transfer), (ii) Transferor shall cause Transferor&#146;s Closing Costs to be paid in full by delivering the amount thereof to Escrow Agent (by Federal funds wire transfer), and (iii) Transferee and Transferor shall cause Escrow Agent to deliver all such amounts directly to the Persons to whom such amounts are owed (all as described in </font><u><b><font size=2>Section 10.2</font></b></u><font size=2>). </font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc6"></a>Investigation of the Properties and Titles</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc7"></a>2.1&nbsp;</font><u><font size=2>Inspection of Properties; Indemnity</font></u><font size=2>.  In the event Westfield or Transferee desires to access the Properties to conduct inspections until the Closing Date or earlier termination of this Agreement, Transferee and/or Westfield shall enter into an Access Agreement with Transferor (&#147;</font><u><b><font size=2>Access Agreement</font></b></u><font size=2>&#148;) substantially in the same form of that certain Access Agreement dated as of May 10, 2007, by and between Westfield, as owner, and Transferor, in connection with the Westfield Contribution Agreement.  Without limiting the provisions of the Access Agreement, Westfield and Transferee shall each, severally, agrees to indemnify, hold harmless and defend Transferor and each Transferor Related Party from and against any mechanics&#146; or materialmen&#146;s lien or
claim therefor, any claim, cause of action, lawsuit, damage, liability, loss, cost, expense or any other Losses (including, without limitation, attorneys&#146; fees) due to injury to persons or damage to property arising out of any entry by Westfield or Transferee, respectively, or Westfield&#146;s or Transferee&#146;s respective engineers, architects and other employees, representatives, </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>contractors, subcontractors and agents, or out of any inspections, tests or surveys conducted by or on behalf of Transferee or Westfield, respectively, in connection with the transactions contemplated herein, in each case, except to the extent caused by the gross negligence or willful misconduct of Transferor or such Transferor Related Party.</font></p>
<a name="toc8"></a>&nbsp;


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        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p   style='text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
        <td width="24" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>2.2</font></p> </td>
        <td width="131" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Title and Survey</font></u><font size=2>.  </font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>Schedule 2.2(a)</font></b></u><font size=2> attached hereto is a list of title policies obtained by the Property Owners for their respective Properties (&#147;</font><u><b><font size=2>Title Policies</font></b></u><font size=2>&#148;), and surveys for the Properties (&#147;</font><b><font size=2>Surveys</font></b><font size=2>&#148;), true and complete copies of which have been provided to Transfers.  All exceptions to title and survey disclosed in such Title Policies together with (a) Liens for Taxes that are not yet due and payable, (b) rights of Tenants, as tenants only, under Tenant Leases, (c) any Liens arising out of any act of Westfield, and (d) any easements, discrepancies or conflicts in boundary lines, shortages in area, vacancies, excesses, encroachments or any other
facts that a current and accurate survey of the Properties would disclose, that would not, individually or in the aggregate, have a material adverse effect on the business operations, financial conditions or results of operations of the Properties or Property Owners taken as whole, are hereinafter collectively referred to as the &#147;</font><u><b><font size=2>Permitted Exceptions</font></b></u><font size=2>&#148;, and the Properties will be subject to such Permitted Exceptions at Closing when Transferee shall acquire the Contributed Interests and accept indirect possession of the Properties.</font></p>


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        <td width="96" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p   style='text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
        <td width="72" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td width="159" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Intentionally Deleted</font></u><font size=2>.</font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a condition to Closing, Transferor shall, at Transferor&#146;s expense, remove or discharge from title to the Contributed Interests any Liens which were created or caused by Transferor, any Property Owner or any affiliate thereof between the Effective Date and the Closing Date.</font></p>


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        <td width="96" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
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        <td width="72" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td width="159" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Intentionally Deleted</font></u><font size=2>.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc9"></a>2.3&nbsp;</font><u><font size=2>Status of Title</font></u><font size=2>.  At Closing, Transferor shall contribute, or cause to be contributed, to Transferee all of Transferor&#146;s and/or its affiliates&#146; rights, titles and interests in and to the Contributed Interests, and Transferee shall accept (a) the Contributed Interests, and (b) indirect ownership and possession the Indirect Interests, free and clear of Liens, and of the Properties, subject only to the Permitted Exceptions.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc10"></a>Transferee&#146;s Acknowledgement</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>THE PARTIES HEREBY ACKNOWLEDGE AND AGREE THAT:  (A) TRANSFEREE IS A SOPHISTICATED INVESTOR IN REAL PROPERTY WHO IS FAMILIAR WITH INVESTMENTS SIMILAR TO THE PROPERTIES AND THE CONTRIBUTED INTERESTS; (B) EXCEPT AS MAY BE SPECIFICALLY SET FORTH IN THIS AGREEMENT OR THE CLOSING DOCUMENTS, NEITHER TRANSFEROR NOR </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>ANY TRANSFEROR RELATED PARTY HAS MADE OR WILL MAKE ANY REPRESENTATION OR WARRANTY OF ANY KIND WHATSOEVER, WHETHER ORAL OR WRITTEN, EXPRESS OR IMPLIED, WITH RESPECT TO ANY OF THE PROPERTY OWNERS, ANY OF THE CONTRIBUTED INTERESTS, ANY OF THE PROPERTIES, THE PERMITTED USE OF ANY OF THE PROPERTIES, OR THE ZONING AND OTHER LAWS, REGULATIONS AND RULES APPLICABLE THERETO, OR THE COMPLIANCE BY ANY OF THE PROPERTIES THEREWITH, THE REVENUES AND EXPENSES GENERATED BY OR ASSOCIATED WITH ANY OF THE PROPERTIES OR ANY OF THE CONTRIBUTED INTERESTS, OR OTHERWISE RELATING TO ANY OF THE PROPERTY OWNERS, ANY OF THE PROPERTIES, ANY OF THE CONTRIBUTED INTERESTS, OR THE TRANSACTIONS CONTEMPLATED HEREIN; AND (C) EXCEPT AS MAY BE SPECIFICALLY SET FORTH IN THIS AGREEMENT OR THE CLOSING DOCUMENTS, THE CONTRIBUTED INTERESTS ARE BEING TRANSFERRED TO TRANSFEREE AND TRANSFEREE IS ACCEPTING THE CONTRIBUTED INTERESTS AND INDIRECT
POSSESSION OF THE PROPERTIES, IN EACH CASE, IN THEIR PRESENT &#147;AS IS, WHERE IS&#148; CONDITION &#147;WITH ALL FAULTS&#148;, WITH NO RIGHT OF SETOFF OR DEDUCTION IN THE CONTRIBUTED INTERESTS VALUE.  IN ADDITION, TRANSFEREE EXPRESSLY UNDERSTANDS, ACKNOWLEDGES AND AGREES THAT UNKNOWN CONDITIONS MAY EXIST WITH RESPECT TO ANY OF THE PROPERTIES, THE PROPERTY OWNERS, AND/OR THE CONTRIBUTED INTERESTS AND THAT TRANSFEREE EXPLICITLY TOOK THE POSSIBILITY OF SUCH UNKNOWN CONDITIONS INTO ACCOUNT, TOGETHER WITH THE EXPRESS REPRESENTATIONS AND WARRANTIES CONTAINED HEREIN, IN DETERMINING AND AGREEING TO THE CONTRIBUTED INTERESTS VALUE.  SUBJECT TO THE TERMS HEREOF, TRANSFEREE HAS BEEN AFFORDED THE OPPORTUNITY TO MAKE ANY AND ALL INSPECTIONS AND DUE DILIGENCE OF THE PROPERTIES, THE PROPERTY OWNERS, AND ANY OTHER MATTERS RELATED TO THE CONTRIBUTED INTERESTS AND THE CONTRIBUTION AS TRANSFEREE REASONABLY DESIRED AND, ACCORDINGLY, EXCEPT AS MAY BE SPECIFICALLY SET FORTH IN THIS AGREEMENT OR THE
CLOSING DOCUMENTS, TRANSFEREE WILL RELY SOLELY ON ITS OWN DUE DILIGENCE AND INVESTIGATIONS IN ACQUIRING THE CONTRIBUTED INTERESTS.  TRANSFEREE HEREBY ACKNOWLEDGES AND AGREES THAT, EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT OR THE CLOSING DOCUMENTS, NONE OF TRANSFEROR, ANY TRANSFEROR RELATED PARTY OR ANY PERSON ACTING ON BEHALF OF ANY OF THEM, NOR ANY PERSON WHICH PREPARED OR PROVIDED ANY OF THE MATERIALS REVIEWED BY TRANSFEREE IN CONDUCTING ITS DUE DILIGENCE, NOR ANY REPRESENTATIVE, BROKER, ACCOUNTANT, ADVISOR, ATTORNEY, CONSULTANT, SUCCESSOR OR ASSIGN OF ANY OF THE FOREGOING PARTIES, HAS MADE OR SHALL BE DEEMED TO HAVE MADE ANY ORAL OR WRITTEN REPRESENTATIONS OR WARRANTIES, WHETHER EXPRESSED OR IMPLIED, BY OPERATION OF LAW OR OTHERWISE (INCLUDING, WITHOUT LIMITATION, WARRANTIES OF HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE), WITH RESPECT </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>6</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font SIZE=2>TO ANY OF THE PROPERTY OWNERS, ANY OF THE CONTRIBUTED INTERESTS, OR ANY OF THE PROPERTIES, OTHER THAN THOSE EXPRESSLY CONTAINED HEREIN.  TRANSFEREE FURTHER ACKNOWLEDGES AND AGREES THAT, EXCEPT AS MAY BE SPECIFICALLY SET FORTH IN THIS AGREEMENT AND THE CLOSING DOCUMENTS, ALL MATERIALS WHICH HAVE BEEN PROVIDED BY TRANSFEROR OR ANY TRANSFEROR RELATED PARTY OR ANY REPRESENTATIVE, BROKER, ACCOUNTANT, ADVISOR, ATTORNEY, CONSULTANT, SUCCESSOR OR ASSIGN OF ANY OF THE FOREGOING PARTIES, HAVE BEEN PROVIDED WITHOUT ANY WARRANTY OR REPRESENTATION, EXPRESSED OR IMPLIED, AS TO THEIR CONTENT, SUITABILITY FOR ANY PURPOSE, ACCURACY, TRUTHFULNESS OR COMPLETENESS AND TRANSFEREE SHALL NOT HAVE ANY RECOURSE AGAINST TRANSFEROR, ANY TRANSFEROR RELATED PARTY OR ANY REPRESENTATIVE, BROKER, ACCOUNTANT, ADVISOR, ATTORNEY, CONSULTANT, SUCCESSOR OR ASSIGN OF ANY OF THE FOREGOING PARTIES IN THE EVENT OF ANY ERRORS THEREIN OR OMISSIONS
THEREFROM.  THE PROVISIONS OF THIS ARTICLE III SHALL SURVIVE CLOSING.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc11"></a>Transferor&#146;s Representation &amp; Warranties</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>Transferor represents and warrants to Transferee and Westfield as follows as of the Effective Date and (except with respect to any representation or warranty set forth in the Bringdown Certificate which is updated as of the Closing Date in accordance with the terms of </font><u><b><font size=2>Section 10.2(i)</font></b></u><font size=2>) as of the Closing Date:</font></p>
<a name="toc12"></a>&nbsp;


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            <p   style='text-indent:0in; page-break-after:avoid'><font size=1>&nbsp;</font></p>  </td>
        <td width="24" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>4.1</font></p> </td>
        <td width="352" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Authority; Ownership of Contributed Interests</font></u><font size=2>.  </font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of Transferor, the St. Clair Subsidiary Entity, the Westmoreland Subsidiary Entities and the Park Plaza Subsidiary Entities and each Property Owner is duly formed or organized, validly existing and in good standing under the laws of the state of its formation identified in the Recitals hereto, (ii) each Property Owner is qualified to do business in the state in which the Property owned by such Property Owner is located, and (iii) except as otherwise disclosed in </font><u><b><font size=2>Schedule 4.1(a)</font></b></u><font size=2> attached hereto, no Property Owner has existed or operated under any other name, and Transferor has not existed under any other name since July&nbsp;1, 2002.  Each Property Owner has made all filings necessary in the state in which such Property Owner&#146;s Property is
located to own and operate such Property, except to the extent such failure would not have a material adverse effect on the business operations, financial condition or results of operations of such Property Owner's Properties.  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other than as may be limited by the Existing Mortgage Loans Transferor has the full right, power and authority to enter into this Agreement, the Closing Documents and all other documents contemplated hereby, and to consummate the transactions contemplated by this Agreement, the Closing Documents and such other documents.  All requisite partnership, limited liability company and corporate, as applicable, action have been </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>taken by Transferor to authorize the execution and delivery of this Agreement, and will be taken by Transferor prior to Closing to authorize the execution and delivery of the instruments referenced herein and the consummation of the transactions contemplated hereby.  Each of the Persons signing this Agreement, the Closing Documents, and the other documents contemplated by this Agreement on behalf of Transferor has the legal right, power and authority to bind Transferor.  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor and St. Clair Square GP own, and/or will own immediately prior to Closing, directly or indirectly, beneficially and, to the extent applicable, of record, the Contributed Interests free and clear of any Lien of any nature whatsoever (subject to the rights of Transferee pursuant to this Agreement and the covenants, conditions and restrictions set forth in the Existing Loan Documents).  The Contributed Interests and the Indirect Interests are the only authorized, issued and outstanding direct equity interests in the Property Owners.  Except for this Agreement, the Existing Loan Documents and any agreements entered into by Transferee, none of the Contributed Interests or the Indirect Interests are subject to any written agreements or understandings among Persons with respect to the voting or transfer
thereof to which Transferee or any Property Owner would be subject on or after the Closing Date.  Except for this Agreement, the Amended and Restated Operating Agreement and any agreements entered into by Transferee, there are no subscriptions, options, warrants, calls, rights, convertible securities or other agreements or commitments of any character obligating Transferor, any Property Owner or any of their respective affiliates to issue, transfer or sell, or cause the issuance, transfer or sale of, any direct equity interests or other securities (whether or not such securities have voting rights) of any Property Owner to which Transferee or any Property Owner would be subject on or after the Closing Date.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc13"></a>4.2&nbsp;</font><u><font size=2>No Conflicts</font></u><font size=2>.  The execution, delivery and performance by Transferor of this Agreement and the instruments referenced herein and the transaction contemplated hereby will not conflict with, or with or without notice or the passage of time or both, (i) result in a breach of, violation of, or constitute a default under any material term or provision of any articles of formation, certificate of incorporation, bylaws, certificate of limited partnership, certificate of limited liability company, partnership agreement (oral or written) (including any designation supplemental thereto), limited liability company agreement (oral or written) (including any designation supplemental thereto) or other operating agreement (oral or written) (including any designation supplemental thereto), as applicable, of Transferor or any
Property Owner, (ii) result in a breach of, violation of, or constitute a default under (subject to obtaining any consents required under the Existing Mortgage Loans) any material term or provision of, any indenture, deed of trust, mortgage, judicial or administrative order or Law, applicable to Transferor or any Property Owner or by which Transferor, any Property Owner, any of the Contributed Interests or Indirect Interests, any of the Properties (or any portion thereof), or any other asset of any Property Owner is bound, or (iii) result in a breach of, violation of, or constitute a default under, any material term or provision of any Contract which breaches, violations and defaults would, individually or in the aggregate, have a material adverse effect on the business operations, </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>financial condition or results of operations of the applicable Property or the applicable Property Owner in question.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc14"></a>4.3&nbsp;</font><u><font size=2>Consents; Binding Obligations</font></u><font size=2>.  Other than with respect to any approval required under the Existing Loan Documents, no approval or consent (other than those which have already been obtained and have not been revoked) is required from any Person for Transferor to execute, deliver or perform this Agreement, the Closing Documents or the other instruments contemplated hereby, or for Transferor to consummate the transaction contemplated hereby, and (b) this Agreement, the Closing Documents and all other documents required hereby to be executed by Transferor are and shall be valid, legally binding obligations of Transferor, enforceable against Transferor in accordance with their respective terms.  Transferor has delivered to Transferee copies of the Property Owner Organizational Documents, including all amendments
thereto, which are true and complete in all material respects.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc15"></a>4.4&nbsp;</font><u><font size=2>No Bankruptcy</font></u><font size=2>.  No petition in bankruptcy (voluntary or otherwise), attachment, execution proceeding, assignment for the benefit of creditors, or petition seeking reorganization or insolvency, arrangement or other action or proceeding under Federal or state bankruptcy law is pending against or contemplated (or, to Transferor&#146;s Actual Knowledge, threatened) by or against Transferor, any general partner of Transferor, any Indirect Owner or any Property Owner.</font></p>
<a name="toc16"></a>&nbsp;


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        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p   style='text-indent:0in;page-break-after:avoid; '><font size=1>&nbsp;</font></p>  </td>
        <td width="24" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>4.5</font></p> </td>
        <td width="411" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Tenant Leases, Contracts, Permitted Exceptions and Permits</font></u><font size=2>.  </font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor will make available to Transferee and Westfield, at Transferor&#146;s or the applicable Property Owner&#146;s offices, copies of the Tenant Leases, including all amendments, modifications and guaranties relating thereto which are true and complete in all material respects.  Transferor will also make available to Transferee other material documents and notices relating to the Tenant Leases.  The Property Owners are the lessors under the Tenant Leases, and no Property Owner has, directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, assigned, transferred, encumbered, hypothecated, pledged or granted a security interest in any of the Tenant Leases or its interest therein (other than in connection with the Existing Mortgage Loans).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To Transferor&#146;s Actual Knowledge, except as otherwise disclosed in </font><u><b><font size=2>Schedule</font></b><font size=2>&nbsp;</font><b><font size=2>4.5(b)</font></b></u><font size=2> attached hereto, each of the Tenant Leases is in full force and effect.  To Transferor&#146;s Actual Knowledge, except as otherwise disclosed in </font><u><b><font size=2>Schedule</font></b><font size=2>&nbsp;</font><b><font size=2>4.5(b)</font></b></u><font size=2> attached hereto, none of the Property Owners has sent or received any written notice of default under any of the material Tenant Leases. For purposes of this Section 4.5(b), the term &#147;</font><b><font size=2>material Tenant Lease</font></b><font size=2>&#148; shall mean a Tenant Lease demising more than 10,000 square feet of space.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached hereto as </font><u><b><font size=2>Schedule 4.5(c)</font></b></u><font size=2> is a true and correct copy of the rent roll for each Property (each, a &#147;</font><u><b><font size=2>Rent Roll</font></b></u><font size=2>&#148;) based upon which the applicable Property Owner operates such Property as of the date indicated therein [together with a schedule, to Transferor&#146;s Actual Knowledge, of the amount of all Tenant Deposits and pre-paid rent of more </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>than one month in advance paid by each Tenant under each Tenant Lease, less amounts previously applied or returned to such Tenant].</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor will make available to Transferee and Westfield, at Transferor&#146;s or the applicable Property Owner&#146;s offices, copies of all material management, service, supply, repair and maintenance agreements, equipment leases, leasing and/or brokerage agreements and all other contracts and agreements (including the Contracts, but excluding the Tenant Leases) with respect to or affecting each Property, or by which any Property Owner is bound, or under which any Property Owner is liable, in each case, as of the Effective Date. </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise disclosed in </font><u><b><font size=2>Schedule 4.5(e)</font></b></u><font size=2> attached hereto, neither the applicable Property Owner nor any other party thereto is in default under (i) any of the material Contracts or Permits beyond the expiration of any applicable grace or cure period, except to the extent such default would not have, in the aggregate, a material adverse effect on the business operations, financial condition or results of operations of the Properties (in their aggregate), or (ii) any of the Permitted Exceptions beyond the expiration of any applicable grace or cure period, except to the extent such default would not have, in the aggregate, a material adverse effect on the business operations, financial condition or results of operations of the Properties (in their aggregate).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc17"></a>4.6&nbsp;</font><u><font size=2>No Actions/Compliance With Laws</font></u><font size=2>.  Except as otherwise disclosed in </font><u><b><font size=2>Schedule</font></b><font size=2>&nbsp;</font><b><font size=2>4.6</font></b></u><font size=2> attached hereto, there are no actions, suits, proceedings, claims or investigations before any court or governmental authority pending, or to Transferor&#146;s Actual Knowledge, threatened, against Transferor or any Property Owner with respect to or affecting all of any portion of any Property (other than actions, suits, proceedings or claims fully covered (other than any applicable deductible) by insurance) which, if determined adversely to Transferor or any Property Owner, could reasonably be expected to have a material adverse effect on the business operations, financial condition or results of operations of the Properties and
the Property Owners taken as a whole, or on Transferor&#146;s ability to consummate the transactions contemplated by this Agreement.  Neither Transferor nor any Property Owner, is a party to or otherwise bound by any consent decree, judgment, other decree or order, or settlement agreement which could reasonably be expected to have (i) an adverse effect on Transferor&#146;s ability to perform its obligations hereunder, or (ii) a material adverse effect on the business operations, financial conditions or results of operations of the Properties, Contributed Interests, or Property Owners taken as a whole.  To Transferor&#146;s Actual Knowledge, except as otherwise disclosed in </font><u><b><font size=2>Schedule</font></b><font size=2>&nbsp;</font><b><font size=2>4.6</font></b></u><font size=2> attached hereto, neither Transferor nor any Property Owner has received any written notice that a Property is in material violation of any Laws or requirements of any governmental authority, agency
or officer having jurisdiction against or affecting such Property (a &#147;</font><u><b><font size=2>Violation</font></b></u><font size=2>&#148;), which have not previously been complied with in all material respects.   Except as otherwise disclosed in </font><u><b><font size=2>Schedule</font></b><font size=2>&nbsp;</font><b><font size=2>4.6</font></b></u><font size=2> attached hereto, there are no proceedings pending nor, to Transferor&#146;s Actual Knowledge, threatened, to alter or restrict the zoning or other use restrictions applicable to any Property, or to condemn all or any portion of such Property by eminent domain proceedings or otherwise (including a study or plan for road widening, realignment or relocation).</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><a name="toc18"></a>&nbsp;</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>4.7&nbsp;</font><u><font size=2>Hazardous Materials and Repairs</font></u><font size=2>.  Transferor has provided to Transferee and Westfield or will make available to Transferee and Westfield, at Transferor&#146;s or the applicable Property Owner&#146;s offices, copies of the most recent environmental report for each Property in Transferor&#146;s Possession or Reasonable Control.</font></p>
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            <p   style='text-indent:0in;page-break-after:avoid; '><font size=1>&nbsp;</font></p>  </td>
        <td width="24" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>4.8</font></p> </td>
        <td width="225" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Taxes and Special Assessments</font></u><font size=2>.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor will make available to Transferee and Westfield, at Transferor&#146;s or the applicable Property Owner&#146;s offices, copies of all ad valorem and other property tax statements and assessments covering any Property for the current plus 2 preceding years, together with a copy of any notice of increase in valuation received by Transferor or any Property Owner since the most recent of such tax statements that were issued, which copies are true and complete in all material respects.  There are no special assessments or charges which have been levied against any Property that are not reflected on the tax bills with respect to any such Property. </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Property Owner or Indirect Owner has ever elected to be taxed other than as a partnership or a disregarded entity for Federal, state or local income tax purposes and each Property Owner and Indirect Owner is currently classified for Federal, state or local income tax purposes as an entity which is disregarded as an entity separate from its owner.  Each Property Owner or Indirect Owner has filed, or caused to be filed, all federal, state and material local tax returns, informational filings and reports (collectively, &#147;</font><u><b><font size=2>Tax Returns</font></b></u><font size=2>&#148;) that are required to be filed by them.  All such returns, reports, and filings are true and complete in all material respects.  Each Property Owner and Indirect Owner has paid, or caused to be paid, all Taxes shown
to be due on such Tax Returns, and have paid, or caused to paid, all other Taxes that are shown on such return.  None of the Property Owners or Indirect Owners has any liability for Taxes (i) of another Person by reason of an agreement, transferee liability, joint and several liability, or otherwise, or (ii) of any predecessor.  None of the Property Owners owns any direct or indirect ownership interest in any Person which is liable for any Taxes, including liability for Taxes (x) of another Person by reason of an agreement, transferee liability, joint and several liability, or otherwise, or (y) of any predecessor.  Transferor has not received from any governmental authority any written notice the subject of which remains uncured (1) of underpayment of any material Tax which could become a Lien on any of the Properties if not paid, (2) that any actions relating to the Tax liability of, or relating to, any Property or Indirect Interest, and which could become a Lien on any Property or
Indirect Interest if not paid, are pending, and/or (3) that the institution of any such action is contemplated by any governmental authority.  No Property Owner has waived any restrictions on the assessment or collection of Taxes which, if unpaid, could become a Lien on any Property, or has consented to the extension of any statute of limitations with respect to any such Tax that has not since expired.  As of the Effective Date, and except as set forth on </font><u><b><font size=2>Schedule 4.8(b)</font></b></u><font size=2> attached hereto, none of the Property Owners or Transferor has received any written notice (A) of an actual or threatened audit of any tax return filed by or on behalf of a Property Owner, or (B) that the applicable governmental entity disputes any material position taken by any Property Owner or (if applicable to the </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>transactions contemplated by this Agreement and the Closing Documents) Transferor, in any tax return subject to such audit.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the Property Owners holds securities, directly or indirectly, possessing more than 10% of the total voting power or total value of the outstanding securities of any one issuer for purposes of Section 856(c)(4)(B) of the Code, and not more than 5% of the total value of the total assets of the Property Owners (treating them as one entity for this purpose) is represented by securities of any one issuer for purposes of Section 856(c)(4)(B) of the Code.  None of the Property Owners owns any direct or indirect ownership interest in any Person which is classified as a corporation for Federal, state, or local income tax purposes.  Except for this Agreement, the Amended and Restated Operating Agreement and the agreements listed on </font><u><b><font size=2>Schedule 4.8(c)</font></b></u><font size=2> attached
hereto, there are no Tax Matters Agreements to which any Property Owner or any subsidiary thereof is currently subject.  For purposes of this </font><u><b><font size=2>Section 4.8(c)</font></b></u><font size=2>, &#147;</font><u><b><font size=2>Tax Matters Agreement</font></b></u><font size=2>&#148; shall mean any agreement pursuant to which any Property Owner or any subsidiary thereof may have any liability relating to Taxes of another Person, whether or not as a result of the consummation of the transactions contemplated by this Agreement.  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc20"></a>4.9&nbsp;</font><u><font size=2>Non-Foreign Status</font></u><font size=2>.  None of the Property Owners or Transferor is a &#147;foreign person&#148; within the meaning of Section 1445 of the Code. </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc21"></a>4.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Not a Prohibited Person</font></u><font size=2>.  (a) Neither Transferor nor any Interest Owner or Property Owner is a Prohibited Person; (b) to Transferor&#146;s Actual Knowledge, none of its investors, affiliates or brokers or other agents (if any), acting or benefiting in any capacity in connection with this Agreement is a Prohibited Person; and (c) to Transferor&#146;s Actual Knowledge, the Indirect Interests and Contributed Interests are not the property of, and are not beneficially owned, directly or indirectly, by a Prohibited Person, nor are any of such assets the proceeds of specified unlawful activity as defined by 18 U.S.C.&nbsp;&sect;1956(c)(7).</font></p>
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        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>4.11</font></p> </td>
        <td width="159" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Intentionally Deleted</font></u><font size=2>.  </font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc23"></a>4.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Single-Purpose</font></u><font size=2>.  Each Indirect Owner and Property Owner other than St. Clair Square Owner,  (a) has been formed solely for the purpose of acquiring, owning, operating, managing, leasing, financing and disposing of the Indirect Interest or Property owned by such Indirect Owner or Property Owner and transacting any lawful business that is incidental to accomplish the foregoing, (b) has not engaged in any business that is unrelated to the activities set forth in the preceding </font><u><b><font size=2>clause (a)</font></b></u><font size=2>, (c) does not have any assets or liabilities other than those related to the Indirect Interest or Property owned by such Indirect Owner or Property Owner and that are reflected (as to a Property Owner) in such Property Owner&#146;s financial statements,
to the extent such Property Owner has financial statements, and (d) has never had any assets or liabilities other than those related to the Indirect Interest or Property owned by such Property Owner.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><a name="toc24"></a>&nbsp;</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>4.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><U><font SIZE=2>ERISA</font></U><font size=2>.  None of the assets of Transferor or any Indirect Owner or Property Owner constitutes assets of any &#147;employee benefit plan&#148; within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended, a &#147;plan&#148; within the meaning of Section 4975 of the Code, or a Person deemed to hold &#147;plan assets&#148; within the meaning of 29 C.F.R. 2510.3-101 of any such employee benefit plan or plans.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc25"></a>4.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Financial Statements</font></u><font size=2>.  Transferor has made available to Transferee and Westfield, at Transferor&#146;s offices, copies of the most recent financial statements for the Property Owners, in Transferor&#146;s possession or control.  Each of such financial statements has been prepared in accordance with United States generally accepted accounting principles (if so stated on such Financial Statements), and present fairly in all material respects and in accordance with such principles, the financial position and result of the operations of the applicable entity as the date or period specified therein.  Except as set forth in </font><u><b><font size=2>Schedule 4.14</font></b></u><font size=2> attached hereto, no Property Owner has incurred any material liability other than (i) liabilities
reflected in such Property Owner&#146;s financial statements described above, and (ii) liabilities incurred in the ordinary course of business of owning or operating its Property.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc26"></a>4.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>No Other Assets</font></u><font size=2>.  Transferor and St. Claire Square GP has no material assets related to the ownership or operation of the Properties other than Transferor&#146;s interest in the Contributed Interests and the Indirect St. Claire Square Contributed Interests to be conveyed to Transferee upon Closing.</font></p>
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        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>4.16</font></p> </td>
        <td width="159" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Intentionally Deleted</font></u><font size=2>.  </font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc28"></a>4.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Existing Mortgage Loans</font></u><font size=2>.  Attached hereto as </font><u><b><font size=2>Schedule 4.17</font></b></u><font size=2>, is a list of all of the material loan documents related to the Existing Mortgage Loans, including all amendments and modifications thereto (the &#147;</font><u><b><font size=2>Existing Loan Documents</font></b></u><font size=2>&#148;). Transferor has delivered to Transferee copies of the Existing Loan Documents which are true and complete in all material respects.  To Transferor&#146;s Actual Knowledge, the outstanding principal balance of each Existing Mortgage Loan as of June 30, 2007 is set forth on </font><u><b><font size=2>Schedule 1.2(a)</font></b></u><font size=2> attached hereto.  None of the Property Owners or Transferor has received any written notice of default
under any of the Existing Mortgage Loans which remains uncured.</font></p>
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        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>4.18</font></p> </td>
        <td width="161" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Intentionally Omitted</font></u><font size=2>.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc30"></a>4.19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Insurance Certificates</font></u><font size=2>.  Transferor has delivered to Transferee and Westfield copies of the certificates of the casualty and commercial liability insurance policies being maintained for the Properties as of the Effective Date, which are true and complete in all material respects.  The parties hereto acknowledge and agree that the insurance policies which will be maintained for the Properties as of the Closing Date may not be the same as the insurance policies which are currently being maintained for the Properties as of the Effective Date, but Transferor represents that the insurance policies which will be maintained for the Properties through the Closing Date will afford substantially the same coverage as the insurance policies </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>then being maintained for other properties directly or indirectly owned by Transferor which are similar to the Properties.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>Each of the representations and warranties contained in this </font><u><b><font size=2>Article IV</font></b></u><font size=2> (as the same may be updated in the Bringdown Certificate delivered in accordance with </font><u><b><font size=2>Section 10.2(i)</font></b></u><font size=2>) are acknowledged by Transferor to be material and to be relied upon by Transferee in proceeding with this transaction, and (except for any representation or warranty set forth in the Bringdown Certificate which is updated as of the Closing Date in accordance with the terms of </font><u><b><font size=2>Section 10.2(i)</font></b></u><font size=2>) shall be deemed to have been remade by Transferor as of the Closing Date.  Transferor shall promptly notify Transferee, in writing, of any event or condition known to Transferor which occurs prior to the Closing Date and which causes a material adverse change in the
facts relating to, or the truth of, any of the above representations or warranties.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>Except with respect to</font><b><font size=2> </font></b><font size=2>(i) any claims or actions arising out of any breach of covenants, agreements, indemnities, representations or warranties expressly set forth herein, (ii) any claims or actions for which a Property Owner has liability insurance coverage, in which case the release set forth herein shall not include any amounts which are actually received from the applicable insurance company for such claim or action or the right of the Property Owners to seek reimbursement under such policies, and (iii) any claims or actions for fraud on the part of Transferor or any Property Owner or any of their respective affiliates, Transferee, for itself and its agents, affiliates, successors and assigns, hereby releases and forever discharges Transferor and each Transferor Related Party and their respective successors and assigns from any and all
rights, claims and demands at law or in equity, whether known or unknown at the time of this Agreement, which Transferee has or may have in the future, arising out of the physical, environmental, economic or legal condition of any Property, or any tax, legal, economic or financial matters or condition relating to the Property Owners or the Contributed Interests.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>Notwithstanding anything to the contrary set forth in this Agreement, (x)&nbsp;Transferee hereby expressly waives, relinquishes and releases any right or remedy available to it at law, in equity or under this Agreement, in the event Closing occurs, to make a claim against Transferor for damages that Transferee may incur, or to rescind this Agreement and the transactions contemplated hereby, as the result of any of Transferor&#146;s representations or warranties in this </font><u><b><font size=2>Article IV</font></b></u><font size=2> being untrue, inaccurate or incorrect if, to Transferee&#146;s Actual Knowledge and/or CBL&#146;s Actual Knowledge, such representation or warranty shall be untrue, inaccurate or incorrect at the time of Closing and Transferee shall nevertheless proceed with Closing hereunder, and (y)&nbsp;without limiting the provisions of </font><u><b><font size=2>Section
13.4</font></b></u><font size=2>, Transferor&#146;s liability for breach of any representations or warranties of Transferor contained in this </font><u><b><font size=2>Article IV</font></b></u><font size=2>, any Closing Document, and/or in any other document executed by Transferor pursuant to this Agreement, including any instruments delivered at Closing, shall be deferred until such claims equal or exceed Three Hundred Seventy-Five Thousand and No/100 Dollars ($375,000.00) in the aggregate (to be valued and paid from the first dollar of loss in the event that such aggregate amount is exceeded), and Transferor&#146;s aggregate liability for all claims arising out of any such </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>covenants, representations and warranties shall not exceed Seven Million Five Hundred Thousand and No/100 Dollars ($7,500,000.00).</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc31"></a>Transferee&#146;s and Westfield&#146;s Representations and Warranties</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>5.1&nbsp;Transferee represents and warrants to Transferor as follows as of the Effective Date and (except with respect to any representation or warranty set forth in the certificate delivered at Closing which is updated as of the Closing Date in accordance with the terms of </font><u><b><font size=2>Section 8.1(a)</font></b></u><font size=2>) as of the Closing Date:</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2><a name="toc32"></a>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Authority</font></u><font size=2>.  Transferee is a Delaware limited liability company duly formed or organized, validly existing and in good standing under the laws of the state of its organization and Transferee is qualified to do business in the states in which it presently conducts its business.  Transferee has not existed or operated under any name other than CW Joint Venture, LLC.  Transferee has made all filings necessary in the states in which it presently conducts its business to so conduct its business, except to the extent such failure would not have a material adverse effect on the business operations, financial conditions or results of operations of Transferee.  Transferee has the full limited liability company right, power and authority to enter into this Agreement, the Closing Documents,
and all other documents contemplated hereby, and to consummate the transaction contemplated by this Agreement, the Closing Documents and such other documents.  All requisite partnership, limited liability company and corporate, as applicable, action have been taken by Transferee to authorize the execution and delivery of this Agreement, and will be taken by Transferee prior to the Closing to authorize the execution and delivery of the instruments referenced herein and the consummation of the transactions contemplated hereby.  Each of the Persons signing this Agreement, the Closing Documents and the other documents contemplated by this Agreement on behalf of Transferee has the legal right, power and authority to bind Transferee.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2><a name="toc33"></a>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>No Conflicts</font></u><font size=2>.  The execution, delivery and performance by Transferee of this Agreement and the instruments referenced herein and the transaction contemplated hereby will not conflict with, or with or without notice or the passage of time or both, (i) result in a breach of, violation of, or constitute a default under the Original Operating Agreement or the Amended and Restated Operating Agreement, or any material term or provision of any articles of formation, certificate of incorporation, bylaws, certificate of limited partnership, certificate of limited liability company, partnership agreement (oral or written) (including any designation supplemental thereto), limited liability company agreement (oral or written) (including any designation supplemental thereto) or other
operating agreement (oral or written) (including any designation supplemental thereto), of Transferee or (ii) result in a breach of, violation of, or constitute a default under any material term or provision of any indenture, deed of trust, mortgage, contract, agreement, judicial or administrative order or Law applicable to Transferee or by which Transferee, or its assets, are bound.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2><a name="toc34"></a>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Consents; Binding Obligations</font></u><font size=2>.  No approval or consent (other than those </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>which have already been obtained and have not been revoked) from any Person is required for Transferee to execute, deliver or perform this Agreement, the Closing Documents or the other instruments contemplated hereby, or for Transferee to consummate the transactions contemplated hereby.  Transferee has obtained all necessary consents, approvals and authorizations of third parties in order to effect the admission of Transferor and St. Clair Square GP as Common Members of Transferee holding the Common Membership Interests.  This Agreement, the Closing Documents and all other documents required hereby to be executed by Transferee are and shall be valid, legally binding obligations of, and enforceable against, Transferee, in accordance with their terms.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2><a name="toc35"></a>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>No Bankruptcy</font></u><font size=2>.  No petition in bankruptcy (voluntary or otherwise), attachment, execution proceeding, assignment for the benefit of creditors, or petition seeking reorganization or insolvency, arrangement or other action or proceeding under Federal or state bankruptcy law is pending against or contemplated, or, to Transferee&#146;s Actual Knowledge, threatened, by or against Transferee.</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=2>(e)</font></p> </td>
        <td width="159" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Intentionally Deleted</font></u><font size=2>.  </font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2><a name="toc37"></a> (f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>No Legal Proceedings</font></u><font size=2>.  No actions, suits, proceedings or investigations before any court or governmental authority pending or, to Transferee&#146;s Actual Knowledge, threatened against Transferee, which, if determined adversely to Transferee, could reasonably be expected to have (a)&nbsp;an adverse effect on Transferee&#146;s ability to perform its obligations hereunder, or (b)&nbsp;a material adverse effect on Transferee&#146;s business operations, financial condition or results of operations, taken as a whole (a &#147;</font><u><b><font size=2>Material Adverse Effect</font></b></u><font size=2>&#148;).  Transferee is not a party to or otherwise bound by any consent decree, judgment, other decree or order, or settlement agreement which could reasonably be expected to
have (i) an adverse effect on its respective ability to perform its obligations hereunder, or (ii) a Material Adverse Effect on it.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2><a name="toc38"></a>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>No Preemptive Rights</font></u><font size=2>.  Except as set forth in </font><u><b><font size=2>Schedule 5.7</font></b></u><font size=2> attached hereto, no Person has any conditional or unconditional right and/or option (including, without limitation, a right of first refusal or right of first offer) to purchase any Membership Interests in Transferee.  Except for this Agreement, there are no subscriptions, options, warrants, calls, rights, convertible securities or other agreements or commitments of any character obligating Transferee or any of its affiliates to issue, transfer or sell, or cause the issuance, transfer or sale of, any equity interests (whether common or preferred or otherwise) or other securities (whether or not such securities have voting rights) of Transferee.  Except for this
Agreement, the Westfield Contribution Agreement, and the Amended and Restated Operating Agreement, Transferee is not a party to any written agreements or understandings among Persons with respect to the voting or transfer of any Membership Interests to which Transferor, any Property Owner, Transferee or Westfield would be subject on or after the Closing Date.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2><a name="toc39"></a>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>No Repurchase Obligations</font></u><font size=2>.  Except as set forth in </font><u><b><font size=2>Schedule 5.8</font></b></u><font size=2> attached hereto, there are no outstanding contractual obligations of Transferee to repurchase, redeem or otherwise acquire any Membership Interests or other ownership interests in Transferee.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><a name="toc40"></a>&nbsp;</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Organizational Documents</font></u><font size=2>.  True and complete copies of the certificate of formation of Transferee and the Original Operating Agreement as in effect on the Effective Date and on the Closing Date immediately prior to Closing have been delivered to Transferor.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2><a name="toc41"></a>(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Certain Tax Matters</font></u><font size=2>.  Transferee was formed on July 17, 2007.  Transferee further represents that it has not filed, and shall not file, an election to be taxed other than as a disregarded entity or a partnership for Federal income tax purposes.  Transferee further represents that it is not a continuation of another partnership within the meaning of Section 708 of the Code and the Regulations promulgated thereunder.  Transferee has never conducted, and does not currently conduct, any business operations (nor has Transferee owned any assets), except for entering into the Westfield Contribution Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2><a name="toc42"></a>(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Westfield Contribution Agreement</font></u><font size=2>.  Transferee has delivered to Transferor true and complete copies of the Westfield Contribution Agreement and all documents (including, without limitation, any organizational documents of any Person) delivered at or in connection with the &#147;Closing&#148; under and as defined in the Westfield Contribution Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2><a name="toc43"></a>(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><U><font SIZE=2>ERISA</font></U><font size=2>.  None of Transferee&#146;s assets constitute assets of any &#147;employee benefit plan&#148; within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended, a &#147;plan&#148; within the meaning of Section 4975 of the Code, or a Person deemed to hold &#147;plan assets&#148; within the meaning of 29 C.F.R. 2510.3-101 of any such employee benefit plan or plans.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>Each of the representations and warranties contained in this </font><u><b><font size=2>Section 5.1</font></b></u><font size=2> (as the same may be updated in the certificate delivered by Transferee at Closing) are acknowledged by them to be material and to be relied upon by Transferor in proceeding with this transaction, and (except for any representation or warranty set forth in such certificate which is updated as of the Closing Date) shall be deemed to have been remade by Transferee as of the Closing Date.  Transferee shall promptly notify Transferor, in writing, of any event or condition known to Transferee which occurs prior to the Closing Date and which causes a material adverse change in the facts relating to, or the truth of, any of the above representations or warranties.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>5.2&nbsp;Westfield represents and warrants to Transferee and Transferor as follows as of the Effective Date and (except with respect to any representation or warranty set forth in the certificate delivered by Westfield at Closing which is updated as of the Closing Date in accordance with the terms of </font><u><b><font size=2>Section 8.1(a)</font></b></u><font size=2>) as of the Closing Date:</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Authority</font></u><font size=2>.  Westfield is a Delaware limited partnership duly formed or organized, validly existing and in good standing under the laws of the state of its organization and Westfield is qualified to do business in the states in which it presently conducts its business.  Westfield has made all filings necessary in the states in which it presently conducts its business to so conduct its business, except to the extent such failure would not have a material adverse effect on the business operations, financial conditions or results of operations of Westfield.  Westfield has the full limited partnership right, power and authority to enter into this Agreement, </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>the Closing Documents, and all other documents contemplated hereby, and to consummate the transaction contemplated by this Agreement, the Closing Documents and such other documents.  All requisite partnership, limited liability company and corporate, as applicable, action have been taken by Westfield to authorize the execution and delivery of this Agreement, and will be taken by Westfield prior to the Closing to authorize the execution and delivery of the instruments referenced herein and the consummation of the transactions contemplated hereby.  Each of the Persons signing this Agreement, the Closing Documents and the other documents contemplated by this Agreement on behalf of Westfield has the legal right, power and authority to bind Westfield.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>No Conflicts</font></u><font size=2>.  The execution, delivery and performance by Westfield of this Agreement and the instruments referenced herein and the transaction contemplated hereby will not conflict with, or with or without notice or the passage of time or both, (i) result in a breach of, violation of, or constitute a default under the Original Operating Agreement or the Amended and Restated Operating Agreement, or any material term or provision of any articles of formation, certificate of incorporation, bylaws, certificate of limited partnership, certificate of limited liability company, partnership agreement (oral or written) (including any designation supplemental thereto), limited liability company agreement (oral or written) (including any designation supplemental thereto) or other operating agreement (oral or
written) (including any designation supplemental thereto), of Westfield or (ii) result in a breach of, violation of, or constitute a default under any material term or provision of any indenture, deed of trust, mortgage, contract, agreement, judicial or administrative order or Law applicable to Westfield or by which Westfield, or its assets, are bound.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Consents; Binding Obligations</font></u><font size=2>.  No approval or consent (other than those which have already been obtained and have not been revoked) from any Person is required for Westfield to execute, deliver or perform this Agreement, the Closing Documents or the other instruments contemplated hereby, or for Westfield to consummate the transactions contemplated hereby.  This Agreement, the Closing Documents and all other documents required hereby to be executed by Westfield are and shall be valid, legally binding obligations of, and enforceable against, Westfield, in accordance with their terms.</font></p>


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        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td width="159" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Intentionally Deleted</font></u><font size=2>.  </font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>No Legal Proceedings</font></u><font size=2>.  No actions, suits, proceedings or investigations before any court or governmental authority pending or, to Westfield&#146;s Actual Knowledge, threatened against Westfield, which, if determined adversely to Westfield, could reasonably be expected to have (a)&nbsp;an adverse effect on Westfield&#146;s ability to perform its obligations hereunder, or (b)&nbsp;a Material Adverse Effect.  Westfield is not a party to or otherwise bound by any consent decree, judgment, other decree or order, or settlement agreement which could reasonably be expected to have (i) an adverse effect on its respective ability to perform its obligations hereunder, or (ii) a Material Adverse Effect on it.</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=2>(f)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Intentionally Deleted</font></u><font size=2>.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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

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        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(g)</font></p> </td>
        <td width="159" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Intentionally Deleted.</font></u></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>Each of the representations and warranties contained in this </font><u><b><font size=2>Section 5.2</font></b></u><font size=2> (as the same may be updated in the certificate delivered in accordance with </font><u><b><font size=2>Section 8.1(a)</font></b></u><font size=2>) are acknowledged by them to be material and to be relied upon by Transferor and Transferee in proceeding with this transaction, and (except for any representation or warranty set forth in such certificate which is updated as of the Closing Date in accordance with the terms of </font><u><b><font size=2>Section 8.1(a)</font></b></u><font size=2>) shall be deemed to have been remade by Westfield as of the Closing Date.  Westfield shall promptly notify Transferor and Transferee, in writing, of any event or condition known to Westfield which occurs prior to the Closing Date and which causes a material adverse change in the
facts relating to, or the truth of, any of the above representations or warranties.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc44"></a>Additional Undertakings</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc45"></a>6.1&nbsp;</font><u><font size=2>Covenants</font></u><font size=2>.  Until the earlier of Closing or the termination of this Agreement, Transferor undertakes and agrees as follows:</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor shall cause each Property to be operated and maintained, shall perform or cause to be performed all of its and any Property Owner&#146;s obligations (including obligations under the Existing Loan Documents, the Contracts, and the Tenant Leases ), and shall timely make or cause to be made any required payments relating to such Property in a professional manner, in each case, in accordance, in all material respects, with Transferor&#146;s and the applicable Property Owner&#146;s past practice and all applicable Laws.  Transferor shall cause each Property Owner to maintain in existence all material licenses, permits and approvals, if any (or replace with materially equivalent licenses, permits or approvals), in its name necessary to the continuing ownership, operation and maintenance of the Properties.  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to </font><u><b><font size=2>Section 6.1(c)</font></b></u><font size=2>, without Westfield&#146;s prior written approval, which may be withheld in Westfield&#146;s sole and absolute discretion, neither Transferor nor any Property Owner shall directly or indirectly (i) sell, contribute or assign any of the Indirect Interests or Contributed Interests or any of the Properties or any part thereof, (ii) cause any mortgage, deed of trust or Lien (other than the Permitted Exceptions) to be placed of record against any of the Indirect Interests or Contributed Interests or any of the Properties or any part thereof, unless such Lien is discharged or bonded over on or prior to Closing, (iii) subject to </font><u><b><font size=2>Section 2.2</font></b></u><font size=2>, take any action which would modify in any
material adverse respect the status of title to (or the legal description of) any Property, (iv) enter into any agreement to do any of the foregoing, or (vi) cause or permit any Indirect Owner or Property Owner to do any of the foregoing.  </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=2>(c)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Intentionally Deleted</font></u><font size=2>.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither Transferor nor any Property Owner shall (other than security deposits and first month&#146;s rent received at the commencement of the term of a Tenant Lease), accept any rent from any Tenant for more than one month in advance of the payment date.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor, and each Property Owner shall have the right to commence or prosecute any action, suit or proceeding against a defaulting Tenant or any defaulting vendor under any Contract so long as the commencement and prosecution of such action, suit or proceeding is consistent with Transferor&#146;s or the applicable Property Owner&#146;s past practice.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor shall not elect, and no Indirect Owner or Property Owner shall file an election, to treat any Property Owner as other than as a disregarded entity (as described in Section 301.7701-3(b)(1)(ii) of the Treasury Regulations) for Federal, state or local income tax purposes.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor shall maintain, or cause to be maintained, casualty and general commercial insurance coverage for the Properties similar to the insurance coverage maintained for other properties directly or indirectly owned by Transferor which are similar to the Properties.</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=2>(h)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Intentionally Deleted.</font></u></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor shall, or shall cause the applicable Property Owner to, provide Westfield with (i) a copy of any written notice of default given or received by Transferor or any Property Owner under any material Tenant Lease, any Existing Mortgage Loan, and (ii) notice of any litigation (other than litigation covered by insurance) actually commenced by or against Transferor (with respect to the Property Owners or the Properties) or any Property Owner, (iii) notice of any arbitration or governmental proceeding instituted against any Property Owner, and (iv) a copy of any written notice of eminent domain or condemnation proceedings received by Transferor or any Property Owner. On the Closing Date, Transferor shall, or shall cause the applicable Property Owner to, provide Transferee with a list of all
outstanding litigation (including litigation covered by insurance) against Transferor (with respect to the Property Owners or the Properties) or any Property Owner.</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=2>(j)</font></p> </td>
        <td width="159" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Intentionally Deleted</font></u><font size=2>.  </font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor and Transferee hereby agree that, between the Effective Date and Closing, each shall keep the other and Westfield reasonably informed (and shall establish procedures to keep the other reasonably informed) of matters relating to the operation and leasing of the Properties and satisfaction of any conditions precedent to Closing hereunder.  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc46"></a>6.2&nbsp;</font><u><font size=2>Actions by Property Owners</font></u><font size=2>.  Except as otherwise expressly permitted by this Agreement, prior to Closing or termination of this Agreement, without the prior written consent of Westfield (which consent may be withheld in Westfield&#146;s sole and absolute<sup> </sup> discretion), Transferor shall not, and shall not cause or permit any Indirect Owner or Property Owner to:</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;issue, sell, dispose of, or agree to issue, sell, or dispose of, any equity interests, or any debt or any securities convertible into or exchangeable for equity interests in any Indirect Owner or Property Owner;</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;purchase, redeem or otherwise acquire or retire, or offer to purchase, redeem or otherwise acquire or retire, any equity interests in any Indirect Owner or Property Owner, if as a result of any of the foregoing, Transferor and St. Clair Square GP would fail to be able to contribute all of the Contributed Interests to Transferor in accordance with the terms of this Agreement;</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;incur, or become contingently liable with respect to, any new or additional indebtedness or enter into any guarantee of any indebtedness or issue any debt securities, other than trade payables in the ordinary course of business consistent with past practices;</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acquire, or agree to acquire, by merging or consolidating with, or by purchasing a substantial direct or indirect equity interest in or a substantial portion of the assets of, or by any other manner, any business or any Person;</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mortgage or otherwise voluntarily place a Lien on any of the Contributed Interests or Properties, unless such Lien is discharged or bonded over on or prior to the Closing Date; </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;be listed for direct or indirect sale or transfer; and Transferor shall not, and shall not cause or permit any Indirect Owner or Property Owner to, negotiate for the same, other than to Transferee; or</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;be listed for direct or indirect sale or transfer; and Transferor shall not, and shall not cause or permit any Property Owner to, negotiate for the same, other than to Transferee.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc47"></a>6.3&nbsp;</font><u><font size=2>Contracts</font></u><font size=2>.  At Closing, Transferor and Transferee shall cause Contracts either to be assigned to and assumed by Transferee or terminated so that Transferee has no liability therefor (including for any termination fees relating to such termination) (in which event the Property Owner, at or promptly after Closing, shall enter into other Contracts in replacement therefor, consistent with the Property Owner&#146;s current practices).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc48"></a>6.4&nbsp;</font><u><font size=2>Casualty Damage/Condemnation</font></u><font size=2>.  Notwithstanding anything to the contrary set forth in this Agreement, if, prior to Closing, either (a) Twenty-Five Million and No/100 Dollars ($25,000,000) or more of damage is caused to any one or more of the Properties in the aggregate, in each case as a result of any earthquake, hurricane, tornado, flood, landslide, fire, act of war, terrorism, terrorist activity or other casualty, or (b) any portion or portions of any one or more of the Properties having an aggregate fair market value equal to or greater than Twenty-Five Million and No/100 Dollars ($25,000,000), in each case, is taken (or is threatened to be taken) </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>under the power or threat of eminent domain (temporarily or permanently), (c) material access to any Property or a material portion of the parking of any Property is destroyed as a result of a casualty or taking (or threatened taking) under the power or threat of eminent domain (temporarily or permanently), or (d) any portion of any Property is rendered untenantable as a result of a casualty or taking (or threatened taking) under the power or threat of eminent domain (temporarily or permanently) such that, with respect to </font><u><b><font size=2>clauses (c)</font></b></u><font size=2>, or </font><u><b><font size=2>(d)</font></b></u><font size=2>, the use of the balance of any Property is materially impaired for a material period of time, and such impairment would have a material adverse effect on the business operations, financial condition or results of operations of the Properties, the Contributed
Interests, and the Property Owners, taken as a whole, then, in any such event, Westfield may elect to cause Transferee to terminate this Agreement by giving written notice to Transferor of its election to terminate this Agreement (a &#147;</font><u><b><font size=2>Material Event Termination Notice</font></b></u><font size=2>&#148;), on or before the 10<sup>th</sup> day after Westfield receives written notice of such destruction, taking or threatened taking.  If Westfield does not give (or has no right to give) a Material Event Termination Notice within such 10 day period, then (i) this transaction shall close as set forth in this Agreement, (ii) Transferee shall pay the full Contributed Interests Value (subject to </font><u><b><font size=2>clause (iv)</font></b></u><font size=2> below), (iii) to the extent not automatically assigned indirectly to Transferee by the making of the Contribution to Transferee, Transferor shall assign (or cause the applicable Property Owner to assign) to
Transferee the proceeds of any insurance policies payable to Transferor or the applicable Property Owner (or shall assign the right or claim to receive such proceeds after Closing), or Transferor&#146;s or the applicable Property Owner&#146;s right to or portion of any condemnation award (or payment in lieu thereof), (iv) the amount of any deductible or self-insured or uninsured amount and any portion of the insurance proceeds or condemnation awards distributed to any direct or indirect equity owner of any Property Owner, shall be a credit against the Contributed Interests Value, and any proceeds from rent or business interruption insurance allocable to the period from and after the Closing Date (less any deductibles allocable to such periods) shall be retained by the applicable Property Owner (or Transferor shall receive a credit for the portion of any such proceeds (less any such deductibles) not so retained by the applicable Property Owner).  If an event described in the first
sentence of this </font><u><b><font size=2>Section 6.4</font></b></u><font size=2> shall occur, and Westfield timely delivers a Material Event Termination Notice with respect to such event pursuant to this </font><u><b><font size=2>Section 6.4</font></b></u><font size=2>, Westfield shall pay all cancellation charges, if any, of Escrow Agent and the Title Company, and this Agreement shall be of no further force or effect and none of the parties shall have any further rights or obligations hereunder (other than pursuant to any provision which expressly survives the termination of this Agreement).  Transferor shall not settle or compromise any insurance claim or condemnation action without the prior written consent of Westfield (not to be unreasonably withheld, delayed or conditioned), and Westfield shall have the option to participate in any such claim or action.  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc49"></a>6.5&nbsp;</font><u><font size=2>Risk of Loss</font></u><font size=2>.  Transferor shall retain risk of loss of the Properties until 12:01 a.m. on the Closing Date, after which time the risk of loss shall pass to Transferee and Transferee shall be responsible for obtaining its own insurance thereafter.</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=2>6.6</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Intentionally Deleted</font></u><font size=2>.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><a name="toc51"></a>&nbsp;</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </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=2>6.7</font></p> </td>
        <td width="159" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Intentionally Deleted</font></u><font size=2>.  </font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc52"></a>6.8&nbsp;</font><u><font size=2>Employees</font></u><font size=2>.  From and after the Closing, unless otherwise agreed to by Transferor and Westfield, substantially all of the employees working at the Properties as of the Closing Date will continue to be employed (or terminated) by the applicable Property Owner or by an Affiliate of Transferee consistent with the current employment practices for the Properties. </font></p>
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        <td width="24" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>6.9</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Existing Mortgage Loans; Lender Consents</font></u><font size=2>.</font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto acknowledge and agree that (i) the Chapel Hill Mall Property is subject to the Chapel Hill Mortgage Loan, which has a stated maturity date of August, 2016, (ii) the Greenbrier Mall Property is subject to the Greenbrier Mall Mortgage Loan, which has a stated maturity date of August, 2016, (iii) the Park Plaza Mall Property is subject to the Park Plaza Mall Mortgage Loan, which has a stated maturity date of May, 2010, (iv) the Shoppes At St. Clair Square Property is subject to the Shoppes At St. Clair Square Mortgage Loan, which has a stated maturity date of April, 2017, (v) the St. Clair Square Property is subject to the St. Clair Square Mortgage Loan, which has a stated maturity date of April, 2009, (vi) the Westmoreland Mall Property is subject to the Westmoreland Mall Mortgage Loan,
which has a stated maturity date of January, 2013, (vii) the Acadiana Mall Property is subject to the Acadiana Mall Mortgage Loan, which has a stated maturity date of April, 2017, and (viii) each Existing Mortgage Loan has an outstanding principal balance equal to the amount set forth on </font><u><b><font size=2>Schedule 1.2(a)</font></b></u><font size=2> attached hereto. </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties further acknowledge and agree that, under the terms of the Existing Loan Documents, the consent of each of the lenders thereunder (the &#147;</font><u><b><font size=2>Existing Lenders</font></b></u><font size=2>&#148;; and each, an &#147;</font><u><b><font size=2>Existing Lender</font></b></u><font size=2>&#148;) is required in order to consummate the transactions contemplated herein.  Transferor shall contact the Existing Lenders to enable Transferee and Westfield to obtain each Existing Lender&#146;s consent (each, a &#147;</font><u><b><font size=2>Lender Consent</font></b></u><font size=2>&#148;; and collectively, the &#147;</font><u><b><font size=2>Lender Consents</font></b></u><font size=2>&#148;) on or prior to the Closing Date, to the following (i) the transfer of the Contributed Interests
for the applicable Property Owner to Transferee (and the transfer of any related Indirect Interests); and (ii) subject to </font><u><b><font size=2>Section 6.9(d)</font></b></u><font size=2>, modifications to the applicable Existing Loan Documents to reflect the new organizational structure of the borrower thereunder which the applicable Existing Lender may require or permit.  The provisions of this </font><u><b><font size=2>Section 6.9(b)</font></b></u><font size=2> shall survive Closing.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor, Transferee and Westfield shall use, and shall cause their affiliates to use, good faith commercially reasonable efforts to obtain the Lender Consents, including, without limitation, by: (i) promptly delivering all documents, opinions and agreements customarily required to be delivered in accordance with the relevant sections of the Existing Loan Documents or as may otherwise be reasonably required by any of the Existing Lenders, their servicers or the rating agencies, (ii) promptly completing all assumption application materials reasonably required by any of the Existing Lenders, their servicers or the rating agencies, (iii) promptly providing such all organizational, financial and other background information regarding Transferor, Transferee, Westfield and their affiliates as may be reasonably </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>required by any of the Existing Lenders, their servicers or the rating agencies; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that no party shall have any obligation in connection with obtaining the Lender Consents, to (x) commence any litigation or to incur any material expense (other than pursuant to </font><u><b><font size=2>Section 6.9(e)</font></b></u><font size=2>), (y) agree to any obligation or liability that is materially more adverse to such party than the obligations and liabilities set forth in the Existing Loan Documents, or (z) in the case of Transferee, obtain any insurance other than insurance maintained (directly or indirectly) by CBL OP for properties directly or indirectly owned by it that are subject to first mortgage commercial mortgage backed securities debt..  In connection with the foregoing, Westfield shall
reasonably cooperate with Transferor if the Lender requires (A) customary financial information with respect to Westfield, and/or (B) a preliminary structure chart containing the organizational structure of Westfield, including the actual names of all entities shown thereon and their respective ownership percentages.  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of Transferee and Westfield, on behalf of itself and its affiliates, acknowledges and agrees that the Existing Loan Documents will not be amended or modified in any respect in connection with the indirect assumptions thereof, except to the extent the applicable Existing Lender requires or permits an amendment or modification in connection with the delivery of its Lender Consent to reflect the transactions described in this Agreement, including, without limitation, to reflect the new organizational structure of the borrower under the applicable Existing Loan Documents.  Transferor, Transferee and Westfield shall reasonably cooperate with each other to effectuate any modifications to the Existing Loan Documents reasonably required to reflect the new organizational structure of the borrowers thereunder,
</font><u><font size=2>provided</font></u><font size=2>, that any change that materially adversely affects any party to an Existing Loan Document shall be subject to the consent of the party so materially adversely affected.  Transferee and Westfield shall copy, or cause to be copied, Transferor, and Transferor shall copy, or cause to copied, Transferee and Westfield, on all written (including, e-mail) correspondence to and from any of the Existing Lenders, their servicers and the rating agencies in connection with the indirect assumption of the Existing Mortgage Loans.  Notwithstanding anything to the contrary contained in this Section 6.9, in no event shall Westfield or any of the Westfield&#146;s Affiliates be required to guaranty any of the obligations under the Existing Loan Documents as a condition to obtaining the Lender Consents.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of Transferee and Transferor shall timely pay to each Existing Lender one-half of (i) all of such Existing Lender&#146;s costs and expenses in connection with the issuing its Lender&#146;s Consent, including, without limitation, all processing fees, application fees, attorneys&#146; fees, recording fees, servicer fees, underwriting and rating agency fees, (ii) all of such Existing Lender&#146;s other out-of-pocket costs and expenses in connection with the issuing of its Lender&#146;s Consent, and (iii) all assumption or transfer fees, if any, required by such Existing Lender and/or its servicers (the costs, expenses and fees described in </font><u><b><font size=2>clauses (i)</font></b></u><font size=2>, </font><u><b><font size=2>(ii)</font></b></u><font size=2> and </font><u><b><font
size=2>(iii)</font></b></u><font size=2> collectively, the &#147;</font><u><b><font size=2>Assumption Fees</font></b></u><font size=2>&#148;).  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, Transferor shall request from the holder of each Existing Mortgage Loan a statement indicating (i) the outstanding principal balance of such Existing </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>Mortgage Loan as of the date indicated in such statement, (ii) the escrow balances related to such Existing Mortgage Loan, and (iii) whether or not such holder has given any written notice of default under such Existing Mortgage Loan which remains uncured, and (ii) such other information as may be reasonably requested by Transferee; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that actually obtaining any or all of such statements from any or all of the holders of the Existing Mortgage Loans shall not be a condition precedent to Closing.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in this Agreement, the failure of the parties to obtain any or all of the Lender Consents by Closing (if the parties acted in good faith and used commercially reasonable efforts to obtain the same) shall not give rise to any liability on the part of (i) Transferor or any of the Transferor Related Parties to Transferee or Westfield or their affiliates, (ii) Transferee to Transferor or any of the Transferor Related Parties, or (ii) Westfield to Transferee or Transferor or any of the Transferor Related Parties, in each case, unless such failure is due to a breach by a party of its obligations hereunder, and the parties&#146; rights under such circumstances shall be limited to the rights set forth in </font><u><b><font size=2>Section</font></b><font
size=2>&nbsp;</font><b><font size=2>7.2</font></b></u><font size=2> and </font><u><b><font size=2>8.2</font></b></u><font size=2>, as applicable.</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=2>6.10</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Intentionally Deleted</font></u><font size=2>.  </font></p> </td> </tr></table>
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        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>6.11</font></p> </td>
        <td width="159" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Intentionally Deleted</font></u><font size=2>.  </font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc56"></a>6.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Westfield Contribution Agreement</font></u><font size=2>.  Each of Westfield and Transferee shall use, and shall cause its respective affiliates to use, commercially reasonable efforts and otherwise act in good faith to satisfy all of the conditions to closing under the Westfield Contribution Agreement.  Neither Westfield nor Transferee shall amend or modify the Westfield Contribution Agreement without the prior written consent of Transferor.</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=2>6.13</font></p> </td>
        <td width="159" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Intentionally Deleted</font></u><font size=2>.  </font></p> </td> </tr></table>
</div>

<a name="toc58"></a>&nbsp;


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    <tr >
        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
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        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>6.14</font></p> </td>
        <td width="159" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Intentionally Deleted</font></u><font size=2>.  </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><B><font SIZE=2>ARTICLE VII</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc59"></a>Transferee&#146;s Obligation to Close</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc60"></a>7.1&nbsp;</font><u><font size=2>Transferee&#146;s Conditions</font></u><font size=2>. Transferee shall not be obligated to close hereunder unless each of the following conditions shall exist on the Closing Date:</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Accuracy of Representations</font></u><font size=2>.  All of the representations and warranties made by Transferor in this Agreement or in any of the Closing Documents (except for any of such representations and warranties that by their terms relate only to a specific date other than the Closing Date, in which event, such representations and warranties shall be, or have been, true and correct in all material respects (or, in the case of any representations and warranties already qualified by materiality, in all respects, as of such other date)) shall be true and correct in all material respects (or, in the case of any representations and warranties already </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>qualified by materiality, in all respects) on and as of the Closing Date with the same force and effect as though such representations and warranties had been made on and as of the Closing Date, and Transferor will so certify pursuant to the Bringdown Certificate;  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Transferor&#146;s Performance</font></u><font size=2>.  Transferor shall have made the deliveries required to be made by Transferor and Transferee under </font><u><b><font size=2>Article IX</font></b></u><font size=2>, and shall have, and shall have caused its affiliates to have, in all material respects (i) performed all covenants and obligations, and (ii) complied with all conditions, required by this Agreement and any other agreement between or among Transferor, Transferee and Westfield or their respective affiliates to be performed or complied with by Transferor, Transferee or their respective affiliates on or before the Closing Date, or each such covenant, obligation and condition that shall not have been so performed or complied with shall be waived by Westfield in writing and in
its sole and absolute discretion prior to Closing;</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>No Liens</font></u><font size=2>.  Transferor and St. Clair Square GP shall convey, or cause the conveyance of, the Contributed Interests to Transferee, free and clear of all Liens of any nature whatsoever (subject to the covenants, conditions and restrictions set forth in the Existing Loan Documents);</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Consents</font></u><font size=2>.  All consents (including all of the Lender Consents) required to permit Transferor to effect the transactions contemplated hereby shall have been obtained by Transferor;</font><b><font size=2> </font></b><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that, with respect to the Lender Consents, if any of the same shall not have been obtained by Closing solely as a result of a breach by Westfield or any of its  respective affiliates of their obligations under </font><u><b><font size=2>Section 6.9</font></b></u><font size=2>, then Westfield shall not be entitled to use as a defense to such breach, the fact that the foregoing condition was not satisfied;</font></p>


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        <td width="96" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
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        <td width="72" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(e)</font></p> </td>
        <td width="219" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Intentionally Deleted</font></u><font size=2>; and</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Other Conditions</font></u><font size=2>.  Any other condition expressly set forth in this Agreement to Westfield&#146;s obligation to close shall have been satisfied on or prior to the date by which such condition is required hereunder to be satisfied.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc61"></a>7.2&nbsp;</font><u><font size=2>Failure of Conditions</font></u><font size=2>.  Subject to the proviso in </font><u><b><font size=2>Sections 7.3</font></b></u><font size=2> if any condition specified in </font><u><b><font size=2>Section 7.1</font></b></u><font size=2> is not satisfied on or before the Outside Closing Date, Westfield may, at its option, and in its sole and absolute discretion, (i) waive any such condition which can legally be waived and proceed to Closing, or (ii) terminate this Agreement by written notice thereof to Transferor.  In addition to (and notwithstanding) the foregoing, if the failure of the condition is due to a breach by Transferor or Transferee hereunder, Westfield may pursue any of its remedies under </font><u><b><font size=2>Section 11.1</font></b></u><font size=2> (subject to the provisions of the penultimate paragraph of
</font><u><b><font size=2>Article IV</font></b></u><font size=2> and </font><u><b><font size=2>Section 13.4</font></b></u><font size=2>).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc62"></a>7.3&nbsp;</font><u><font size=2>Transferor&#146;s Right to Cure Breaches of Representations or Warranties</font></u><font size=2>.  Notwithstanding anything to the contrary contained in this Agreement, in the event any of Transferor&#146;s or Transferee&#146;s representations or warranties set forth in this Agreement are </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>determined to be untrue or incorrect between the Effective Date and the Closing Date, (i) Westfield shall have no right to terminate this Agreement under Section 7.2 above or enforce any of its remedies under Section 11.1 below if the aggregate effect of such breaches does not cause the Contributed Interests Value (for all of the Properties) to be reduced by more than Three Hundred Seventy-Five Thousand and No/100 Dollars ($375,000); (ii) Westfield shall have no right to terminate this Agreement under Section 7.2 above or enforce any of its remedies under Section 11.1 below if the aggregate effect of such breaches causes the Contributed Interests Value (for all of the Properties) to be reduced by more than Three Hundred Seventy-Five Thousand and No/100 Dollars ($375,000) but no more than Seven Million Five Hundred Thousand and No/100 Dollars ($7,500,000), except that Transferor shall be obligated to
contribute additional properties, assets, cash and/or cash equivalents (or, if applicable, corresponding Contributed Interests) to the Transferee under this Agreement that have an aggregate Contributed Interests Value (as reasonably determined by Transferor and Westfield) equal to or more than the amount of such reduction (in which event (x) the definition of &#147;Contributed Interests&#148;, &#147;Contributed Interests Value&#148;, &#147;Properties&#148;, &#147;Property Owners&#148; and other applicable defined terms used in this Agreement, and all applicable Exhibits and Schedules attached hereto, shall be modified and amended to reflect such additional properties, if and as applicable, and (y) in the event the additional properties contributed have an aggregate Contributed Interests Value in excess of such reduction, the Common Membership Interests issued to Transferor and St. Clair Square GP (if applicable) shall be correspondingly increased); and (iii) if the aggregate effect of
such breaches causes the Contributed Interests Value (for all of the Properties) to be reduced by more than Seven Million Five Hundred Thousand and No/100 Dollars ($7,500,000), Transferor shall have the option, but not the obligation, to contribute additional properties, assets, cash and/or cash equivalents (or, if applicable corresponding Contributed Interests) to the Transferee under this Agreement that have an aggregate Contributed Interests Value (as determined by Transferor and Westfield) equal to or more than the amount of such reduction (in which event the sub-clauses (x) and (y) of clause (ii) above shall apply), provided that if Transferor elects not to make such additional contributions, then Westfield shall have the right to terminate this Agreement under Section 7.2 above and/or enforce any of its remedies under Section 11.1 below as a result of such breaches.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc63"></a>Transferor&#146;s Obligation to Close</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc64"></a>8.1&nbsp;</font><u><font size=2>Transferor&#146;s Conditions</font></u><font size=2>.  Transferor shall not be obligated to close hereunder unless each of the following conditions shall exist on the Closing Date:</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Accuracy of Representations</font></u><font size=2>.  All of the representations and warranties made by Westfield in this Agreement or in any of the Closing Documents shall be true and correct in all material respects (or, in the case of any representations and warranties already qualified by materiality, in all respects) on and as of the Closing Date with the same force and effect as though such representations and warranties had been made on and as of the </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>Closing Date, and Westfield will so certify pursuant to a written certificate delivered to Transferor on or prior to Closing; </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Performance</font></u><font size=2>.  Westfield shall have made the deliveries required to be made by it under </font><u><b><font size=2>Article IX</font></b></u><font size=2>, and shall have, and shall have caused its respective affiliates to have, in all material respects, (i) performed all covenants and obligations, and (ii) complied with all conditions, required by this Agreement and any other agreement between or among Transferor, Transferee and Westfield or their respective affiliates, to be performed or complied with by Westfield or its respective affiliates on or before the Closing Date, or each such covenant, obligation and condition that shall not have been so performed or complied with shall be waived by Transferor in writing and in its sole and absolute discretion prior to Closing;</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Consents</font></u><font size=2>. All consents (including all of the Lender Consents) required to permit Transferee to effect the transaction contemplated hereby shall have been obtained by Transferee; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that, with respect to the Lender Consents, if any the same shall not have been obtained by Closing solely as a result of a breach by Transferor, Transferee or their respective affiliates&#146; obligations under </font><u><b><font size=2>Section 6.9</font></b></u><font size=2>,  then Transferor shall not be entitled to use as a defense to such breach, the fact that the foregoing condition was not satisfied.</font></p>


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        <td width="96" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
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        <td width="72" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td width="191" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Intentionally Deleted</font></u><font size=2>;</font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Westfield Contribution</font></u><font size=2>.  The closing under the Westfield Contribution Agreement shall have occurred; </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>No Liens</font></u><font size=2>.  Transferee shall issue to Transferor and St. Clair Square GP the Common Membership Interests which will, immediately upon the issuance thereof, constitute 100% of the authorized, issued and outstanding common interests in Transferee, free and clear of any Liens or any nature whatsoever; and</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Other Conditions</font></u><font size=2>.  Any other condition expressly set forth in this Agreement to Transferee&#146;s obligation to close shall have been satisfied on or prior to the date by which such condition is required hereunder to be satisfied.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc65"></a>8.2&nbsp;</font><u><font size=2>Failure of Conditions</font></u><font size=2>.  Subject to the proviso in </font><u><b><font size=2>Sections 8.1(c)</font></b></u><font size=2> and the proviso in the last sentence of this </font><u><b><font size=2>Section 8.2</font></b></u><font size=2>, if any condition specified in </font><u><b><font size=2>Section 8.1</font></b></u><font size=2> is not satisfied on or before the Outside Closing Date, Transferor may, at its option, and in its sole and absolute discretion, (a) waive any such condition which can legally be waived and proceed to Closing without adjustment or abatement of the Contributed Interests Value, or (b) terminate this Agreement by written notice thereof to Transferee.  In addition to (and notwithstanding) the foregoing, if the failure of the condition is due to a breach by Westfield hereunder, Transferor may
pursue any of its remedies under </font><u><b><font size=2>Section 11.2</font></b></u><font size=2>.  Notwithstanding anything to the contrary contained in this </font><u><b><font size=2>Section 8.2</font></b></u><font size=2>, if any condition specified in </font><u><b><font size=2>Section 8.1</font></b></u><font size=2> is not satisfied on or before the Outside Closing Date solely due to the actions or inactions of the Transferee (and not </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>contributed to by the actions or inactions of Westfield), then Transferor shall not be entitled terminate this Agreement due to the fact that the foregoing condition was not satisfied.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc66"></a>Closing</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc67"></a>9.1&nbsp;</font><u><font size=2>Time of Closing</font></u><font size=2>.  Subject to the provisions of this Agreement, the closing of the transactions contemplated hereby (&#147;</font><u><b><font size=2>Closing</font></b></u><font size=2>&#148;) shall take place at 10:00 a.m. on the Closing Date at the offices of Debevoise &amp; Plimpton LLP, 919 Third Avenue, New York, New York, or at such other place located in Los Angeles, California or New York City, New York, as may otherwise be agreed upon by Transferor and Transferee.  The &#147;</font><u><b><font size=2>Closing Date</font></b></u><font size=2>&#148; shall occur on a Business Day mutually agreed upon by Transferor and Transferee as soon as practical after all of the conditions set forth in </font><u><b><font size=2>Articles VII</font></b></u><font size=2> and </font><U><B><font SIZE=2>VIII</font></B></U><font
size=2> have been satisfied (or will be satisfied simultaneously with Closing) or waived in accordance with the terms thereof; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that the Closing Date shall in no event occur later than November 30, 2007 (the &#147;</font><u><b><font size=2>Outside Closing Date</font></b></u><font size=2>&#148;).</font><b><font size=2>  </font></b><font size=2>If Closing does not occur by the Outside Closing Date and the same is attributable to a breach or default hereunder by Westfield, the provisions of </font><u><b><font size=2>Section 11.2</font></b></u><font size=2> shall apply.  If Closing does not occur by the Outside Closing Date and the same is due to a breach or default hereunder by Transferor, the provisions of </font><u><b><font size=2>Section 11.1</font></b></u><font size=2> shall apply (subject to the provisions of </font><u><b><font size=2>Section 13.4</font></b></u><font
size=2> and </font><u><b><font size=2>Article IV</font></b></u><font size=2>) Without limiting the foregoing, the Outside Closing Date may be extended only with the prior written consent of Transferor, Transferee and Westfield (which consent may be given or withheld in their respective sole and absolute discretions).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc68"></a>9.2&nbsp;</font><u><font size=2>Deliveries at Closing by Transferor</font></u><font size=2>.  On or before the Closing, Transferor, at its sole cost and expense, shall deliver or cause to be delivered to Escrow Agent the following, each dated as of the Closing Date, in addition to all other items and payments required by this Agreement to be delivered by Transferor at Closing (and unless otherwise noted, two original copies of each of the following shall be delivered):</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Cash</font></u><font size=2>.  Transferor shall deliver to Escrow Agent, by Federal funds wire transfer, cash in an amount equal to the sum of Transferor&#146;s Closing Costs as provided in </font><u><b><font size=2>Section</font></b><font size=2>&nbsp;</font><b><font size=2>1.4</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Assignment and Assumption of Contributed Interests</font></u><font size=2>.  Transferor and St. Clair Square GP shall deliver counterparts of the assignment and assumption of the Contributed Interests, in substantially the form attached hereto as </font><u><b><font size=2>Exhibit B</font></b></u><font size=2> (the &#147;</font><u><b><font size=2>Assignment and Assumption of Contributed Interests</font></b></u><font size=2>&#148;), duly executed by Transferor, and St. Clair Square GP and/or its respective affiliates, conveying to Transferee, (i) all of Transferor&#146;s and St. Clair Square GP&#146;s and/or its respective affiliates&#146; respective rights, titles and interests in, and to the Contributed Interests, free and clear of any Liens of any nature whatsoever (subject to the
covenants, conditions and restrictions set forth in the Existing Loan Documents), and (ii) all of Transferor&#146;s, St. Clair Square GP&#146;s and/or its respective affiliates&#146; respective rights, titles and interests, if any, in, and to the names &#147;Chapel Hill Mall&#148;, &#147;Chapel Hill Suburban/Crossing&#148;, </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>&#147;Greenbrier Mall&#148;, &#147;Park Plaza Mall&#148;, &#147;St. Clair Square&#148;, &#147;Shoppes At St. Clair Square&#148;, &#147;Acadiana Mall&#148; and &#147;Westmoreland Mall&#148; and any variations thereof.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Proof of Authority</font></u><font size=2>.  Transferor and St. Clair Square GP shall provide such customary proof of authority and authorization to enter into this Agreement and the transactions contemplated hereby, and such customary proof of the power and authority of the individual(s) executing or delivering any documents or certificates on behalf of Transferor and St. Clair Square GP as may be reasonably required by the Title Company, Transferee or both.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Non-Foreign Affidavits</font></u><font size=2>.  Transferor and St. Clair Square GP shall deliver Non-Foreign Affidavits, each in the form attached hereto as </font><u><b><font size=2>Exhibit C</font></b></u><font size=2>, duly executed by Transferor and/or its affiliates.</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=2>(e)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Intentionally Deleted</font></u><font size=2>.</font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Counterpart of Amended and Restated Operating Agreement</font></u><font size=2>.  Transferor and St. Clair Square GP shall deliver&nbsp;counterparts of the Amended and Restated Operating Agreement, duly executed by Transferor and St. Clair Square GP.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Closing Statement</font></u><font size=2>.  Transferor shall deliver counterparts of a settlement statement setting forth all prorations, allocations, closing costs and payments of moneys related to the consummation of the transactions contemplated by this Agreement (the &#147;</font><u><b><font size=2>Closing Statement</font></b></u><font size=2>&#148;), duly executed by Transferor.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>State FIRPTA</font></u><font size=2>.  Transferor and St. Clair Square GP shall complete and deliver three original counterparts of any state forms relating to statutes similar to Section 1445 of the Code, in each case, to the extent required to be delivered by Transferor and/or its affiliates in connection with the transfer to Transferee of the Contributed Interests (collectively, the &#147;</font><u><b><font size=2>Transfer Tax Returns</font></b></u><font size=2>&#148;), duly executed by Transferor.<sup> </sup></font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Bringdown Certificate</font></u><font size=2>.  On or before the Closing Date, Transferor shall complete and shall have delivered to Transferee an updated representation certificate (the &#147;</font><u><b><font size=2>Bringdown Certificate</font></b></u><font size=2>&#148;), pursuant to which Transferor shall provide, and represent and warrant to Transferee as to, updated versions of each of the representations and warranties set forth in </font><u><b><font size=2>Article IV</font></b></u><font size=2>, all updated as of the Closing Date (or such other date as may be specified in </font><u><b><font size=2>Article IV</font></b></u><font size=2>).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Assumption Documents</font></u><font size=2>.  Transferor shall deliver counterparts of all agreements, instruments and documents, each in form reasonably satisfactory to Transferor and Transferee, required to be executed by Transferor and/or its affiliates in connection with the indirect assumption of the Existing Loans by Transferee, duly executed by Transferor and/or its affiliates, in such number of counterparts as may be required by the applicable Existing Lender, plus two additional counterparts.</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </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=2>(k)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Intentionally Deleted</font></u><font size=2>.</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(l)</font></p> </td>
        <td width="159" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Intentionally Deleted</font></u><font size=2>.</font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Other Documents</font></u><font size=2>.  Transferor and St. Clair Square GP shall, as reasonably requested by Transferee, the Title Company, Escrow Agent, the Existing Lenders or the rating agencies, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, any and all such other customary instruments and documents as may be contemplated elsewhere in this Agreement to be delivered on or prior to the Closing Date, or otherwise reasonably necessary in order to complete the transaction contemplated hereby and to carry out the intent and purposes of this Agreement, so long as Transferor&#146;s and St. Clair Square GP&#146;s liabilities and obligations hereunder are not increased by any material extent.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc69"></a>9.3&nbsp;</font><u><font size=2>Deliveries at Closing by Transferee or Westfield</font></u><font size=2>.  On or before the Closing, Transferee and, solely with respect to 9.3(e), Westfield, at their respective sole cost and expense, shall deliver or cause to be delivered to Escrow Agent the following, each dated as of the Closing Date, in addition to all other items and payments required by this Agreement to be delivered by Transferee at Closing (and unless otherwise noted, two original copies of each of the following shall be delivered):</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Cash</font></u><font size=2>.  If applicable pursuant to the provisions of </font><b><font size=2>Section 1.3</font></b><font size=2>, Transferee shall deliver to Escrow Agent, by Federal funds wire transfer, cash in an amount equal to Transferee&#146;s Closing Costs as provided in </font><u><b><font size=2>Section</font></b><font size=2>&nbsp;</font><b><font size=2>1.3</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Assignment and Assumption of Contributed Interests</font></u><font size=2>.  Transferee shall deliver counterparts of the Assignment and Assumption of Contributed Interests, duly executed by Transferee.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Proof of Authority</font></u><font size=2>.  Each of Transferee and Westfield shall provide such customary proof of Transferee&#146;s and Westfield&#146;s authority and authorization to enter into this Agreement and the transactions contemplated hereby, and such customary proof of the power and authority of the individual(s) executing or delivering any documents or certificates on behalf of Transferee or Westfield as may be reasonably required by the Title Company, Transferor or both.</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=2>(d)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Intentionally Deleted</font></u><font size=2>.  </font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Certificate Regarding Representations</font></u><font size=2>.  On or before the Closing Date, Transferee shall complete and shall have delivered to Transferor and Westfield the certificate required pursuant to </font><u><b><font size=2>Section 8.1(a)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Closing Statement</font></u><font size=2>.  Transferee shall deliver counterparts of the Closing Statement, duly executed by Transferee.</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </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=2>(g)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Intentionally Deleted</font></u><font size=2>.</font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Assumption Documents</font></u><font size=2>.  Transferee shall deliver counterparts of all agreements, instruments and documents, each in form reasonably satisfactory to Transferor Transferee, to be executed by Transferee and/or its affiliates in connection with the indirect assumptions of the Existing Mortgage Loans by Transferee (including, without limitation, as to Transferee only, any guaranties and indemnities), duly executed by Transferee and/or its affiliates, in such number of counterparts as may be required by the applicable Existing Lender, plus two additional counterparts.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Other Documents</font></u><font size=2>.  Transferee shall, as reasonably requested by Transferor, the Title Company, Escrow Agent, the Existing Lenders or the rating agencies, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, any and all such other customary instruments and documents as may be contemplated elsewhere in this Agreement to be delivered on or prior to the Closing Date, or otherwise reasonably necessary in order to complete the transaction contemplated hereby and to carry out the intent and purposes of this Agreement, so long as Transferee&#146;s, Westfield&#146;s and the Property Owners&#146; liabilities and obligations hereunder are not increased by any material extent.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc70"></a>9.4&nbsp;</font><u><font size=2>Deliveries Outside of Escrow</font></u><font size=2>.  Transferor shall deliver, or cause to be delivered, possession of the Properties, subject only to the Permitted Exceptions, the rights of Tenants and subtenants in occupancy under the Tenant Leases to Transferee upon Closing.  Further, Transferor shall deliver, or cause to be delivered, to Transferee, on or prior to the Closing, the following items:</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Intangible Property</font></u><font size=2>.  Transferor shall deliver or turn over, or cause to be delivered or turned over, to Transferee&#146;s control at the applicable Real Property (or at such other place as shall be reasonably agreed upon by Transferor and Transferee), the originals of the Plans and Records, the Tenant Leases, the Contracts, the Permits and the Intangible Property Documents, if any, in each case, to the extent in Transferor&#146;s Possession or Reasonable Control or, if not, copies thereof which are true and complete in all material respects.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Personal Property</font></u><font size=2>.  Transferor shall deliver or turn over, or cause to be delivered or turned over, to Transferee&#146;s control at the applicable Real Property (or at such other place as shall be reasonably agreed upon by Transferor and Transferee), the Personal Property, including any and all keys, pass cards, remote controls, security codes, computer software and other devices relating to access to the Improvements, if any, in each case, to the extent in any Transferor&#146;s Possession or Reasonable Control.</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=2>(c)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Intentionally Deleted</font></u><font size=2>.</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td width="159" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Intentionally Deleted</font></u><font size=2>.</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(e)</font></p> </td>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><a name="toc71"></a>&nbsp;</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>9.5&nbsp;</font><u><font size=2>Actions by Escrow Agent</font></u><font size=2>.  Provided Escrow Agent shall not have received written notice from Transferee or Transferor of the failure of any condition to the or of the termination of this Agreement, when Transferee and Transferor have deposited into escrow the documents and funds required by this Agreement, Escrow Agent shall, in the order and manner herein below indicated, take the following actions:</font></p>


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        <td width="72" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td width="260" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Funds</font></u><font size=2>.  Disburse all funds as follows:</font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1.5in;text-align:justify;'><font size=2> (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pursuant to the Closing Statement, retain for Escrow Agent&#146;s own account all escrow fees and costs and disburse to any other Persons entitled thereto, as expressly stated on the Closing Statement, the amount of any other closing costs;</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1.5in;text-align:justify;'><font size=2>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pursuant to the Closing Statement, disburse funds necessary to discharge and release any and all Liens against any Property to the extent such Liens are expressly required under </font><u><b><font size=2>Section 2.2</font></b></u><font size=2> to be discharged and released at or prior to the Closing; and</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1.5in;text-align:justify;'><font size=2>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;disburse any remaining funds in the possession of Escrow Agent, after payments pursuant to </font><u><b><font size=2>Sections 9.5(a)(i)</font></b></u><font size=2> and</font><b><font size=2> </font></b><u><b><font size=2>(ii)</font></b></u><font size=2> have been completed, to whichever of Transferor or Transferee shall have deposited such amount with Escrow Agent.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Delivery of Documents</font></u><font size=2>.  Deliver:  (i) to Transferor, one original of each document deposited into escrow, and (ii) to Transferee, one original of each document deposited into escrow.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc72"></a>Prorations and Closing Expenses</font></b></u></p>
<a name="toc73"></a>&nbsp;


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        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.1</font></p> </td>
        <td width="89" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Prorations</font></u><font size=2>.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as provided in this </font><u><b><font size=2>Section 10.1</font></b></u><font size=2> and </font><u><b><font size=2>Sections 6.9(e) and 10.2</font></b></u><font size=2>, any and all operating income and expenses attributable to the Properties, including, without limitation, income and expenses under the Contracts, interest under the Existing Mortgage Loans, real property taxes and assessments, utility costs and rent (both basic and additional rent) under the Leases,  shall not be prorated between Transferor and Transferee at Closing; rather, Transferee and Transferor shall prorate such operating income and expenses within three (3) months after the Closing Date, with Transferor entitled to all operating income and responsible for all operating expenses, attributable to the period prior to the Closing
Date, and Transferee entitled to all operating income and responsible for all operating expenses, attributable to the period from and after the Closing Date.  All such prorations and adjustments under this Agreement shall be calculated based on the actual number of days of the applicable calendar month and on a 365 day year, as applicable. Transferor and Transferee agree to work together to perform such prorations within three (3) months after the Closing; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that, no prorations or adjustments shall be made from and after the date that is three (3) months after the Closing Date.  </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Tenant Deposits and prepaid rentals under Tenant Leases which are properly allocable to the period from and after the Closing Date, cleaning fees and other fees properly allocable to the period from and after the Closing Date, and deposits related to the Properties (including deposits in any marketing funds related the Properties, if any), shall either be assigned to Transferee at Closing, and Transferee shall thereafter be liable to such Tenants for such Tenant Deposits, prepaid rentals under Tenant Leases, cleaning fees and other fees and deposits, which liability shall survive Closing.  Any Tenant Deposits maintained in the form of a letter of credit shall be delivered to Transferee or remain with the applicable Property Owner at Closing.  Transferor shall be entitled to the benefit of all Termination
Payments, regardless of when received for any Early Terminated Tenant Lease.  To the extent any such Termination Payments are received after Closing, the same shall be paid to Transferee and credited to Transferor.  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, Transferee shall at Closing assume and be solely responsible for (i) the amount of any unpaid, non-disbursed Tenant incentives, concessions, abatements, free rent amounts, allowance or inducements, including work to be performed by the Property Owners for the Tenants (whether or not payable on, before or after the Closing Date) for all Tenant Leases, and (ii) unpaid third party leasing and brokerage fees and commissions for all Tenant Leases.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There will be no proration or adjustment for any giftcard or gift certificates issued under any applicable CBL gift card programs.  </font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="556" >
    <tr >
        <td width="96" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p   style='text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
        <td width="72" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(e)</font></p> </td>
        <td width="388" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The provisions of this </font><u><b><font size=2>Section 10.1</font></b></u><font size=2> shall survive Closing.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc74"></a>10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Closing Costs</font></u><font size=2>.  Each party shall pay its own costs and expenses arising in connection with the Closing (including, its own attorneys&#146; and advisors&#146; fees, charges and disbursements), except that the costs specifically set forth in this </font><u><b><font size=2>Section 10.2</font></b></u><font size=2> shall be allocated between the parties as set forth herein.  Subject to the terms of </font><u><b><font size=2>Section 1.3</font></b></u><font size=2>, Transferor shall be responsible for the following closing costs (such costs being referred to herein as &#147;</font><u><b><font size=2>Transferor&#146;s Closing Costs</font></b></u><font size=2>&#148;):  (a) the cost of discharging any Liens against, and other matters affecting title to, the Properties</font><b><font size=2>
</font></b><font size=2>and recording any instruments in connection therewith, if and to the extent Transferor is expressly obligated under </font><u><b><font size=2>Section 2.2</font></b></u><font size=2>, or otherwise elects, to discharge such Liens, (b) the customary closing costs and escrow fees of the Title Company and Escrow Agent related to the direct or indirect transfer of the Properties and the Contributed Interests, (c) one-half of the Assumption Fees, extent payable by Transferor pursuant to </font><u><b><font size=2>Section 6.3</font></b></u><font size=2>, and (d) any documentary, transfer, stamp, sales, use, gross receipts or similar taxes related to the transfer of the Indirect Interests or Contributed Interests.  Transferee shall be responsible for, and shall pay, the following closing costs (such costs being referred to herein as &#147;</font><u><b><font size=2>Transferee&#146;s Closing Costs</font></b></u><font size=2>&#148;):  one-half of the Assumption Fees as and
to the extent payable by Transferee pursuant to </font><u><b><font size=2>Section 6.3</font></b></u><font size=2>.  The provisions of this </font><u><b><font size=2>Section 10.2</font></b></u><font size=2> shall survive Closing.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc75"></a>10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Settlement Sheet</font></u><font size=2>.  At Closing, at the request of either Transferor or Transferee, Transferor and Transferee shall execute the Closing Statement to reflect the credits, prorations </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>and adjustments contemplated by or specifically provided for in this Agreement, subject to Section 10.1.  The Closing Statement shall not duplicate the Proration Schedule and shall be prepared by the Title Company and approved by Transferee and Transferor, both acting reasonably. </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc76"></a>10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Post-Closing Cooperation</font></u><font size=2>.  After Closing, Transferor and Transferee shall, and shall cause their respective affiliates (including any current or future property manager) to, reasonably cooperate with each other in case of either party&#146;s need in response to any legal requirement, regulatory audit requirement, tax audit, tax return preparation, Rent Audit, or in response to any litigation threatened or brought against either party (including cooperating with respect to filing any claim for any insurance for the benefit of a Property Owner with respect to such litigation), or for any other legitimate business reason, by allowing the other party and its agents and representatives access, upon reasonable advance notice and at reasonable times, to examine and make copies of any and all
instruments, files and records in such party&#146;s possession or reasonable control pertaining to any of the Properties, any of the Property Owners, or any of the Contributed Interests (collectively, the &#147;</font><b><font size=2>Subject Files</font></b><font size=2>&#148;).  The foregoing shall not limit Transferor&#146;s or Transferee&#146;s right to destroy any or all of the Subject Files in the ordinary course of its business or otherwise, </font><u><font size=2>provided</font></u><font size=2>, that, Transferor shall provide 30 days&#146; prior written notice of its intention to do so, in which event Transferee may elect within such 30 day period by providing written notice to Transferor to take possession of any or all of the Subject Files.  If Transferee fails to timely make such election within such 30 day period, Transferee shall be deemed to have waived its right to take possession of the Subject Files and Transferor shall thereafter be entitled to destroy any or all of
the Subject Files.  The provisions of this </font><u><b><font size=2>Section 10.4</font></b></u><font size=2> shall survive Closing for a period of 4 years.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc77"></a>10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>SEC Reporting Requirements</font></u><font size=2>.  From and after the Effective Date until the 1<sup>st</sup> year anniversary of the Closing Date, Transferor shall, from time to time, upon reasonable advance written notice from Transferee, use commercially reasonable efforts to provide Transferee and its representatives with financial, leasing and other information pertaining to the period of each Property Owner&#146;s ownership and operation of its Property that is, in the reasonable opinion of Transferee and its outside, third party accountants, relevant to and reasonably necessary for the preparation of financial statements and the audit of such financial statements in accordance with generally accepted auditing standards in connection with Transferee&#146;s  (or its affiliates&#146;) obligations under
any or all of (x) Rule 3-05 (but only to the extent such Rule 3-05 references Rule 3-14 of Regulation S-X of the regulations of the Securities and Exchange Commission (the &#147;</font><B><font SIZE=2>SEC</font></B><font size=2>&#148;))<sup> </sup>and Rule 3-14 of Regulation S-X of the regulations of the SEC, as applicable; (y) any other rule issued by the SEC and applicable to Transferee; and (z) any registration statement, report or disclosure statement filed with the SEC by or on behalf of Transferee.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc78"></a>Remedies</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc79"></a>11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Breach by Transferor or Transferee</font></u><font size=2>.  If Closing fails to occur because of a default by Transferor, St. Clair Square GP or Transferee of any provision hereof, Westfield, as a </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>condition precedent to the exercise of its remedies or termination of this Agreement, shall be required to give Transferor or Transferee, as applicable written notice of the same.  Transferor or Transferee, as applicable shall have 10 Business Days from the receipt of such notice to cure the default.  If Transferor or Transferee, as applicable, timely cures the default, the default shall be deemed waived and this Agreement shall continue in full force and effect.  If Transferor or Transferee, as applicable, fails to timely cure such default, Westfield, at Westfield&#146;s option, shall be entitled to exercise either (but not both) of the following remedies:  (i) terminate this Agreement, in which event all parties shall be discharged from all duties and performance hereunder, except for any obligations which by their terms survive any termination of this Agreement and Westfield&#146;s rights under
Section&nbsp;11.2 of the Westfield Contribution Agreement; or, (ii) so long as the Westfield Contribution Agreement has not been terminated,  seek specific performance of Transferor&#146;s and Transferee&#146;s obligations hereunder; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that any action for specific performance shall be commenced within ninety (90) days after such default, and if Westfield prevails thereunder, Transferor or Transferee shall reimburse Westfield for all reasonable legal fees, court costs and all other costs of such action.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc80"></a>11.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Breach by Westfield</font></u><font size=2>.  If Closing fails to occur because of a default by Westfield of any provision hereof, Transferor and Transferee, as a condition precedent to the exercise of their remedies or termination of this Agreement, shall be required to give Westfield written notice of the same.  Westfield shall have 10 Business Days from the receipt of such notice to cure the default.  If Westfield timely cures the default, the default shall be deemed waived and this Agreement shall continue in full force and effect.  If Westfield fails to timely cure such default, Transferor and Transferee shall be entitled to terminate this Agreement, in which event all parties shall be discharged from all duties and performance hereunder, except for any obligations which by their terms survive any
termination of this Agreement, or if the Westfield Contribution Agreement has not been terminated, seek specific performance of Westfield&#146;s obligations hereunder; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that any action for specific performance shall be commenced within ninety (90) days after such default, and if Transferor and/or Transferee prevail thereunder, Westfield shall reimburse Transferor and Transferee for all reasonable legal fees, court costs and all other costs of such action.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc81"></a>Escrow</font></b></u></p>
<a name="toc82"></a>&nbsp;


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<table border="0" cellspacing=0 cellpadding=0 width="167" >
    <tr >
        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p   style='text-indent:0in;page-break-after:avoid; '><font size=1>&nbsp;</font></p>  </td>
        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>12.1</font></p> </td>
        <td width="71" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Escrow</font></u><font size=2>.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Escrow Agent is hereby appointed and designated to act as Escrow Agent hereunder and is instructed to hold and deliver, pursuant to the terms of this Agreement, the documents and funds to be deposited into escrow as herein provided.  The tax identification numbers of the parties shall be furnished to Escrow Agent upon request.</font></p>


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        <td width="96" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p   style='text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
        <td width="72" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td width="159" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Intentionally Deleted</font></u><font size=2>.</font></p> </td> </tr></table>
</div>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties acknowledge that Escrow Agent is acting solely as a stakeholder at their request and for their convenience, that Escrow Agent shall not be deemed to be the agent of either of the parties for any act or omission on its part unless taken or suffered in bad faith, in willful disregard of this Agreement or in gross negligence.  Transferor and Transferee jointly and severally shall indemnify, protect, defend and hold Escrow Agent harmless from and against all Losses incurred in connection with the performance of Escrow Agent&#146;s duties hereunder, except with respect to (i) actions or omissions taken or suffered by Escrow Agent in bad faith, in willful disregard of this Agreement or in gross negligence on the part of Escrow Agent, or (ii) any default by Escrow Agent in the performance of its filing
obligations under </font><u><b><font size=2>Section 12.1(e)</font></b></u><font size=2>.  Escrow Agent&#146;s closing escrow fees, if any, shall be paid in accordance with </font><u><b><font size=2>Section 10.2</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties shall deliver to Escrow Agent an executed copy of this Agreement, which shall constitute their instructions to Escrow Agent.  Escrow Agent shall execute the signature page for Escrow Agent attached hereto with respect to the provisions of this </font><u><b><font size=2>Section 12.1</font></b></u><font size=2>; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that (i) Escrow Agent&#146;s signature hereon shall not be a prerequisite to the binding nature of this Agreement as between Transferee and Transferor, and the same shall become fully effective as between Transferee and Transferor upon execution by Transferee and Transferor, and (ii) the signature of Escrow Agent will not be necessary to amend any provision of this Agreement other
than this </font><u><b><font size=2>Section</font></b><font size=2>&nbsp;</font><b><font size=2>12.1</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Escrow Agent, as the Person responsible for closing the transaction within the meaning of Section 6045(e)(2)(A) of the Code, shall file all necessary information reports, returns, and statements regarding the transaction required by the Code including the tax reports required pursuant to Section 6045 of the Code (but only to the extent that Escrow Agent is given the information necessary to make such filings).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto shall execute such additional escrow instructions (not inconsistent with this Agreement as determined by counsel for Transferee and Transferor) as Escrow Agent and/or Transferor and Transferee shall reasonably deem necessary for its or their protection, including Escrow Agent&#146;s general provisions (as may be modified by Transferee, Transferor and Escrow Agent) with respect to the documents and the funds to be deposited into escrow as provided in this Agreement.  In the event of any inconsistency between the provisions of this Agreement and such additional escrow instructions, the provisions of this Agreement shall govern, unless otherwise expressly agreed to in writing by Transferor and Transferee.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this </font><u><b><font size=2>Article XII</font></b></u><font size=2> shall survive Closing and the delivery of the documents being delivered pursuant hereto, and shall not be deemed merged into any instrument of conveyance delivered at Closing.</font></p>

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

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

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><B><font SIZE=2>ARTICLE XIII</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc83"></a>Miscellaneous</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc84"></a>13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Brokers</font></u><font size=2>.  Each of Transferor and St. Clair Square GP, on the one hand, and Transferee and Westfield, severally, on the other hand, hereby represents and warrants to and agrees with the other that it has not had, and it shall not have, any dealings with (and it has not engaged and it will not engage) any third party to whom the payment of any broker&#146;s fee, finder&#146;s fee, commission or similar compensation (&#147;</font><u><b><font size=2>Commission</font></b></u><font size=2>&#148;) shall or may become due or payable in connection with the transactions contemplated hereby.  Each of Transferor, on the one hand, and Transferee and Westfield severally, on the other hand, hereby agrees to indemnify, hold harmless, protect and defend the other and its respective affiliates and their
officers, directors and employees from and against any Loss for or in connection with any claims for Commissions claimed or asserted by or through it in connection with the transaction contemplated herein (or any breach of any of its representations under this </font><u><b><font size=2>Section 13.1</font></b></u><font size=2>).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc85"></a>13.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Expenses</font></u><font size=2>.  Subject to the payment of Closing costs pursuant to </font><u><b><font size=2>Section 10.2</font></b></u><font size=2> and any other provision of this Agreement, whether or not the transactions contemplated by this Agreement are consummated, all fees and expenses incurred by any party hereto in connection with this Agreement shall be borne by such party.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc86"></a>13.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Further Assurances</font></u><font size=2>.  Each of the parties hereto agrees to perform, execute and deliver such customary documents, writings, acts and further assurances as may be necessary to carry out the intent and purpose of this Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc87"></a>13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Survival of Representations and Warranties</font></u><font size=2>.  All of Transferor&#146;s, St. Clair Square GP&#146;s, Westfield&#146;s and Transferee&#146;s respective representations, warranties, covenants and indemnities set forth in </font><u><b><font size=2>Article IV</font></b></u><font size=2> and </font><u><b><font size=2>Article V</font></b></u><font size=2>, respectively, of this Agreement shall survive Closing and the delivery of the Closing Documents, and shall not be deemed merged into any instrument of conveyance delivered at Closing, for a period of one year following the Closing (</font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that the indemnities set forth in </font><u><b><font size=2>Section 13.1</font></b></u><font size=2>
and </font><u><b><font size=2>Section 2.1</font></b></u><font size=2>, shall survive for the applicable statute of limitations).  Each such representation and warranty shall automatically be null and void and of no further force and effect upon the expiration of the applicable survival period specified above, and the parties shall not be entitled to commence an action or proceeding claiming breach of any such representation or warranty by the other at any time subsequent to the expiration of the applicable survival period specified above.  Subject to the foregoing, any provision of this Agreement which by its terms requires observance or performance subsequent to Closing, whether or not there is an express survival provision, shall continue in force and effect following such Closing.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc88"></a>13.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Partial Invalidity</font></u><font size=2>.  If any provision of this Agreement is determined to be unenforceable, such provision shall be reformed and enforced to the maximum extent permitted by Law.  If it cannot be reformed, it shall be stricken from and construed for all purposes not to constitute a part of this Agreement, and the remaining portions of this Agreement shall remain in full force and effect and shall, for all purposes, constitute this entire Agreement.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><a name="toc89"></a>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>38</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>13.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Time of Essence</font></u><font size=2>.  Time shall be of the essence with respect to all matters contemplated by this Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc90"></a>13.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Construction of Agreement</font></u><font size=2>.  All parties hereto acknowledge that they have had the benefit of independent counsel with regard to this Agreement and that this Agreement has been prepared as a result of the joint efforts of all parties and their respective counsel.  Accordingly, all parties agree that the provisions of this Agreement shall not be construed or interpreted for or against any party hereto based upon authorship.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc91"></a>13.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Amendments/Waiver</font></u><font size=2>.  Except as set forth in </font><u><b><font size=2>Section 12.1(d)</font></b></u><font size=2>, no amendment, change or modification of this Agreement shall be valid unless the same is in writing and signed by the party or parties to be bound.  No waiver of any of the provisions of this Agreement shall be valid unless in writing and signed by the party against whom it is sought to be enforced.  No waiver of any provision shall be deemed a continuing waiver of such provision or of this Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc92"></a>13.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Entire Agreement</font></u><font size=2>.  This Agreement, together with the Exhibits and Schedules attached hereto and the Closing Documents, constitutes the entire agreement between the parties relating to the subject matter hereof and supersedes all prior negotiations, agreements, understandings, letters of intent and discussions (whether oral or written) between the parties, and there are no promises, agreements, conditions, undertakings, warranties or representations, oral or written, express or implied, between the parties other than as expressly herein set forth.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc93"></a>13.10&nbsp;&nbsp;&nbsp;</font><u><font size=2>Counterparts; Facsimile</font></u><font size=2>.  This Agreement may be executed in two or more counterparts, each of which will constitute an original, and all of which together shall constitute one and the same agreement.  Executed copies hereof may be delivered by facsimile (or other electronic means) and, upon receipt, shall be deemed originals and binding upon the parties hereto.  Without limiting or otherwise affecting the validity of executed copies hereof that have been delivered by facsimile (or other electronic means), the parties will use their best efforts to deliver originals as promptly as possible after execution.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc94"></a>13.11&nbsp;&nbsp;&nbsp;</font><u><font size=2>Dates</font></u><font size=2>.  If any date set forth in this Agreement for the delivery of any document or the happening of any event (such as, for example, the Closing Date) should, under the terms hereof, fall on a non-Business Day, then such date shall be extended automatically to the next succeeding Business Day.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc95"></a>13.12&nbsp;&nbsp;&nbsp;</font><u><font size=2>Governing Law/Jurisdiction</font></u><font size=2>.  This Agreement and the legal relations between the parties hereto shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to the conflicts of laws principles thereof.  Any action brought to interpret or enforce this Agreement shall be brought in a court of competent jurisdiction in the State of New York and each party hereto agrees to submit to personal jurisdiction in the State of New York in any action or proceeding arising out of this Agreement and, in furtherance of such agreement, each party hereby agrees and consents that, without limiting other methods of obtaining jurisdiction, personal jurisdiction over such party in any such </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>39</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>action or proceeding may be obtained within or without the jurisdiction of any court located in New York, and that any process or notice of motion or other application to any such court in connection with any such action or proceeding may be served upon such party by registered or certified mail to or by personal service at the last known address of such party, whether such address be within or without the jurisdiction of any such court.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc96"></a>13.13&nbsp;&nbsp;&nbsp;</font><u><font size=2>Notices</font></u><font size=2>.  All notices, consents, reports, demands, requests and other communications required or permitted hereunder (&#147;</font><u><b><font size=2>Notices</font></b></u><font size=2>&#148;) shall be in writing, and shall be:  (a) personally delivered with a written receipt of delivery; (b) sent by a nationally recognized overnight delivery service requiring a written acknowledgement of receipt or providing a certification of delivery or attempted delivery; (c) sent by certified or registered mail, return receipt requested; or (d) sent by confirmed facsimile transmission with an original copy thereof transmitted to the recipient by one of the means described in </font><u><b><font size=2>subsections (a)</font></b></u><font size=2> through </font><u><b><font size=2>(c)</font></b></u><font size=2>
no later than 3 Business Days thereafter.  All Notices shall be deemed effective when actually delivered as documented in a delivery receipt; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that if the Notice was sent by overnight courier or mail as aforesaid and is affirmatively refused or cannot be delivered during customary business hours by reason of the absence of a signatory to acknowledge receipt, or by reason of a change of address with respect to which the addressor did not have either knowledge or written notice delivered in accordance with this </font><u><b><font size=2>Section 13.13</font></b></u><font size=2>, then the first attempted delivery shall be deemed to constitute delivery; and </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>further</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that Notices properly given by facsimile shall be deemed
given when received by facsimile.  Each party shall be entitled to change its address for Notices from time to time by delivering to the other parties Notice thereof in the manner herein provided for the delivery of Notices.  All Notices shall be sent to the addressee at its address set forth following its name below:</font></p>


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            <p  style='margin-top:12.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="144" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>To Westfield:</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Westfield America Limited Partnership</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>c/o Westfield Corporation, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>11601 Wilshire Blvd., 12<sup>th</sup> Floor</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Los Angeles, California 90025-1748</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Attention:  Peter Schwartz, Esq. and Elizabeth Westman, Esq.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Telephone:  (310) 445-2453 and (310) 575-6057</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Facsimile:  (310) 478-3987 and (310) 487-3173</font></p>


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        <td width="48" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p  style='margin-top:12.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="144" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>with a copy to:</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Debevoise &amp; Plimpton LLP</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>919 Third Avenue</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>New York, New York 10022</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Attention:  Matthew T. Golden, Esq.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Telephone:  (212) 909-6269</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Facsimile:  (212) 909-6836</font></p>


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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="144" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>To CBL OP, </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>CBL &amp; Associates Limited Partnership</font></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="144" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>St. Clair Square</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>c/o CBL &amp; Associates Properties, Inc.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>40</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="144" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>or Transferee:</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>2030 Hamilton Place Boulevard</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>CBL Center, Suite 500</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Chattanooga, Tennessee 37421</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Attention:  Scott Word</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Telephone:  (423) 490-8358</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Facsimile:  (423) 490-8390</font></p>

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


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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="144" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>with a copy to:</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>Morrison &amp; Foerster LLP</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>1290 Avenue of the Americas</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>New York, New York 10104</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Attention:  Yaacov Gross, Esq.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Telephone:  (212) 468-8012</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Facsimile:  (212) 468-7900</font></p>

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


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    <tr >
        <td width="48" valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="144" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>and to:</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>Husch &amp; Eppenberger, LLC</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>2030 Hamilton Place Boulevard</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>CBL Center, Suite 210</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Chattanooga, Tennessee 37421</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Attention:  Jeffery V. Curry, Esq.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Telephone:  (423) 757-5910</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Facsimile:  (423) 899-1278</font></p>

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

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>Any notice required hereunder to be delivered to Escrow Agent shall be delivered in accordance with the above provisions as follows:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Fidelity National Title Insurance Company </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>1800 Parkway Place, Suite 700 </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Marietta, GA 30067 </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Attention: Michael R. Sher</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Telephone:  (888) 270-2050 </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Telecopier:  (770) 850-8222</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>Unless specifically required to be delivered to Escrow Agent pursuant to the terms of this Agreement, no notice hereunder must be delivered to Escrow Agent in order to be effective so long as it is delivered to the other parties in accordance with the above provisions.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc97"></a>13.14&nbsp;&nbsp;&nbsp;</font><u><font size=2>Headings/Use of Terms/Exhibits</font></u><font size=2>.  The paragraph and section headings that appear in this Agreement are for purposes of convenience of reference only and are not to be construed as modifying, explaining, restricting or affecting the substance of the paragraphs and sections in which they appear.  Wherever the singular number is used, and when the context requires, the same shall include the plural and the masculine gender shall include the feminine and neuter genders.  The term &#147;</font><u><b><font size=2>including</font></b></u><font size=2>&#148; means &#147;</font><u><b><font size=2>including, but not limited to</font></b></u><font size=2>&#148; and &#147;</font><u><b><font size=2>such as</font></b></u><font size=2>&#148; means &#147;</font><u><b><font size=2>such as, but not limited
to</font></b></u><font size=2>&#148; and similar words are intended to be inclusive.  All references to </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>41</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>clauses, sections and articles mean the clauses, sections and articles in this Agreement.  All Exhibits and Schedules attached hereto are hereby incorporated herein by reference as though set out in full herein.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc98"></a>13.15&nbsp;&nbsp;&nbsp;</font><u><font size=2>Assignment</font></u><font size=2>.  Neither Transferor, St. Clair Square GP, Westfield nor Transferee shall assign this Agreement or any rights hereunder, or delegate any of its obligations, without the prior written approval of the other.  Subject to the provisions of this </font><u><b><font size=2>Section 13.15</font></b></u><font size=2>, this Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs, personal representatives, successors and permitted assigns.  Except as specifically set forth or referred to herein, nothing herein expressed or implied is intended or shall be construed to confer upon or give to any Person, other than the parties hereto and their successors or permitted assigns, any rights or remedies under or by reason of this Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc99"></a>13.16&nbsp;&nbsp;&nbsp;</font><u><font size=2>Attorneys&#146; Fees</font></u><font size=2>.  If litigation or any other action is required by either Transferor or Transferee to enforce or interpret the terms of this Agreement, the prevailing party in such litigation or other action shall, in addition to all other relief granted or awarded by the court or arbitrator, be awarded costs and reasonable attorneys&#146; fees, charges and disbursements (including those of in-house counsel) and expert witness fees and costs incurred by reason of such litigation or other action and those incurred in preparation thereof at both the trial and appellate levels.</font></p>
<a name="toc100"></a>&nbsp;


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        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>13.17</font></p> </td>
        <td width="125" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Indemnification</font></u><font size=2>.</font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to any other indemnity under this Agreement, Transferor agrees to indemnify, protect, hold harmless and, if requested by Transferee in Transferee&#146;s sole and absolute discretion, defend (with counsel of Transferor&#146;s choosing, subject to Transferee&#146;s consent, not to be unreasonably withheld, delayed or conditioned) Transferee, its successors and assigns, from any and all Losses to the extent arising out of or in connection with any breach of any of Transferor&#146;s representations, warranties, covenants or agreements herein or in any of the Closing Documents (</font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that Transferor&#146;s indemnity obligations with respect to the matters described in this </font><u><b><font
size=2>subsection (a)</font></b></u><font size=2> shall be subject to the limitations set forth in </font><u><b><font size=2>Article IV</font></b></u><font size=2> and </font><u><b><font size=2>Sections 13.4 and 14.20</font></b></u><font size=2>).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to any other indemnity under this Agreement, Transferee agrees to indemnify, protect, hold harmless and, if requested by Transferor in Transferor&#146;s sole and absolute discretion, defend (with counsel of Transferee&#146;s choosing, subject to Transferor&#146;s consent, not to be unreasonably withheld, delayed or conditioned) Transferor, its successors and assigns, from any and all Losses to the extent arising out of or in connection with any breach of any of Transferee&#146;s representations, warranties, covenants or agreements herein or in any of the Closing Documents, respectively  (</font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that Transferee&#146;s indemnity obligations with respect to the matters described in this
</font><u><b><font size=2>subsection (b)</font></b></u><font size=2> shall be subject to the limitations set forth in </font><u><b><font size=2>Article V</font></b></u><font size=2> and </font><u><b><font size=2>Section 13.4</font></b></u><font size=2>).  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc101"></a>13.18&nbsp;&nbsp;&nbsp;</font><u><font size=2>Limitation on Liability</font></u><font size=2>.  The obligations and liabilities of Transferor and St. Clair Square GP hereunder will be solely the obligations and liabilities of Transferor and St. Clair </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>42</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>Square GP, and no direct or indirect stockholder, officer, director, partner, agent or employee of Transferor will be obligated personally for any debt, obligation or liability of Transferor or St.&nbsp;Clair Square GP, except, unless and to the extent that such obligation or liability is incurred in connection with any fraudulent action taken by such stockholder, officer, partner, director, agent or employee.  The obligations and liabilities of Transferee or Westfield hereunder will be solely the obligations and liabilities of Transferee or Westfield, and no direct or indirect stockholder, officer, director, agent or employee of Transferee or Westfield will be obligated personally for any debt, obligation or liability of Transferee or Westfield, except, unless and to the extent that such obligation or liability is incurred in connection with any fraudulent action taken by such stockholder, officer,
director, agent or employee.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc102"></a>13.19&nbsp;&nbsp;&nbsp;</font><u><font size=2>Confidentiality</font></u><font size=2>.  Transferor, St. Clair Square GP, Westfield and Transferee shall, prior to the Closing, maintain the confidentiality of the transactions contemplated hereby and shall not, except as required by law, governmental regulation or the requirements of any stock exchange applicable to Transferor, Transferee or Westfield disclose the terms of this Agreement or of such transactions to any third parties whomsoever other than the principals of Escrow Agent, the Title Company and such other Persons whose assistance is required in carrying out the terms of this Agreement.  None of Westfield, Transferor or Transferee shall at any time issue a press release regarding the transactions contemplated hereby unless such release or communication has received the prior approval (not to be unreasonably
withheld or delayed) of the other parties hereto.  Transferee, Westfield and Transferor shall cooperate with each other to agree upon the initial presentation materials regarding the transaction.  Each of Transferee and Westfield agrees that all documents and information regarding the Properties, the Indirect Interests, the Contributed Interest, and/or the Property Owners, of whatsoever nature made available to Transferee, Westfield or any of their agents, employees, contractors and representatives by Transferor or any Transferor Related Party and the results of all tests and studies of the Properties, if any, are confidential and, prior to the Closing, none of Transferee, Westfield, or any of their agents, employees, contractors and representatives, shall disclose any such documents or information to any other Person except those assisting it with the analysis of the Properties, the Indirect Interests, the Contributed Interests, or the Property Owners, and only after procuring such
Person&#146;s agreement to abide by these confidentiality restrictions.  Notwithstanding the foregoing, the parties hereto (and each employee, representative, or other agent of the parties) may disclose to any and all Persons, without limitation of any kind, the tax treatment and any facts that may be relevant to the tax structure of Transferee and the transactions contemplated by this Agreement, including the admission of Westfield as a Preferred Member of Transferee; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that no party (and no employee, representative or other agent thereof) shall disclose any other information that is not necessary to understand the tax treatment and tax structure of Transferee and the transactions contemplated by this Agreement, including the admission of Westfield as a Preferred Member of Transferee and any information that could lead another to determine the identity of the parties hereto,
or any other information to the extent that such disclosure could result in a violation of any Federal or state securities laws.   This </font><u><b><font size=2>Section 13.19</font></b></u><font size=2> shall survive Closing or termination of the Agreement.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><a name="toc103"></a>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>43</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>13.20&nbsp;&nbsp;&nbsp;</font><u><font size=2>Non-Liability</font></u><font size=2>.  For the avoidance of doubt, the parties agree that Westfield shall have no liability hereunder for the breach of any representation or warranty by Transferee, and is not making any representation or warranty as to Transferee, nor is Westfield liable for the breach by Transferee of its obligations hereunder.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt;text-align:center;'><b><font size=2>[Remainder of Page Left Blank Intentionally; Signature Page Follows]</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>44</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>IN WITNESS WHEREOF, the parties have caused this Contribution Agreement to be executed as of the date first set forth above.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><U><B><font SIZE=2>TRANSFEREE</font></B></U><font size=2>:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font SIZE=2>CW JOINT VENTURE, LLC, </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>a Delaware limited liability company</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="275" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>CBL &amp; Associates Limited Partnership,</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in; text-indent:0.5in;text-align:left;'><font size=2>its sole member</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="159" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>CBL Holdings I, Inc.,</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:0.5in;text-align:left;'><font size=2>its general partner</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="171" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Stephen D. Lebovitz</font></u></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="197" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=2>Name: Stephen D. Lebovitz</font></p> </td> </tr></table>
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<table border="0" cellspacing=0 cellpadding=0 width="489" >
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        <td width="368" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="121" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=2>Title:  President</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><U><B><font SIZE=2>WESTFIELD</font></B></U><font size=2>:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>WESTFIELD AMERICA LIMITED PARTNERSHIP, a</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>Delaware limited partnership</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="219" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Westfield U.S. Holdings, LLC,</font></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="135" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=2>its general partner</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="155" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Peter R. Schwartz</font></u></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="181" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=2>Name: Peter R. Schwartz</font></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="292" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=2>Title: Senior Executive Vice President and</font></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="79" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=2>Secretary</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><U><B><font SIZE=2>CBL OP</font></B></U><font size=2>:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>CBL &amp; ASSOCIATES LIMITED PARTNERSHIP, a Delaware limited partnership</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="277" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>CBL Holdings I, Inc., its general partner</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="171" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Stephen D. Lebovitz</font></u></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="197" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=2>Name: Stephen D. Lebovitz</font></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="117" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=2>Title: President</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<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; margin-left:2.5in;text-align:left;'><U><B><font SIZE=2>ST. CLAIR SQUARE GP</font></B></U><font size=2> </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font SIZE=2>ST. CLAIR SQUARE GP, INC.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>an Illinois corporation</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="171" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Stephen D. Lebovitz</font></u></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="197" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=2>Name: Stephen D. Lebovitz</font></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="117" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=2>Title: President</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SIGNATURE PAGE</font></B></p>

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

<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>The undersigned hereby accepts the foregoing Contribution Agreement (the &#147;</font><u><b><font size=2>Agreement</font></b></u><font size=2>&#148;) and executes this Signature Page for the purpose of agreeing to the provisions of the Agreement applicable to Escrow Agent (as defined in the Agreement) and agreeing to act as Escrow Agent in strict accordance with the terms thereof.</font></p>

<p style=' margin-bottom:0pt; margin-top:24pt; margin-left:3.25in;text-align:left;'><font SIZE=2>ESCROW AGENT:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.25in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:24pt; margin-top:0pt; margin-left:3.25in;text-align:left;'><font SIZE=2>FIDELITY TITLE INSURANCE COMPANY</font></p>

<p style=' margin-bottom:0pt; margin-top:24pt; margin-left:3.25in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p  style='margin:0in;margin-bottom:.0001pt'><font size=1>&nbsp;</font></p> </td>
        <td width="41" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="144" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Michael R. Sher</font></u></p> </td> </tr></table>
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        <td width="341" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt'><font size=1>&nbsp;</font></p> </td>
        <td width="171" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt'><font size=2>Name: Michael R. Sher</font></p> </td> </tr></table>
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        <td width="341" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt'><font size=1>&nbsp;</font></p> </td>
        <td width="243" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt'><font size=2>Title: Vice President/NTS Counsel</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.25in;text-align:left;'><font size=2>&nbsp;</font></p>


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        <td width="312" nowrap valign=top style='padding:0in 0in 24.0pt 0in; '>
            <p  style='margin-top:0in;margin-right:0in;margin-bottom: 24.0pt;margin-left:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="59" nowrap valign=top style='padding:0in 0in 24.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:  </font></p> </td>
        <td width="119" nowrap valign=top style='padding:0in 0in 24.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>August 9, 2007</font></u></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><U><B><font SIZE=2>LIST OF SCHEDULES</font></B></U></p>


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            <p  style='text-indent:0in'><font size=2>Defined Terms</font></p> </td>
        <td width="196" valign=top style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 1</font></p> </td> </tr>
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        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Allocated Contributed Interests Value</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 1.2(a)</font></p> </td> </tr>
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        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>List of Title Policies</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 2.2(a)</font></p> </td> </tr>
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        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Other Names for Transferor and Property Owners</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.1(a)</font></p> </td> </tr>
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        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Tenant Leases Not in Full Force and Effect; Defaults under Tenant Leases</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.5(b)</font></p> </td> </tr>
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        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Rent Roll</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.5(c)</font></p> </td> </tr>
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        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Defaults Under Contracts or Permits and Defaults Under Permitted Exceptions</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.5(e)</font></p> </td> </tr>
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        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Threatened Actions, Property Violations and Proceedings</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.6</font></p> </td> </tr>
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        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Notice of Tax Audits</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.8(b)</font></p> </td> </tr>
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        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Tax Matter Agreements</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.8(c)</font></p> </td> </tr>
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        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Material Liabilities of Property Owners Not Shown on Financial Statements Described in Section 14.14</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.14</font></p> </td> </tr>
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        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>List of Existing Loan Documents</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.17</font></p> </td> </tr>
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            <p  style='text-indent:0in'><font size=2>Preemptive Rights </font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 5.7</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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        <td width="440" valign=top style='border:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Repurchase Obligations</font></p> </td>
        <td width="196" valign=top style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 5.8</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><font size=2>&nbsp;</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><U><B><font SIZE=2>LIST OF EXHIBITS</font></B></U></p>


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        <td width="200" valign=top style='border:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit A</font><u></u></p> </td>
        <td width="436" valign=top style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Intentionally Omitted</font><u></u></p> </td> </tr>
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        <td width="200" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit B</font><u></u></p> </td>
        <td width="436" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Form of Assignment and Assumption of Contributed Interests </font><u></u></p> </td> </tr>
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        <td width="200" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit C</font><u></u></p> </td>
        <td width="436" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Form of Non-Foreign Affidavit </font><u></u></p> </td> </tr>
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        <td width="200" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit D-1</font><u></u></p> </td>
        <td width="436" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Intentionally Omitted</font><u></u></p> </td> </tr>
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        <td width="200" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit D-2</font><u></u></p> </td>
        <td width="436" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Intentionally Omitted</font><u></u></p> </td> </tr>
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        <td width="200" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit E</font></p> </td>
        <td width="436" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Intentionally Omitted</font></p> </td> </tr>
    <tr >
        <td width="200" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit F</font></p> </td>
        <td width="436" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Form of Amended and Restated Operating Agreement</font></p> </td> </tr>
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        <td width="200" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit G</font></p> </td>
        <td width="436" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Legal Description of Properties</font></p> </td> </tr>
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        <td width="200" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit H</font></p> </td>
        <td width="436" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Intentionally Omitted</font></p> </td> </tr></table>
</div>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><U><B><font SIZE=2>SCHEDULE 1</font></B></U></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>GLOSSARY OF DEFINITIONS</font></B></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>As used in the foregoing Contribution Agreement, the following terms shall have the following meanings:</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><b><font size=2>Acadiana Mall Mortgage Loan</font></b><font size=2>&#148; means that certain loan in the original principal amount of $150,400,000, made pursuant to that certain Loan Agreement, dated as of March 8, 2007, by and between Bank of America, N.A., as lender, and Acadiana Mall Owner, as borrower, which loan is secured by one or more mortgages on the Acadiana Mall Property.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Access Agreement</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 2.1</font></b></u><font size=2>. </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Act</font></b></u><font size=2>&#148; means the Securities Act of 1933, as amended.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Agreement</font></b></u><font size=2>&#148; has the meaning set forth in the opening paragraph hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Amended and Restated Operating Agreement</font></b></u><font size=2>&#148; means that certain Amended and Restated Operating Agreement of Transferee to be executed and delivered by Westfield and Transferor simultaneously with Closing, in the form attached hereto as </font><u><b><font size=2>Exhibit</font></b><font size=2>&nbsp;</font><B><font SIZE=2>F</font></B></u><font size=2>. </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Assignment and Assumption of Contributed Interests</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 9.2(b)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Assumption Fees</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.9(e)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Bringdown Certificate</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 9.2(i)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Business Day</font></b></u><font size=2>&#148; means each day of the year other than Saturdays, Sundays, legal holidays and days on which banking institutions are generally authorized or obligated by Law to close in the Sate of Missouri, the State of New York or the State of California.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><U><B><font SIZE=2>CBL REIT</font></B></U><font size=2>&#148; means CBL &amp; Associates Properties, Inc., a Delaware corporation.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Chapel Hill Mortgage Loan</font></b></u><font size=2>&#148; means that certain loan in the original principal amount of $77,000,000, made pursuant to that certain Loan Agreement, dated as of July 27, 2006, by and between UBS Real Estate Investments, Inc., as lender, and Chapel Hill Mall Owner, as borrower, which loan is secured by one or more mortgages on the Chapel Hill Mall Property.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Closing Documents</font></b></u><font size=2>&#148; means those documents required to be delivered by Transferor or Transferee at Closing pursuant to or in connection with this Agreement, including, without limitation, those attached hereto as </font><u><b><font size=2>Exhibits A</font></b></u><font size=2> through </font><U><B><font SIZE=2>H</font></B></U><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Closing Statement</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 9.2(g)</font></b></u><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:center;'><font size=2>Schedule 1-1</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Code</font></b></u><font size=2>&#148; means the Internal Revenue Code of 1986, as amended from time to time (or any corresponding provisions of succeeding law).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Commission</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 13.1</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Common Member</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Common Membership Interest</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Contracts</font></b></u><font size=2>&#148; means, subject to </font><u><b><font size=2>Section 6.3</font></b></u><font size=2>, all right, title and interest of Transferor or any Property Owner in and to any and all contracts, agreements or commitments, oral or written (other than the Tenant Leases and option agreements), binding upon or relating to any Real Property for the operation and maintenance of such Real Property, that extend beyond Closing, to the extent that they are assignable.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Contributed Interests</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Contributed Interests Value</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 1.2(a)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Contribution</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Effective Date</font></b></u><font size=2>&#148; means August 9, 2007. </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Environmental Law</font></b></u><font size=2>&#148; means any Law, including requirements under permits, licenses, consents and approvals, relating to pollution or protection of human health or the environment, including those that relate to emissions, discharges, releases or threatened releases, or the generation, manufacturing, processing, distribution, use, treatment, storage, disposal, transport, or handling, of Hazardous Materials.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Escrow Agent</font></b></u><font size=2>&#148; means Fidelity National Title Insurance Company.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Executive Order</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Existing Mortgage Loans</font></b></u><font size=2>&#148; means, collectively, the Chapel Hill Mortgage Loan,</font><b><font size=2> </font></b><font size=2>Greenbrier Mall Mortgage Loan,</font><b><font size=2> </font></b><font size=2>Park Plaza Mall Mortgage Loan,</font><b><font size=2> </font></b><font size=2>Shoppes At St. Clair Square Mortgage Loan, St. Clair Square Mortgage Loan,</font><b><font size=2> </font></b><font size=2>Westmoreland Mall Mortgage Loan</font><b><font size=2> </font></b><font size=2>and Acadiana Mall Mortgage Loan; and each, an &#147;</font><u><b><font size=2>Existing Mortgage Loan</font></b></u><font size=2>&#148;. </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Existing Lender</font></b></u><font size=2>&#148; and &#147;</font><u><b><font size=2>Existing Lenders</font></b></u><font size=2>&#148; have the meanings set forth in </font><u><b><font size=2>Section 6.9(a)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Existing Loan Documents</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 4.17</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Greenbrier Mall Mortgage Loan</font></b></u><font size=2>&#148; means that certain loan in the original principal amount of $85,000,000, made pursuant to that certain Loan Agreement, dated as of July 11, </font></p>

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

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>2006, by and between Lehman Brothers Bank FSB, as lender, and Greenbrier Mall Owner, as borrower, which loan is secured by one or more mortgages on the Greenbrier Mall Property.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.58in;text-align:justify;'><font size=2> &#147;</font><u><b><font size=2>Hazardous Materials</font></b></u><font size=2>&#148; means those materials that are regulated by or form the basis of liability under any Environmental Law, including:  (a) any substance identified under any Environmental Law as a pollutant, contaminant, hazardous substance, liquid, industrial or solid or hazardous waste, hazardous material or toxic substance; (b) any petroleum or petroleum derived substance or waste; (c) any asbestos or asbestos-containing material; (d) any polychlorinated biphenyl (PCB) or PCB-containing or urea-formaldehyde-containing material or fluid; (e) any radioactive material or substance, including radon; (f) any lead or lead based paints or materials; and (g) any mold, fungi, yeast or other similar biological agents that may have an adverse effect on human health.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Improvements</font></b></u><font size=2>&#148; mean all right, title and interest of Transferor or any Property Owner in and to the improvements, structures, parking facilities and fixtures now or hereafter placed, constructed, installed or located on any Land, including all apparatus, equipment and appliances affixed to and used in connection with the operation or occupancy thereof (such as heating, air conditioning, and mechanical systems).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Intangible Property</font></b></u><font size=2>&#148; means any and all intangible property, goodwill, rights, privileges, and appurtenances owned by any Property Owner and in any way related to, or used in connection with, the ownership, operation, maintenance, use or occupancy of any Real Property (other than the Contracts and the Tenant Leases) to the extent that they are assignable, including the Permits, Plans and Records, guaranties, warranties, websites, e-mail addresses, trade names, trademarks, telephone and facsimile numbers assigned to any Property or any Property management office and all rights, claims and recoveries under insurance policies related to any Real Property or any Personal Property.  Intangible Property shall not include, any rights to the name &#147;CBL&#148; or any marks, logos or other brand identification items associated
with the &#147;Westfield&#148; name, but shall include, any rights to the names &#147;Chapel Hill Mall&#148;, &#147;Chapel Hill Suburban/Crossing&#148;, &#147;Greenbrier Mall&#148;, &#147;Park Plaza Mall&#148;, &#147;St. Clair Square&#148;, &#147;Shoppes at St. Clair Square&#148;, Westmoreland Mall&#148;, &#147;Acadiana Mall&#148; and any variations thereof, if any.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Intangible Property Documents</font></b></u><font size=2>&#148; means any and all documents and instruments evidencing and/or relating to all or any portion of the Intangible Property.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Land</font></b></u><font size=2>&#148; means, collectively, the parcels of land described in </font><u><b><font size=2>Exhibit</font></b><font size=2>&nbsp;</font><B><font SIZE=2>G-1</font></B></u><font size=2> attached hereto (the Land related to the Chapel Hill Mall Property), </font><u><b><font size=2>Exhibit</font></b><font size=2>&nbsp;</font><B><font SIZE=2>G-2</font></B></u><font size=2> attached hereto (the Land related to the Chapel Hill Suburban/Crossing Property), </font><u><b><font size=2>Exhibit</font></b><font size=2>&nbsp;</font><B><font SIZE=2>G-3</font></B></u><font size=2> attached hereto (the Land related to the Greenbrier Mall Property), </font><u><b><font size=2>Exhibit</font></b><font size=2>&nbsp;</font><B><font SIZE=2>G-4</font></B></u><font size=2> attached hereto (the Land related to the Park Plaza Mall Property),
</font><u><b><font size=2>Exhibit</font></b><font size=2>&nbsp;</font><B><font SIZE=2>G-5</font></B></u><b><font size=2> </font></b><font size=2>attached hereto (the Land related to the St. Clair Square Property), </font><u><b><font size=2>Exhibit G-6</font></b></u><font size=2> attached hereto (the Land related to the Shoppes At St. Clair Square Property), </font><u><b><font size=2>Exhibit G-7</font></b></u><font size=2> attached hereto (the Land related to the Westmoreland Mall Property), and </font><u><b><font size=2>Exhibit G-8</font></b></u><font size=2> attached hereto (the Land related to the Acadiana Mall Property), in each case, together with all of each Property Owner&#146;s right, title and interest, if any, in and to (i)&nbsp;any </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Schedule 1-3</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>reversions, remainders, privileges, easements, rights-of-way, appurtenances, agreements, rights, licenses, tenements and hereditaments appertaining to or otherwise benefiting or used in connection with the real property or the Improvements located thereon, (ii) any strips and gores of land, streets, alleys, public ways or rights-of-way abutting, adjoining, adjacent, connected or appurtenant thereto, and (iii)&nbsp;any minerals and mineral rights, oil, gas, and oil and gas rights, other hydrocarbon substances and rights, development rights, air rights, water and water rights, wells, well rights and well permits, water and sewer taps (or their equivalents), and sanitary or storm sewer capacity appertaining to or otherwise benefiting or used in connection therewith.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Laws</font></b></u><font size=2>&#148; means all Federal, state and local laws, statutes, codes, regulations, rules, ordinances, orders, policy directives, judgments or decrees (including common law), including those of judicial and administrative bodies.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Lender Consent</font></b></u><font size=2>&#148; and &#147;</font><u><b><font size=2>Lender Consents</font></b></u><font size=2>&#148; have the meanings set forth in </font><u><b><font size=2>Section 6.9(b)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Liens</font></b></u><font size=2>&#148; means liens, encumbrances, claims, covenants, conditions, restrictions, easements, rights of way, options, pledges, judgments, pledges, hypothecations, rights of first offer or first refusal, security interests or other similar matters.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Losses</font></b></u><font size=2>&#148; means, on an after-tax basis, all damages, losses, liabilities, claims, actions, interest, penalties, demands, obligations, judgments, expenses or costs (including reasonable attorneys&#146; fees, charges and disbursements, including those of in-house counsel and appeals, and expert witness fees), including, without limitation, any claim for a mechanic&#146;s lien or materialmen&#146;s lien.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Material Adverse Effect</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 5.6</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Material Event Termination Notice</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.4</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Membership Interests</font></b></u><font size=2>&#148; means each of the Common Membership Interests and the Preferred Membership Interests.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Notices</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 13.13</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><U><B><font SIZE=2>OFAC</font></B></U><font size=2>&#148; has the meaning set forth in the definition of &#147;Prohibited Person&#148;.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Original Operating Agreement</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Park Plaza Mall Mortgage Loan</font></b></u><font size=2>&#148; means that certain loan in the original principal amount of $42,000,000, made pursuant to that certain Loan Agreement, dated as of April 20, 2000, by and between First Union National Bank, as original lender, and Park Plaza Mall, LLC, as original borrower; as amended by that certain Amendment to Promissory Note dated as of July 1, 2000, between the original borrower and the original lender, which, among other things, increased the unpaid principal amount of the Park Plaza Mall Mortgage Loan by $500,000.00 </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Schedule 1-4</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>from $41,961,102.59 to $42,461,102.59; as assumed pursuant to that certain Loan Assumption and Substitution Agreement dated June 22, 2004 by and among Park Plaza Mall Property Owner, as new borrower, Transferor, as assuming indemnitor, Park Plaza Mall, LLC, as original borrower, and First Union Real Estate Equity and Mortgage Investments, as original indemnitor, in favor of Wells Fargo Bank, N.A. as Trustee for the Registered Holders of First Union National Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2000-C2, Lender, recorded on June 23, 2004 in the Official Records of Pulaski County, Arkansas as Instrument Number 2004050063; which loan is secured by one or more mortgages on the Park Plaza Mall Property.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Permits</font></b></u><font size=2>&#148; means all right, title and interest of Transferor or any Property Owner in and to all governmental or quasi-governmental permits, agreements, licenses, certificates, authorizations, applications, approvals, entitlements, variances and waivers, including building permits and certificates of occupancy, relating to the construction, ownership, development, use, operation, maintenance or repair of any Real Property, to the extent that they are assignable.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Person</font></b></u><font size=2>&#148; means any individual, corporation, partnership, joint venture, limited liability company, estate, trust, real estate investment trust, unincorporated association, joint stock company, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing or any other entity or association.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Personal Property</font></b></u><font size=2>&#148; means all right, title and interest of Transferor or any Property Owner in and to all tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of any Real Properties.  Personal Property shall not include any tangible personal property and fixtures which are owned by Tenants.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Plans and Records</font></b></u><font size=2>&#148; means, to the extent in Transferor&#146;s Possession or Reasonable Control, all right, title and interest of Transferor or any Property Owner in and to all reports, studies, financial or other records, books or documents existing and relating to the ownership, use, operation, construction, fabrication, repair or maintenance of, or otherwise to, any Real Property, including the following:  surveys, maps, plats and street improvement specifications of each Real Property; soil, substratus, environmental, engineering, structural and geological studies, reports and assessments; architectural drawings, as-builts, plans, engineer&#146;s drawings and specifications; appraisals; title reports or policies together with any copies of documents referenced therein; expansion, renovation or development-related
documents; and booklets, manuals, files, records, correspondence contained in lease files, tenant lists, tenant files, logos, tenant prospect lists, other mailing lists, sales brochures and other materials, and leasing brochures and advertising materials and similar items.  Nothing in this Agreement shall prohibit Transferor from retaining a copy of any item delivered to Transferee.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Preferred Member</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</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>Schedule 1-5</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Preferred Membership Interests</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 1.1</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Prohibited Person</font></b></u><font size=2>&#148; means any of the following:  (a) a Person that is listed in the Annex to, or is otherwise subject to the provisions of, Executive Order No. 13224 on Terrorist Financing (effective September 24, 2001) (the &#147;</font><u><b><font size=2>Executive Order</font></b></u><font size=2>&#148;); (b) a Person owned or controlled by, or acting for or on behalf of any Person that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive Order; (c) a Person that is named as a &#147;specially designated national&#148; or &#147;blocked person&#148; on the most current list published by the U.S. Treasury Department&#146;s Office of Foreign Assets Control (&#147;</font><U><B><font SIZE=2>OFAC</font></B></U><font size=2>&#148;) at its official website,
http:www/treas.gov/offices/enforcement/ofac; (d) a Person that is otherwise the target of any economic sanctions program currently administered by OFAC; or (e) a Person that is affiliated with any Person identified in </font><u><b><font size=2>clause (a)</font></b></u><font size=2>, </font><u><b><font size=2>(b)</font></b></u><font size=2>, </font><u><b><font size=2>(c)</font></b></u><font size=2> and/or </font><u><b><font size=2>(d)</font></b></u><font size=2> above.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Property</font></b></u><font size=2>&#148; means, each of the Chapel Hill Mall Property, the Chapel Hill Suburban/Crossing Property, the Greenbrier Mall Property, the Park Plaza Mall Property, the St. Clair Square Property, the Shoppes At St. Clair Square Property, the Westmoreland Mall Property, the Acadiana Mall Property and each of the properties set forth on </font><u><b><font size=2>Schedule 2</font></b></u><font size=2> attached hereto; and collectively, the &#147;</font><u><b><font size=2>Properties</font></b></u><font size=2>&#148;.  Each Property is comprised of all of the applicable Property Owner&#146;s right, title and interest (if any) in and to (a) the Real Property, (b) the Personal Property, (c) the Tenant Leases, (d) the Contracts, and (e) the Intangible Property, related thereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Property Documents</font></b></u><font size=2>&#148; means the following to the extent in Transferor&#146;s Possession or Reasonable Control and relating to the Properties:  (a) Tenant Leases, (b) current insurance certificates, (c) existing ALTA surveys, (d) existing title insurance commitments or reports, (e) Permits, (f) tax bills for the last 2 years, (g) current rent rolls, (h) soil, substratus, environmental, structural and geological studies, reports and assessments, (i) operating statements, (j) guarantees and warranties, and (m) other materials reasonably requested by Transferee.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Property Owner</font></b></u><font size=2>&#148; and &#147;</font><u><b><font size=2>Property Owners</font></b></u><font size=2>&#148; have the meanings set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Property Owner Organizational Documents</font></b></u><font size=2>&#148; means, with respect to each Property Owner, the certificate of formation or certificate of limited partnership, as applicable, and the limited liability company agreements or limited partnership agreement, as applicable, of such Property Owner.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Real Property</font></b></u><font size=2>&#148; means, collectively, the Land and Improvements.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Rent Roll</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 4.5(c)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>St. Clair Square Mortgage Loan</font></b></u><font size=2>&#148; means that certain loan in the original principal amount of $75,000,000, made pursuant to that certain Loan Agreement, dated as of March 11, 1999, by and between Teachers Insurance and Annuity Association of America, as lender, and </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Schedule 1-6</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>St. Clair Square Owner, as borrower, which loan is secured by one or more mortgages on the St. Clair Square Property.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Shoppes At St. Clair Square Mortgage Loan</font></b></u><font size=2>&#148; means that certain loan in the original principal amount of $22,500,000, made pursuant to that certain Loan Agreement, dated as of March 16, 2007, by and between KeyBank National Association, as lender, and Shoppes At St. Clair Square Owner, as borrower, which loan is secured by one or more mortgages on the &#147;Shoppes At St. Clair Square Property.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><U><B><font SIZE=2>SEC</font></B></U><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.5</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Subject Files</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.4</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Survey</font></b></u><font size=2>&#148; means a current as-built ALTA survey of each Property.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Tax Returns</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 4.8(b)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Taxes</font></b></u><font size=2>&#148; means all taxes, charges, fees, levies or other assessments, including, without limitation, special assessments for improvements, income, gross receipts, excise, real and personal property, sales, transfer, deed, stamp, license, payroll and franchise taxes, imposed by any governmental authority and shall include any interest, penalties or additions to tax attributable to any of the foregoing.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Tenant Deposits</font></b></u><font size=2>&#148; means all security deposits plus any interest accrued thereon, paid by Tenants to the applicable Property Owner relating to a Property.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Tenant Leases</font></b></u><font size=2>&#148; means all leases, licenses, tenancies or occupancy arrangements (other than option agreements), whether written or oral, to which any Property Owner is a party, and all right, title and interest of the applicable Property Owner as landlord thereunder, affecting any portion of any Real Property, if any, that extend beyond Closing. </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Tenants</font></b></u><font size=2>&#148; means all Persons leasing, renting or occupying space within a Property pursuant to Tenant Leases.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Title Commitment</font></b></u><font size=2>&#148; means a current commitment for an owner&#146;s title insurance policy for each Property.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Title Company</font></b></u><font size=2>&#148; means Fidelity National Title Insurance Company.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferee</font></b></u><font size=2>&#148; has the meaning set forth in the opening paragraph hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferee&#146;s Actual Knowledge</font></b></u><font size=2>&#148; means the actual knowledge, without any duty of inquiry or investigation, of Keith Honnold and Scott Word as to a fact at the time given.  Without limiting the foregoing,  Each of the other parties acknowledges that the foregoing individuals have not performed and are not obligated to perform any investigation or review of any files or </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Schedule 1-7</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>other information in the possession of Transferee or any of its affiliates, or to make any inquiry of any Persons, or to take any other actions in connection with the representations and warranties of Transferee set forth in this Agreement.  Neither the actual knowledge of any other Person, nor the constructive knowledge of the foregoing individuals or of any other Person, shall be imputed to the foregoing individuals.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferee&#146;s Closing Costs</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.2</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferor</font></b></u><font size=2>&#148; has the meaning set forth in the opening paragraph hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferor Related Party</font></b></u><font size=2>&#148; means each of Transferor and each Property Owner, and their respective affiliates and the direct and indirect shareholders, officers, directors, partners, principals, members, employees, agents and contractors, and any successors or assigns of the foregoing.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferor&#146;s Actual Knowledge</font></b></u><font size=2>&#148; means the actual knowledge, without any duty of inquiry or investigation, of Keith Honnold and Scott Word as to a fact at the time given.  Without limiting the foregoing, each other party acknowledges that the foregoing individuals have not performed and are not obligated to perform any investigation or review of any files or other information in the possession of Transferor or any of its affiliates, or to make any inquiry of any Persons, or to take any other actions in connection with the representations and warranties of Transferor set forth in this Agreement.  Neither the actual knowledge of any other Person, nor the constructive knowledge of the foregoing individuals or of any other Person, shall be imputed to the foregoing individuals.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferor&#146;s Closing Costs</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.2</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferor&#146;s Possession or Reasonable Control</font></b></u><font size=2>&#148; means within the possession or control of (a) Transferor, (b) any Property Owner, (c) any Person controlled by Transferor or any Property Owner, (d) any Property Owner&#146;s property manager (or any of such property manager&#146;s affiliates), or (e) any employees, agents or third party consultants of Transferor or any Property Owner.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Westfield Contribution</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Westfield Contribution Agreement</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Westfield</font></b></u><font size=2>&#148; has the meaning set forth in the opening paragraph hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Westfield&#146;s Actual Knowledge</font></b></u><font size=2>&#148; means the actual knowledge, without any duty of inquiry or investigation, of Bill Hecht, Bill Gioroukos, Peter Koenig, Roger Porter, Mark Stefanek, Linda Kaufman and/or Ken Wong as to a fact at the given time.  Without limiting the foregoing, each of the other parties acknowledges that the individuals have not performed and are not obligated to perform any investigation or review of any files or other information in the </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Schedule 1-8</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>possession of Westfield or any of its affiliates, or to make any inquiry of any Persons, or to take any other actions in connection with the representations and warranties of Westfield set forth in this Agreement.  Neither the actual knowledge of any other Person, nor the constructive knowledge of the foregoing individuals or of any other Person, shall be imputed to the foregoing individuals.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Westmoreland Mall Mortgage Loan</font></b></u><font size=2>&#148; means that certain loan in the original principal amount of $85,000,000, made pursuant to that certain Loan Agreement, dated as of February 26, 2003, by and between UBS Warburg Real Estate Investments, Inc., as lender, and Westmoreland Mall Owner, as borrower, which loan is secured by one or more mortgages on the Westmoreland Mall Property.</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>Schedule 1-9</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>pa-1178579 v8</font><font size=2> </font></p>

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



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<DESCRIPTION>EXHIBIT 10.22.3
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Exhibit 10.22.3</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:center;'><B><font SIZE=2>PURCHASE AND SALE AGREEMENT</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>BETWEEN</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>WESTFIELD AMERICA LIMITED PARTNERSHIP,</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>as Transferor</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>AND</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>CBL &amp; ASSOCIATES LIMITED PARTNERSHIP, </font></b></p>

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

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><u><font size=2>Page</font></u></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:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC2"><u><font size=2>ARTICLE I  Purchase and Sale of Sale Interest</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC2"><u><font size=2>1</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC3"><u><font size=2>1.1</font></u>                            <u><font size=2>Conveyance</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC3"><u><font size=2>1</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC4"><u><font size=2>1.2</font></u>                            <u><font size=2>Purchase Price.</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC4"><u><font size=2>1</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC5"><u><font size=2>1.3</font></u>                            <u><font size=2>Closing Costs</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC5"><u><font size=2>3</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC6"><u><font size=2>ARTICLE II  Investigation of the Property and Title</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC6"><u><font size=2>4</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC7"><u><font size=2>2.1</font></u>                            <u><font size=2>Inspection of Property; Indemnity</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC7"><u><font size=2>4</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC8"><u><font size=2>2.2</font></u>                            <u><font size=2>Title and Survey.</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC8"><u><font size=2>4</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC9"><u><font size=2>2.3</font></u>                            <u><font size=2>Status of Title</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC9"><u><font size=2>6</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC10"><u><font size=2>ARTICLE III  Transferee&#146;s Acknowledgement</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC10"><u><font size=2>6</font></u></a></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'><a href="#TOC11"><u><font size=2>8</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC12"><u><font size=2>4.1</font></u>                            <u><font size=2>Authority; Ownership of Sale Interest.</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC12"><u><font size=2>8</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC13"><u><font size=2>4.2</font></u>                            <u><font size=2>No Conflicts</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC13"><u><font size=2>9</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC14"><u><font size=2>4.3</font></u>                            <u><font size=2>Consents; Binding Obligations</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC14"><u><font size=2>9</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC15"><u><font size=2>4.4</font></u>                            <u><font size=2>No Bankruptcy</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC15"><u><font size=2>9</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC16"><u><font size=2>4.5</font></u>                            <u><font size=2>Tenant Leases, Contracts, Permitted Exceptions and Permits.</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC16"><u><font size=2>10</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC17"><u><font size=2>4.6</font></u>                            <u><font size=2>No Actions/Compliance With Laws</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC17"><u><font size=2>11</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC18"><u><font size=2>4.7</font></u>                            <u><font size=2>Hazardous Materials and Repairs</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC18"><u><font size=2>11</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC19"><u><font size=2>4.8</font></u>                            <u><font size=2>Taxes and Special Assessments.</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC19"><u><font size=2>11</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC20"><u><font size=2>4.9</font></u>                            <u><font size=2>Non-Foreign Status</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC20"><u><font size=2>13</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC21"><u><font size=2>4.10</font></u>                    <u><font size=2>Not a Prohibited Person</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC21"><u><font size=2>13</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC22"><u><font size=2>4.11</font></u>                    <u><font size=2>Union Contracts; Employees</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC22"><u><font size=2>13</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC23"><u><font size=2>4.12</font></u>                    <u><font size=2>Single-Purpose</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC23"><u><font size=2>13</font></u></a></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'><a href="#TOC24"><u><font size=2>14</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC26"><u><font size=2>4.15</font></u>                    <u><font size=2>No Other Assets</font></u></a></p> </td>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC27"><u><font size=2>4.16</font></u>                    <u><font size=2>Gift Certificates; Merchants Associations</font></u></a></p> </td>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(continued)</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22510983v9</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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

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

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

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC86"><u><font size=2>49</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC87"><u><font size=2>13.13</font></u>            <u><font size=2>Notices</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC87"><u><font size=2>50</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC88"><u><font size=2>13.14</font></u>            <u><font size=2>Headings/Use of Terms/Exhibits</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC88"><u><font size=2>51</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC89"><u><font size=2>13.15</font></u>            <u><font size=2>Assignment</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC89"><u><font size=2>51</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC90"><u><font size=2>13.16</font></u>            <u><font size=2>Attorneys&#146; Fees</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC90"><u><font size=2>52</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC91"><u><font size=2>13.17</font></u>            <u><font size=2>Indemnification.</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC91"><u><font size=2>52</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC92"><u><font size=2>13.18</font></u>            <u><font size=2>Limitation on Liability</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC92"><u><font size=2>52</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC93"><u><font size=2>13.19</font></u>            <u><font size=2>Confidentiality</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC93"><u><font size=2>53</font></u></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC94"><u><font size=2>13.20</font></u>            <u><font size=2>Transferor&#146;s Like-Kind Exchange.</font></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC94"><u><font size=2>53</font></u></a></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><a name="toc95"></a>&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>iii</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22510983v9</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><a href="#TOC95"></a>
</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>iv</font></p>

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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><U><B><font SIZE=2>PURCHASE AND SALE AGREEMENT</font></B></U></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><B><font SIZE=2>THIS PURCHASE AND SALE AGREEMENT</font></B><font size=2> (this &#147;</font><u><b><font size=2>Agreement</font></b></u><font size=2>&#148;) is made as of August 9, 2007, by and among WESTFIELD AMERICA LIMITED PARTNERSHIP, a Delaware limited partnership (&#147;</font><u><b><font size=2>Transferor</font></b></u><font size=2>&#148;), and CBL &amp; ASSOCIATES LIMITED PARTNERSHIP, a Delaware limited partnership (&#147;</font><u><b><font size=2>Transferee</font></b></u><font size=2>&#148;).  All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth herein or in </font><u><b><font size=2>Schedule 1</font></b></u><font size=2> attached hereto.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, Transferor owns, and immediately prior to Closing will own, directly or indirectly, 100% of the limited liability company interests (the &#147;</font><u><b><font size=2>Sale Interest</font></b></u><font size=2>&#148;) in Chesterfield Mall LLC, a Delaware limited liability company (&#147;</font><u><b><font size=2>Property Owner</font></b></u><font size=2>&#148;).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, Property Owner is disregarded as an entity separate from Transferor for tax purposes.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, Property Owner owns fee title to the shopping center located at Chesterfield, Missouri, commonly known as &#147;Westfield Chesterfield Mall&#148; (including the Land described in </font><u><b><font size=2>Exhibit G</font></b></u><font size=2> attached hereto and all Improvements located thereon, the &#147;</font><u><b><font size=2>Property</font></b></u><font size=2>&#148;).  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, Transferor desires to sell, or to cause to be sold, to Transferee, and Transferee desires to purchase, the Sale Interest (the &#147;</font><u><b><font size=2>Conveyance</font></b></u><font size=2>&#148;), upon and subject to the terms and conditions set forth in this Agreement.  </font></p>

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

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed as follows:</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc2"></a>Purchase and Sale of Sale Interest</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc3"></a>1.1&nbsp;</font><u><font size=2>Conveyance</font></u><font size=2>.  For the consideration hereinafter set forth, but subject to the terms, provisions, covenants and conditions contained herein, Transferor hereby agrees to sell, or cause to be sold, and Transferee hereby agrees to purchase, the Sale Interest.  </font></p>
<a name="toc4"></a>&nbsp;


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>1.2</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Purchase Price</font></u><font size=2>.  </font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purchase price for the Sale Interest shall be $301,789,733, less the outstanding principal balance of the Existing Mortgage Loan as of the Closing Date, and subject to the adjustments as set forth in </font><u><b><font size=2>Sections 1.2(b)</font></b></u><font size=2> and </font><u><b><font size=2>(c)</font></b></u><font size=2> and </font><u><b><font size=2>Section 10.1</font></b></u><font size=2> (such reduced and adjusted amount being hereinafter referred to as the &#147;</font><u><b><font size=2>Purchase Price</font></b></u><font size=2>&#148;).  </font></p>

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

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        <td width="72" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The Purchase Price shall be increased by an amount equal to:  </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><font size=2> [</font></u><font size=2>97% of </font><u><font size=2>(New Income &#150; Lost Rent)]</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:center;'><font size=2>0.06</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that if the above-described amount is equal to less than zero, the Purchase Price shall not be adjusted pursuant to this </font><u><b><font size=2>Section 1.2(b)</font></b></u><font size=2>.  The adjustments made to the Purchase Price pursuant to this </font><u><b><font size=2>Section 1.2(b)</font></b></u><font size=2> shall be deemed final and not subject to further adjustments if no such adjustments have been requested in good faith within one year after the Closing Date.  All post-Closing adjustments to the Purchase Price pursuant to this </font><u><b><font size=2>Section 1.2(b)</font></b></u><font size=2> shall be subject to </font><u><b><font size=2>Sections 10.1(h)</font></b></u><font size=2> and </font><u><b><font size=2>(m)</font></b></u><font size=2>.  For purposes of this
</font><u><b><font size=2>Section 1.2(b)</font></b></u><font size=2>, the following definitions shall apply:</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:0.5in; text-indent:1in;text-align:justify;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</font><u><b><font size=2>Early Terminated Tenant Lease</font></b></u><font size=2>&#148; shall mean each Tenant Lease which expires or terminates after April 24, 2007 and prior to the Closing Date.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:0.5in; text-indent:1in;text-align:justify;'><font size=2>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</font><u><b><font size=2>Lost Rent</font></b></u><font size=2>&#148; means the aggregate annualized reduction in income which is expected to occur from the Early Terminated Tenant Leases, calculated based on the annualized amount of minimum rent payable under each Early Terminated Tenant Lease during the last full calendar month period immediately prior to the expiration or termination thereof.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:0.5in; text-indent:1in;text-align:justify;'><font size=2>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</font><u><b><font size=2>New Income</font></b></u><font size=2>&#148; means the aggregate annualized increase in income which is expected to occur from the New Tenant Leases, calculated based on the annualized amount of minimum rent payable under each New Tenant Lease for the first  full calendar month after the rent commencement date thereunder.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:0.5in; text-indent:1in;text-align:justify;'><font size=2>(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</font><u><b><font size=2>New Tenant Lease</font></b></u><font size=2>&#148; means each new Tenant Lease entered into by Property Owner after April 24, 2007 and prior to the Closing Date in accordance with </font><u><b><font size=2>Section 6.1(c)</font></b></u><font size=2> or otherwise with the approval of Transferee; </font><u><font size=2>provided</font></u><font size=2>, that the Tenant thereunder is scheduled to open for business on or prior to December 31, 2007 (except as may otherwise be agreed to by Transferee); </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>further</font></u><font size=2>, that, with respect to each New Tenant Lease:</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:1.5in; text-indent:0.75in;text-align:justify;'><font size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferee shall receive a credit for (A) all unpaid, non-disbursed Tenant incentives, allowances or inducements (including work to be performed by or at Property Owner&#146;s expense pursuant to the terms of such New Tenant Lease) for the initial term of such Tenant Lease, and (B) all third party brokerage and leasing agreements for which fees or commissions are or will be payable relating to such New Tenant Lease, in each case, as and to the extent set forth in </font><u><b><font size=2>Section 10.1(k)</font></b></u><font size=2>; and </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:1.5in; text-indent:0.75in;text-align:justify;'><font size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;without duplication of any credits received under </font><u><b><font size=2>clause (1)</font></b></u><font size=2>, Transferee shall receive a credit for the value of any rent </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:1.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:1.5in;text-align:justify;'><font size=2>concessions, abatements, free rent amounts, rent &#147;holidays&#148;, or other &#147;lost&#148; rent between the Closing Date and the scheduled (as of the Closing Date) rent commencement date under such New Tenant Lease; </font><u><font size=2>provided</font></u><font size=2>, that there shall be a post-closing adjustment based on the actual rent commencement date under such New Tenant Lease.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Deposit</font></u><font size=2>.  Within 2 Business Days after the full execution and delivery of this Agreement by Transferor and Transferee, Transferee shall deliver to Escrow Agent the amount of Three Million Seven Hundred Fifty Thousand and No/100 Dollars ($3,750,000.00) (which sum, together with any and all interest and dividends earned thereon, shall hereinafter be referred to as the &#147;</font><u><b><font size=2>Deposit</font></b></u><font size=2>&#148;).  Transferee may, at its election, deliver all or any portion of the Deposit in the form of either (i) cash (by Federal funds wire transfer to a U.S. bank account specified by Escrow Agent), or (ii) an unconditional and irrevocable letter of credit, that is payable to Transferor (x) at sight in the State of New York or (y) upon
presentation via facsimile followed by overnight courier delivery of the original, and expires no earlier than the 60<sup>th</sup> day after the last possible date for Closing under </font><u><b><font size=2>Section 9.1</font></b></u><font size=2>, and is issued from Regions Bank or another creditworthy bank or financial institution reasonably acceptable to Transferor.  Transferor hereby approves the form of letter of credit attached hereto as </font><u><b><font size=2>Exhibit F</font></b></u><font size=2>.  Escrow Agent shall hold the Deposit (including any proceeds from draws under any letter of credit) pursuant to the provisions of </font><u><b><font size=2>Article XII</font></b></u><font size=2>.  If the Conveyance is not consummated for any reason (other than a termination of this Agreement in accordance with its terms arising out of a default by Transferee or CBL OP of any provision hereof, the CBL Contribution Agreement or any other agreement between or among Transferor,
Transferee and CBL OP or their respective affiliates), then the Deposit</font><b><font size=2> </font></b><font size=2>shall be returned to Transferee.  Notwithstanding anything to the contrary contained herein, at Closing, (i) any Deposit delivered in the form of cash shall be paid to Transferor, and Transferee shall receive a credit to the Purchase Price in an amount equal to such cash Deposit, and (ii) any Deposit delivered in the form of a letter of credit shall be returned to Transferee upon the payment in full of the Purchase Price by Transferee to Transferor.  The parties hereto shall promptly take any action required to cause the Deposit to be delivered to any party entitled thereto pursuant to the terms of this Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Balance of Purchase Price</font></u><font size=2>.  At Closing, Transferee shall pay the Purchase Price, less any Deposit delivered in the form of cash, to Transferor in accordance with </font><u><b><font size=2>Sections 9.3</font></b></u><font size=2> and </font><u><b><font size=2>9.5</font></b></u><font size=2>.  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc5"></a>1.3&nbsp;</font><u><font size=2>Closing Costs</font></u><font size=2>.  At Closing, (i) Transferee shall cause Transferee&#146;s Closing Costs to be paid in full by delivering the amount thereof to Escrow Agent (by Federal funds wire transfer), (ii) Transferor shall cause Transferor&#146;s Closing Costs to be paid in full by delivering the amount thereof (but only to the extent that such amount is in excess of the Purchase Price) to Escrow Agent (by Federal funds wire transfer), and (iii) Transferee and Transferor shall cause Escrow Agent to deliver all such amounts directly to the Persons to whom such amounts are owed (all as described in </font><u><b><font size=2>Section 10.2</font></b></u><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:center;'><font size=2>3</font></p>

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

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc6"></a>Investigation of the Property and Title</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc7"></a>2.1&nbsp;</font><u><font size=2>Inspection of Property; Indemnity</font></u><font size=2>.  Until Closing or earlier termination of this Agreement, Transferee shall continue to have the rights set forth in that certain Access Agreement, dated as of May 10, 2007, by and between Transferor, on behalf of itself and its subsidiaries and affiliates, as owner, and Transferee, as inspector (as the same may be amended, supplemented or otherwise modified, the &#147;</font><u><b><font size=2>Access Agreement</font></b></u><font size=2>&#148;), as amended by this Agreement.  Without limiting the provisions of the Access Agreement, Transferee shall, jointly and severally, indemnify, hold harmless and defend Transferor and each Transferor Related Party from and against any mechanics&#146; or materialmen&#146;s lien or claim therefor, any claim, cause of action, lawsuit, damage,
liability, loss, cost, expense or any other Losses (including, without limitation, attorneys&#146; fees) due to injury to persons or damage to property arising out of any entry by Transferee or Transferee&#146;s engineers, architects and other employees, representatives, contractors, subcontractors and agents, or out of any inspections, tests or surveys conducted by or on behalf of Transferee in connection with the transactions contemplated herein, in each case, except to the extent caused by the gross negligence or willful misconduct of Transferor or such Transferor Related Party.</font></p>
<a name="toc8"></a>&nbsp;


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        <td width="24" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>2.2</font></p> </td>
        <td width="131" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Title and Survey</font></u><font size=2>.  </font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>Schedule 2.2(a)</font></b></u><font size=2> attached hereto is a schedule of the Liens, defects and other exceptions to title to which the Property will be subject at Closing when Transferee shall acquire the Sale Interest and accept indirect possession of the Property (such exceptions, together with (a) Liens for Taxes that are not yet due and payable, (b) rights of Tenants, as tenants only, under Tenant Leases, (c) any Liens arising out of any act of Transferee, and (d) any other matters that are approved or deemed approved by Transferee hereunder being collectively, the &#147;</font><u><b><font size=2>Permitted Exceptions</font></b></u><font size=2>&#148;).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained herein, on or before the tenth (10<sup>th</sup>) day after the Effective Date, Transferee shall have the right to object to any matter shown on the Title Commitment or the Survey heretofore delivered to Transferee, but only with respect to any matter reported or shown thereon which has or could have a Material Adverse Title Effect (as hereinafter defined) (such objections, &#147;</font><u><b><font size=2>Transferee&#146;s Objections</font></b></u><font size=2>&#148;).  Notwithstanding anything herein to the contrary contained herein, from and after the Effective Date until Closing, Transferee shall have until the tenth (10<sup>th</sup>) day after Transferee&#146;s receipt, after the Effective Date, of any update to the Survey or the Title Commitment (and
legible copies of all documents referenced in any such update) to notify Transferor in writing of any objection (also, &#147;</font><u><b><font size=2>Transferee&#146;s Objections</font></b></u><font size=2>&#148;) which Transferee may have to any matter disclosed, reported or shown thereon and not disclosed, reported or shown on the Title Commitment or the Survey previously delivered to Transferee as to which Transferee has already responded or failed to timely respond pursuant to the preceding sentence, but only if such matter or thing has or could have a Material Adverse Title Effect.  The term &#147;</font><u><b><font size=2>Material Adverse Title Effect</font></b></u><font size=2>&#148; means any matter that has a material adverse effect on the use, value or operation of the Property that </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>breaches a law or that breaches a contract, but only if such breach would have a material adverse effect on the use, value or operation of the Property.  The preceding three (3) sentences do not apply to Liens, as to which the express provisions of this Agreement as to Liens shall apply.  Transferor will and (prior to Closing) will cause the Property Owner to cooperate reasonably and in good faith with Transferee in Transferee&#146;s attempts to obtain customary and reasonable title insurance with respect to Permitted Exceptions (e.g., the omission of recorded memoranda of lease for leases that have expired or been terminated).  As a condition to Closing, Transferor shall remove or discharge from title to the Property (i)&nbsp;any Liens which secure an obligation to pay sums of money borrowed by Transferor, Property Owner or any affiliate thereof (other than the Existing Mortgage Loan) or which are set
forth on </font><u><b><font size=2>Schedule 2.2(b)</font></b></u><font size=2> attached hereto and any other matters set forth on </font><u><b><font size=2>Schedule 2.2(b)</font></b></u><font size=2> attached hereto as Transferor&#146;s obligation to remove or discharge, (ii) any exceptions and matters objected to by Transferee which were created or caused by Transferor, Property Owner or any affiliate thereof between the Effective Date and the Closing Date, and (iii)&nbsp;any other exceptions and matters timely objected to by Transferee in Transferee&#146;s Objections that may be discharged by the payment of an ascertainable amount of money (the exceptions and matters described in </font><u><b><font size=2>clauses (i)</font></b></u><font size=2>, </font><u><b><font size=2>(ii)</font></b></u><font size=2> and </font><u><b><font size=2>(iii)</font></b></u><font size=2>, other than mechanic&#146;s lien or materialman&#146;s lien arising from work performed by or on behalf of a Tenant
(other than by Property Owner as the landlord of such Tenant, or Property Owner&#146;s contractors), collectively, the &#147;</font><u><b><font size=2>Curable Title Objections</font></b></u><font size=2>&#148;); </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that Transferor shall have no obligation to spend more than One Million and No/100 Dollars ($1,000,000.00) in the aggregate in connection with the curing and/or insuring over of the Curable Title Objections described in </font><u><b><font size=2>clause (iii)</font></b></u><font size=2>, and Transferor shall have no obligation to remove any mechanic&#146;s lien or materialman&#146;s lien arising from work performed by or on behalf of a Tenant (other than by Property Owner as the landlord of such Tenant, or Property Owner&#146;s contractors).  Alternatively, in lieu of removing or discharging any of the Curable Title Objections from title to the Property (other than
any mechanic&#146;s lien or materialman&#146;s lien arising from work performed by Property Owner or its contractors), Transferor may obtain for Transferee, title insurance coverage reasonably acceptable to Transferee from the Title Company insuring over any such exceptions or matters, and subject to the $1,000,000 limitation described above and without limiting the provisions of </font><u><b><font size=2>Section 10.2(ii)</font></b></u><font size=2>, Transferor shall be responsible for the incremental costs and expenses charged by the Title Company to insure over any such exceptions and matters (the &#147;</font><u><b><font size=2>Incremental Title Costs</font></b></u><font size=2>&#148;).  Without limiting the foregoing, Transferor and Transferee hereby agree to cooperate to cause to be removed from title to the Property, at Transferor&#146;s expense, any mechanic&#146;s lien or materialman&#146;s lien arising from work performed by Property Owner or its contractors which were of
record prior to the Closing Date and which remain uncured after the Closing Date.  The provisions of the immediately preceding sentence shall survive Closing</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a condition to Closing, Transferor shall, at Transferor&#146;s expense, remove or discharge from title to the Sale Interest any Liens which were created or caused by Transferor, Property Owner or any affiliate thereof.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or before the 10<sup>th</sup> day following Transferor&#146;s receipt of Transferee&#146;s Objections (or by the Outside Closing Date, if earlier), Transferor shall deliver </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>written notice to Transferee (&#147;</font><u><b><font size=2>Transferor&#146;s Response</font></b></u><font size=2>&#148;) indicating whether Transferor elects to remove or insure over those Transferee&#146;s Objections that Transferor is not obligated to remove or insure over in accordance with </font><u><b><font size=2>Section 2.2(b)</font></b></u><font size=2>.  If Transferor fails to deliver Transferor&#146;s Response within the time frame set forth above, it shall be deemed to be an election by Transferor to not remove or insure over all of such Transferee&#146;s Objections.  If Transferor elects not to (or is deemed to have elected not to) remove or insure over all of such Transferee&#146;s Objections, then Transferee must elect, by delivering written notice of such election to Transferor on or before the earlier to occur of (i) the 10<sup>th</sup> day following Transferee&#146;s receipt of
Transferor&#146;s Response (or by the Outside Closing Date, if earlier), or (ii) if no Transferor&#146;s Response is received by Transferee, the 10<sup>th</sup> day following the date on which Transferor shall have been deemed to have responded, as provided above (or by the Outside Closing Date, if earlier), to:  (x) terminate this Agreement (in which case none of the parties thereafter shall have any rights or obligations to the other hereunder, other than pursuant to any provision hereof which expressly survives the termination of this Agreement); or (y) proceed to a timely Closing whereupon such objected to exceptions or matters shall be deemed to be approved by Transferee and constitute Permitted Exceptions.  If Transferee fails to deliver a response within such 10 day period (or by the Outside Date, if earlier), then Transferee shall be deemed to have elected to proceed to Closing pursuant to </font><u><b><font size=2>clause (y)</font></b></u><font size=2> above.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc9"></a>2.3&nbsp;</font><u><font size=2>Status of Title</font></u><font size=2>.  At Closing, Transferor shall convey, or cause to be conveyed, to Transferee all of Transferor&#146;s and/or its affiliates&#146; rights, titles and interests in and to the Sale Interest, and Transferee shall acquire (a) the Sale Interest, and (b) indirect ownership and possession of the Property, subject only to the Permitted Exceptions.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc10"></a>Transferee&#146;s Acknowledgement</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>THE PARTIES HEREBY ACKNOWLEDGE AND AGREE THAT:  (A) TRANSFEREE IS A SOPHISTICATED INVESTOR IN REAL PROPERTY WHO IS FAMILIAR WITH INVESTMENTS SIMILAR TO THE PROPERTY AND THE SALE INTEREST; (B) EXCEPT AS MAY BE SPECIFICALLY SET FORTH IN THIS AGREEMENT OR THE CLOSING DOCUMENTS, NEITHER TRANSFEROR NOR ANY TRANSFEROR RELATED PARTY HAS MADE OR WILL MAKE ANY REPRESENTATION OR WARRANTY OF ANY KIND WHATSOEVER, WHETHER ORAL OR WRITTEN, EXPRESS OR IMPLIED, WITH RESPECT TO PROPERTY OWNER, THE SALE INTEREST, THE PROPERTY, THE PERMITTED USE THEREOF, OR THE ZONING AND OTHER LAWS, REGULATIONS AND RULES APPLICABLE THERETO, OR THE COMPLIANCE BY THE PROPERTY THEREWITH, THE REVENUES AND EXPENSES GENERATED BY OR ASSOCIATED WITH THE PROPERTY OR THE SALE INTEREST, OR OTHERWISE RELATING TO PROPERTY OWNER, THE PROPERTY, THE SALE INTEREST, OR THE TRANSACTIONS CONTEMPLATED HEREIN; AND (C) EXCEPT AS MAY BE
SPECIFICALLY SET FORTH IN THIS AGREEMENT OR THE CLOSING DOCUMENTS, THE SALE INTEREST IS BEING TRANSFERRED TO TRANSFEREE AND </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>6</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>TRANSFEREE IS ACCEPTING THE SALE INTEREST AND INDIRECT POSSESSION OF THE PROPERTY, IN EACH CASE, IN THEIR PRESENT &#147;AS IS, WHERE IS&#148; CONDITION &#147;WITH ALL FAULTS&#148;, WITH NO RIGHT OF SETOFF OR DEDUCTION IN THE PURCHASE PRICE.  IN ADDITION, TRANSFEREE EXPRESSLY UNDERSTANDS, ACKNOWLEDGES AND AGREES THAT UNKNOWN CONDITIONS MAY EXIST WITH RESPECT TO THE PROPERTY, PROPERTY OWNER, AND/OR THE SALE INTEREST AND THAT TRANSFEREE EXPLICITLY TOOK THE POSSIBILITY OF SUCH UNKNOWN CONDITIONS INTO ACCOUNT, TOGETHER WITH THE EXPRESS REPRESENTATIONS AND WARRANTIES CONTAINED HEREIN, IN DETERMINING AND AGREEING TO THE PURCHASE PRICE.  SUBJECT TO THE TERMS HEREOF, TRANSFEREE HAS BEEN AFFORDED THE OPPORTUNITY TO MAKE ANY AND ALL INSPECTIONS AND DUE DILIGENCE OF THE PROPERTY, PROPERTY OWNER, AND ANY OTHER MATTERS RELATED TO THE SALE INTEREST AND THE CONVEYANCE AS TRANSFEREE REASONABLY DESIRED AND, ACCORDINGLY,
EXCEPT AS MAY BE SPECIFICALLY SET FORTH IN THIS AGREEMENT OR THE CLOSING DOCUMENTS, TRANSFEREE WILL RELY SOLELY ON ITS OWN DUE DILIGENCE AND INVESTIGATIONS IN ACQUIRING THE SALE INTEREST.  TRANSFEREE HEREBY ACKNOWLEDGES AND AGREES THAT, EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT OR THE CLOSING DOCUMENTS, NONE OF TRANSFEROR, ANY TRANSFEROR RELATED PARTY OR ANY PERSON ACTING ON BEHALF OF ANY OF THEM, NOR ANY PERSON WHICH PREPARED OR PROVIDED ANY OF THE MATERIALS REVIEWED BY TRANSFEREE IN CONDUCTING ITS DUE DILIGENCE, NOR ANY REPRESENTATIVE, BROKER, ACCOUNTANT, ADVISOR, ATTORNEY, CONSULTANT, SUCCESSOR OR ASSIGN OF ANY OF THE FOREGOING PARTIES, HAS MADE OR SHALL BE DEEMED TO HAVE MADE ANY ORAL OR WRITTEN REPRESENTATIONS OR WARRANTIES, WHETHER EXPRESSED OR IMPLIED, BY OPERATION OF LAW OR OTHERWISE (INCLUDING, WITHOUT LIMITATION, WARRANTIES OF HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE), WITH RESPECT TO THE PROPERTY, PROPERTY OWNER, OR THE SALE INTEREST, OTHER
THAN THOSE EXPRESSLY CONTAINED HEREIN.  TRANSFEREE FURTHER ACKNOWLEDGES AND AGREES THAT, EXCEPT AS MAY BE SPECIFICALLY SET FORTH IN THIS AGREEMENT AND THE CLOSING DOCUMENTS, ALL MATERIALS WHICH HAVE BEEN PROVIDED BY TRANSFEROR OR ANY TRANSFEROR RELATED PARTY OR ANY REPRESENTATIVE, BROKER, ACCOUNTANT, ADVISOR, ATTORNEY, CONSULTANT, SUCCESSOR OR ASSIGN OF ANY OF THE FOREGOING PARTIES, HAVE BEEN PROVIDED WITHOUT ANY WARRANTY OR REPRESENTATION, EXPRESSED OR IMPLIED, AS TO THEIR CONTENT, SUITABILITY FOR ANY PURPOSE, ACCURACY, TRUTHFULNESS OR COMPLETENESS AND TRANSFEREE SHALL NOT HAVE ANY RECOURSE AGAINST TRANSFEROR, ANY TRANSFEROR RELATED PARTY OR ANY REPRESENTATIVE, BROKER, ACCOUNTANT, ADVISOR, ATTORNEY, CONSULTANT, SUCCESSOR OR ASSIGN OF ANY OF THE FOREGOING PARTIES IN THE EVENT OF ANY ERRORS </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font SIZE=2>THEREIN OR OMISSIONS THEREFROM.  THE PROVISIONS OF THIS </font><U><B><font SIZE=2>ARTICLE III</font></B></U><font size=2> SHALL SURVIVE CLOSING.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc11"></a>Transferor&#146;s Representation &amp; Warranties</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>Transferor represents and warrants to Transferee as follows as of the Effective Date and (except with respect to any representation or warranty set forth in the Bringdown Certificate which is updated as of the Closing Date in accordance with the terms of </font><u><b><font size=2>Section 6.1(c)</font></b></u><font size=2>) as of the Closing Date:</font></p>
<a name="toc12"></a>&nbsp;


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        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p   style='text-indent:0in; page-break-after:avoid'><font size=1>&nbsp;</font></p>  </td>
        <td width="24" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>4.1</font></p> </td>
        <td width="297" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Authority; Ownership of Sale Interest</font></u><font size=2>.  </font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of Transferor and Property Owner is duly formed or organized, validly existing and in good standing under the laws of the State of Delaware, (ii) Property Owner is qualified to do business in the State of Missouri, and (iii) except as otherwise disclosed in </font><u><b><font size=2>Schedule 4.1(a)</font></b></u><font size=2> attached hereto, Property Owner has not existed or operated under any other name, and Transferor has not existed under any other name since July 1, 2002.  Property Owner has made all filings necessary in the State of Missouri to own and operate the Property, except to the extent such failure would not have a material adverse effect on the business operations, financial condition or results of operations of the Property.  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other than as may be limited by the Existing Mortgage Loan, Transferor has the full right, power and authority to enter into this Agreement, the Closing Documents and all other documents contemplated hereby, and to consummate the transactions contemplated by this Agreement, the Closing Documents and such other documents.  All requisite partnership, limited liability company and corporate, as applicable, action have been taken by Transferor to authorize the execution and delivery of this Agreement, and will be taken by Transferor prior to Closing to authorize the execution and delivery of the instruments referenced herein and the consummation of the transactions contemplated hereby.  Each of the Persons signing this Agreement, the Closing Documents, and the other documents contemplated by this Agreement on
behalf of Transferor has the legal right, power and authority to bind Transferor.  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor owns, and will own immediately prior to Closing, directly or indirectly, beneficially and, to the extent applicable, of record, the Sale Interest free and clear of any Lien of any nature whatsoever (subject to the rights of Transferee pursuant to this Agreement and the covenants, conditions and restrictions set forth in the Existing Loan Documents).  The Sale Interest is the only authorized, issued and outstanding direct equity interests in Property Owner.  Except for this Agreement, the Existing Loan Documents and any agreements entered into by Transferee, the Sale Interest is not subject to any written agreements or understandings among Persons with respect to the voting or transfer thereof to which Transferee or Property Owner would be subject on or after the Closing Date.  Except for any
agreements entered into by Transferee, there are no subscriptions, options, warrants, calls, rights, </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>convertible securities or other agreements or commitments of any character obligating Transferor, Property Owner or any of their respective affiliates to issue, transfer or sell, or cause the issuance, transfer or sale of, any direct equity interests or other securities (whether or not such securities have voting rights) of Property Owner to which Transferee or Property Owner would be subject on or after the Closing Date.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc13"></a>4.2&nbsp;</font><u><font size=2>No Conflicts</font></u><font size=2>.  The execution, delivery and performance by Transferor of this Agreement and the instruments referenced herein and the transaction contemplated hereby will not conflict with, or with or without notice or the passage of time or both, (i) result in a breach of, violation of, or constitute a default under any material term or provision of any articles of formation, certificate of incorporation, bylaws, certificate of limited partnership, certificate of limited liability company, partnership agreement (oral or written) (including any designation supplemental thereto), limited liability company agreement (oral or written) (including any designation supplemental thereto) or other operating agreement (oral or written) (including any designation supplemental thereto), as applicable, of Transferor or
Property Owner, (ii) result in a breach of, violation of, or constitute a default under (subject to obtaining any consents required under the Existing Mortgage Loan) any material term or provision of, any indenture, deed of trust, mortgage, judicial or administrative order or Law, applicable to Transferor or Property Owner or by which Transferor, Property Owner, the Sale Interest, the Property (or any portion thereof), or any other asset of Property Owner is bound, or (iii) result in a breach of, violation of, or constitute a default under, any material term or provision of any Continuing Contract which breaches, violations and defaults would, individually or in the aggregate, have a material adverse effect on the business operations, financial condition or results of operations of the Property or Property Owner.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc14"></a>4.3&nbsp;</font><u><font size=2>Consents; Binding Obligations</font></u><font size=2>.  Other than with respect to any approval required under the Existing Loan Documents, no approval or consent (other than those which have already been obtained and have not been revoked) is required from any Person for Transferor to execute, deliver or perform this Agreement, the Closing Documents or the other instruments contemplated hereby, or for Transferor to consummate the transaction contemplated hereby, and (b) this Agreement, the Closing Documents and all other documents required hereby to be executed by Transferor are and shall be valid, legally binding obligations of Transferor, enforceable against Transferor in accordance with their respective terms.  Transferor has delivered to Transferee copies of the Property Owner Organizational Documents, including all amendments
thereto, which are true and complete in all material respects.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc15"></a>4.4&nbsp;</font><u><font size=2>No Bankruptcy</font></u><font size=2>.  No petition in bankruptcy (voluntary or otherwise), attachment, execution proceeding, assignment for the benefit of creditors, or petition seeking reorganization or insolvency, arrangement or other action or proceeding under Federal or state bankruptcy law is pending against or contemplated (or, to Transferor&#146;s Actual Knowledge, threatened) by or against Transferor, any general partner of Transferor or Property Owner.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><a name="toc16"></a>&nbsp;</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22510983v9</font></p>
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        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p   style='text-indent:0in;page-break-after:avoid; '><font size=1>&nbsp;</font></p>  </td>
        <td width="24" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>4.5</font></p> </td>
        <td width="411" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Tenant Leases, Contracts, Permitted Exceptions and Permits</font></u><font size=2>.  </font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor has delivered to Transferee copies of the Tenant Leases, including all amendments, modifications and guaranties relating thereto which are true and complete in all material respects.  Transferor has also made available to Transferee other material documents and notices relating to the Tenant Leases.  Property Owner is the lessor under the Tenant Leases, and Property Owner has not, directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, assigned, transferred, encumbered, hypothecated, pledged or granted a security interest in any of the Tenant Leases or its interest therein (other than in connection with the Existing Mortgage Loan).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To Transferor&#146;s Actual Knowledge, except as otherwise disclosed in </font><u><b><font size=2>Schedule</font></b><font size=2>&nbsp;</font><b><font size=2>4.5(b)</font></b></u><font size=2> attached hereto, each of the Tenant Leases is in full force and effect.  To Transferor&#146;s Actual Knowledge, except as otherwise disclosed in </font><u><b><font size=2>Schedule</font></b><font size=2>&nbsp;</font><b><font size=2>4.5(b)</font></b></u><font size=2> attached hereto, Property Owner has not sent or received any written notice of default under any of the material Tenant Leases.  Transferor is not an affiliate of any Tenant under a Tenant Lease which will survive Closing, and Transferor does not have any direct or indirect ownership interest in any Tenant under a Tenant Lease which will survive Closing.
For purposes of this </font><u><b><font size=2>Section 4.5(b)</font></b></u><font size=2> and </font><u><b><font size=2>Section 6.1(i)</font></b></u><font size=2>, the term &#147;material Tenant Lease&#148; shall mean a Tenant Lease demising more than 10,000 square feet of space.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached hereto as </font><u><b><font size=2>Schedule 4.5(c)</font></b></u><font size=2> is a true and correct copy of the rent roll for the Property (each, a &#147;</font><u><b><font size=2>Rent Roll</font></b></u><font size=2>&#148;) based upon which Property Owner operates the Property as of the date indicated therein, together with a schedule, to Transferor&#146;s Actual Knowledge, of the amount of (i) all Tenant Deposits and pre-paid rent of more than one month in advance paid by each Tenant under each Tenant Lease, less amounts previously applied or returned to such Tenant, and (ii) any and all unpaid incentives, concessions, abatements, free rent amounts, allowances or inducements granted to each Tenant (other than those expressly set forth in the Tenant Leases).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached hereto as </font><u><b><font size=2>Schedule 4.5(d)</font></b></u><font size=2> is a list (the &#147;</font><u><b><font size=2>Contract List</font></b></u><font size=2>&#148;) that is true and complete in all material respects of all management, service, supply, repair and maintenance agreements, equipment leases, leasing and/or brokerage agreements and all other contracts and agreements (including the Contracts, but excluding the Tenant Leases) with respect to or affecting the Property, or by which Property Owner is bound, or under which Property Owner is liable, in each case, as of the Effective Date.  Transferor has delivered to Transferee copies of all written material Continuing Contracts, which are true and complete in all material respects.  The Contracts which are national contracts are
identified on </font><u><b><font size=2>Schedule 4.5(d)</font></b></u><font size=2> attached hereto.  Transferor has no direct or indirect ownership interest in any service provider under any Continuing Contract.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise disclosed in </font><u><b><font size=2>Schedule 4.5(e)</font></b></u><font size=2> attached hereto, neither Property Owner nor any other party thereto is in default under (i) any of the material Continuing Contracts or Permits beyond the expiration of any applicable grace or cure period, </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22510983v9</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>except to the extent such default would not have, individually or in the aggregate, a material adverse effect on the business operations, financial condition or results of operations of the Property or Property Owner, or (ii) any of the Permitted Exceptions beyond the expiration of any applicable grace or cure period, except to the extent such default would not have, individually or in the aggregate, a material adverse effect on the business operations, financial condition or results of operations of the Property or Property Owner.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise disclosed in </font><u><b><font size=2>Schedule 4.5(f)</font></b></u><font size=2> attached hereto, there are no third party brokerage and leasing agreements for which fees or commissions are or will be payable relating to the Tenant Leases which would be payable by Transferee or Property Owner after Closing.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc17"></a>4.6&nbsp;</font><u><font size=2>No Actions/Compliance With Laws</font></u><font size=2>.  Except as otherwise disclosed in </font><u><b><font size=2>Schedule</font></b><font size=2>&nbsp;</font><b><font size=2>4.6</font></b></u><font size=2> attached hereto, there are no actions, suits, proceedings, claims or investigations before any court or governmental authority pending, or to Transferor&#146;s Actual Knowledge, threatened, against Transferor or Property Owner with respect to or affecting all of any portion of the Property (other than actions, suits, proceedings or claims fully covered (other than any applicable deductible) by insurance) which, if determined adversely to Transferor or Property Owner, could reasonably be expected to have a material adverse effect on the business operations, financial condition or results of operations of the Property or Property
Owner, or on Transferor&#146;s ability to consummate the transactions contemplated by this Agreement.  None of Transferor, Property Owner or any affiliate thereof is a party to or otherwise bound by any consent decree, judgment, other decree or order, or settlement agreement which could reasonably be expected to have (i) an adverse effect on Transferor&#146;s ability to perform its obligations hereunder, or (ii) a material adverse effect on the business operations, financial conditions or results of operations of the Property or Property Owner.  To Transferor&#146;s Actual Knowledge, except as otherwise disclosed in </font><u><b><font size=2>Schedule</font></b><font size=2>&nbsp;</font><b><font size=2>4.6</font></b></u><font size=2> attached hereto, neither Transferor nor Property Owner has received any written notice that the Property is in material violation of any Laws or requirements of any governmental authority, agency or officer having jurisdiction against or affecting the
Property (a &#147;</font><u><b><font size=2>Violation</font></b></u><font size=2>&#148;), which have not previously been complied with in all material respects.   Except as otherwise disclosed in </font><u><b><font size=2>Schedule</font></b><font size=2>&nbsp;</font><b><font size=2>4.6</font></b></u><font size=2> attached hereto, there are no proceedings pending nor, to Transferor&#146;s Actual Knowledge, threatened, to alter or restrict the zoning or other use restrictions applicable to the Property, or to condemn all or any portion of the Property by eminent domain proceedings or otherwise (including a study or plan for road widening, realignment or relocation).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc18"></a>4.7&nbsp;</font><u><font size=2>Hazardous Materials and Repairs</font></u><font size=2>.  </font><u><b><font size=2>Schedule 4.7</font></b></u><font size=2> attached hereto describes the most recent environmental report for the Property in Transferor&#146;s Possession or Reasonable Control.  Transferor has delivered to Transferee copies of all such environmental reports, which are true and complete in all material respects.</font></p>
<a name="toc19"></a>&nbsp;


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            <p   style='text-indent:0in;page-break-after:avoid; '><font size=1>&nbsp;</font></p>  </td>
        <td width="24" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>4.8</font></p> </td>
        <td width="225" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Taxes and Special Assessments</font></u><font size=2>.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor has delivered to Transferee copies of all ad valorem and other property tax statements and assessments covering the Property for the current plus 2 </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22510983v9</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>preceding years, together with a copy of any notice of increase in valuation received by Transferor or Property Owner since the most recent of such tax statements that were issued, which copies are true and complete in all material respects.  There are no special assessments or charges which have been levied against the Property that are not reflected on the tax bills with respect to the Property.  Except as set forth on </font><u><b><font size=2>Schedule 4.8(a)</font></b></u><font size=2> attached hereto, to Transferor&#146;s Actual Knowledge, no application or proceeding is pending to seek a reduction or increase in taxes or assessments for the Property.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property Owner has never elected to be taxed other than as a partnership or a disregarded entity for Federal, state or local income tax purposes and Property Owner is currently classified for Federal, state or local income tax purposes as an entity which is disregarded as an entity separate from its owner.  Property Owner has filed, or caused to be filed, all federal, state and material local tax returns, informational filings and reports (collectively, &#147;</font><u><b><font size=2>Tax Returns</font></b></u><font size=2>&#148;) that are required to be filed by them.  All such returns, reports, and filings are true and complete in all material respects.  Property Owner has paid, or caused to be paid, all Taxes shown to be due on such Tax Returns, and have paid, or caused to paid, all other Taxes that are
shown on such return.  Property Owner has no liability for Taxes (i) of another Person by reason of an agreement, transferee liability, joint and several liability, or otherwise, or (ii) of any predecessor.  Property Owner does not own any direct or indirect ownership interest in any Person which is liable for any Taxes, including liability for Taxes (x) of another Person by reason of an agreement, transferee liability, joint and several liability, or otherwise, or (y) of any predecessor.  Transferor has not received from any governmental authority any written notice the subject of which remains uncured (1) of underpayment of any material Tax which could become a Lien on the Property if not paid, (2) that any actions relating to the Tax liability of, or relating to, the Property, and which could become a Lien on the Property if not paid, are pending, and/or (3) that the institution of any such action is contemplated by any governmental authority.  Property Owner has not waived any
restrictions on the assessment or collection of Taxes which, if unpaid, could become a Lien on the Property, or has consented to the extension of any statute of limitations with respect to any such Tax that has not since expired.  As of the Effective Date, and except as set forth on </font><u><b><font size=2>Schedule 4.8(b)</font></b></u><font size=2> attached hereto, neither Property Owner nor Transferor has received any written notice (A) of an actual or threatened audit of any tax return filed by or on behalf of Property Owner, or (B) that the applicable governmental entity disputes any material position taken by Property Owner or (if applicable to the transactions contemplated by this Agreement and the Closing Documents) Transferor, in any tax return subject to such audit.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property Owner does not hold any securities, directly or indirectly, possessing more than 10% of the total voting power or total value of the outstanding securities of any one issuer for purposes of Section 856(c)(4)(B) of the Code, and not more than 5% of the total value of the total assets of Property Owner is represented by securities of any one issuer for purposes of Section 856(c)(4)(B) of the Code.  Property Owner does not own any direct or indirect ownership interest in any Person which is classified as a corporation for Federal, state, or local income tax purposes.  Except for this Agreement and the agreements listed on </font><u><b><font size=2>Schedule </font></b></u><font size=2>&nbsp;</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22510983v9</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><u><b><font size=2>4.8(c)</font></b></u><font size=2> attached hereto, there are no Tax Matters Agreements to which Property Owner or any subsidiary thereof is currently subject.  For purposes of this </font><u><b><font size=2>Section 4.8(c)</font></b></u><font size=2>, &#147;</font><u><b><font size=2>Tax Matters Agreement</font></b></u><font size=2>&#148; shall mean any agreement pursuant to which Property Owner or any subsidiary thereof may have any liability relating to Taxes of another Person, whether or not as a result of the consummation of the transactions contemplated by this Agreement.  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The adjusted tax basis of the Property (including all of its components)<sup> </sup> as set forth on </font><u><b><font size=2>Schedule 4.8(d)</font></b></u><font size=2> attached hereto is true and complete in all material respects as of March 31, 2007.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual tax depreciation amounts for the 2007 tax year and subsequent tax years for the Property (including all of its components), based on assets in place as of March 31, 2007 as set forth on </font><u><b><font size=2>Schedule 4.8(e)</font></b></u><font size=2> attached hereto is true and complete in all material respects as of March 31, 2007.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc20"></a>4.9&nbsp;</font><u><font size=2>Non-Foreign Status</font></u><font size=2>.  Neither Property Owner nor Transferor is a &#147;foreign person&#148; within the meaning of Section 1445 of the Code. </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc21"></a>4.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Not a Prohibited Person</font></u><font size=2>.  (a) Neither Transferor nor Property Owner is a Prohibited Person; (b) to Transferor&#146;s Actual Knowledge, none of its investors, affiliates or brokers or other agents (if any), acting or benefiting in any capacity in connection with this Agreement is a Prohibited Person; and (c) to Transferor&#146;s Actual Knowledge, the Sale Interest is not the property of, and are not beneficially owned, directly or indirectly, by a Prohibited Person, nor are any of such assets the proceeds of specified unlawful activity as defined by 18 U.S.C.&nbsp;&sect;1956(c)(7).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc22"></a>4.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Union Contracts; Employees</font></u><font size=2>.  Property Owner is not a party to, and neither  Property Owner nor the Property is bound by, and Transferee shall have no obligation to assume, any collective bargaining agreement, union contract, retirement plan, benefit plan or other employment agreement with respect to the Property, and neither Transferor nor Westfield, LLC is subject to any such collective bargaining agreement, union contract, retirement plan, benefit plan or other employment agreement that will be binding upon Property Owner or Property Owner&#146;s employees from and after Closing.  Attached hereto as </font><u><b><font size=2>Schedule 4.11</font></b></u><font size=2> is a list of all managers, leasing directors and other employees who are located at or specifically assigned to the
Property (collectively, the &#147;</font><u><b><font size=2>Property Employees</font></b></u><font size=2>&#148;) as of the Effective Date, their base salaries, their hire dates and a summary of their employment benefits, which list is true and complete in all material respects.  All of the Property Employees are employees of Westfield, LLC, and Property Owner does not have any employees.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc23"></a>4.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Single-Purpose</font></u><font size=2>.  Property Owner (a) has been formed solely for the purpose of acquiring, owning, operating, managing, leasing, financing and disposing of the Property and transacting any lawful business that is incidental to accomplish the foregoing, (b) has not engaged in any business that is unrelated to the activities set forth in the preceding </font><u><b><font size=2>clause (a)</font></b></u><font size=2>, (c) does not have any assets or liabilities other than those related to the Property and that are </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>reflected in Property Owner&#146;s financial statements, and (d) has never had any assets or liabilities other than those related to the Property.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc24"></a>4.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><U><font SIZE=2>ERISA</font></U><font size=2>.  None of the assets of Transferor or Property Owner constitutes assets of any &#147;employee benefit plan&#148; within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended, a &#147;plan&#148; within the meaning of Section 4975 of the Code, or a Person deemed to hold &#147;plan assets&#148; within the meaning of 29 C.F.R. 2510.3-101 of any such employee benefit plan or plans.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc25"></a>4.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Financial Statements</font></u><font size=2>.  Transferor has delivered to Transferee copies of financial statements for Property Owner, as of December 31, 2006.  Such financial statements have been prepared in accordance with United States generally accepted accounting principles, consistently applied, without footnotes, and present fairly in all material respects and in accordance with such principles, the financial position and result of the operations of the applicable entity as the date or period specified therein.  Except as set forth in </font><u><b><font size=2>Schedule 4.14</font></b></u><font size=2> attached hereto, Property Owner has not incurred any material liability other than (i) liabilities reflected in Property Owner&#146;s financial statements described above, and (ii) liabilities incurred in
the ordinary course of business of owning or operating the Property.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc26"></a>4.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>No Other Assets</font></u><font size=2>.  Transferor has no material assets related to the ownership or operation of the Property other than Transferor&#146;s interest in the Sale Interest to be conveyed to Transferee upon Closing.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc27"></a>4.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Gift Certificates; Merchants Associations</font></u><font size=2>.  Property Owner does not operate any gift certificate program other than the Westfield Gift Card Program currently being run through American Express.  There are no Merchants Associations at the Property.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc28"></a>4.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Existing Mortgage Loan</font></u><font size=2>.  Attached hereto as </font><u><b><font size=2>Schedule 4.17</font></b></u><font size=2>, is a list of all of the material loan documents related to the Existing Mortgage Loan, including all amendments and modifications thereto (the &#147;</font><u><b><font size=2>Existing Loan Documents</font></b></u><font size=2>&#148;). Transferor has delivered to Transferee copies of the Existing Loan Documents which are true and complete in all material respects.  To Transferor&#146;s Actual Knowledge, the outstanding principal balance of the Existing Mortgage Loan as of June 30, 2007 is set forth on </font><u><b><font size=2>Schedule 4.17</font></b></u><font size=2> attached hereto.  Neither Property Owner nor Transferor has received any written notice of default under the
Existing Mortgage Loan.  The only guarantees or letters of credit contemplated by the Existing Loan Documents that are currently applicable to the Property and which will be binding on Transferee and/or CBL REIT after Closing are the Assumed Guarantees.  Property Owner is not currently required to make any cash escrow deposits under the Existing Loan Documents.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc29"></a>4.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>REAs</font></u><font size=2>.  Transferor has delivered to Transferee copies of the REAs, which are true and complete in all material respects.  To Transferor&#146;s Actual Knowledge, each of the REAs are in full force and effect.  Neither Property Owner nor Transferor has received or given any written notice of default under any of the REAs.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><a name="toc30"></a>&nbsp;</font></p>

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>4.19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Insurance Certificates</font></u><font size=2>.  Transferor has delivered to Transferee copies of the certificates of the casualty and commercial liability insurance policies being maintained for the Property as of the Effective Date, which are true and complete in all material respects.  The parties hereto acknowledge and agree that the insurance policies which will be maintained for the Property as of the Closing Date may not be the same as the insurance policies which are currently being maintained for the Property as of the Effective Date, but Transferor represents that the insurance policies which will be maintained for the Property through the Closing Date will afford substantially the same coverage as the insurance policies then being maintained for other properties directly or indirectly owned by Transferor which are
similar to the Property.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>Each of the representations and warranties contained in this </font><u><b><font size=2>Article IV</font></b></u><font size=2> (as the same may be updated in the Bringdown Certificate delivered in accordance with </font><u><b><font size=2>Section 6.1(c)</font></b></u><font size=2>) are acknowledged by Transferor to be material and to be relied upon by Transferee in proceeding with this transaction, and (except for any representation or warranty set forth in the Bringdown Certificate which is updated as of the Closing Date in accordance with the terms of </font><u><b><font size=2>Section 6.1(c)</font></b></u><font size=2>) shall be deemed to have been remade by Transferor as of the Closing Date.  Transferor shall promptly notify Transferee, in writing, of any event or condition known to Transferor which occurs prior to the Closing Date and which causes a material adverse change in the
facts relating to, or the truth of, any of the above representations or warranties.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>Transferor shall not be deemed to be in breach of the representations and warranties contained in </font><u><b><font size=2>Sections 4.5</font></b></u><font size=2> or </font><u><b><font size=2>4.11</font></b></u><font size=2>, as the case may be, with respect to any Contract(s) or employee matter(s), if Transferee does not assume responsibility for such Contract(s) or such employee matter(s), respectively, which violate(s) such representations and warranties, and none of Transferee, Property Owner or the Property would otherwise be bound thereby or have any liability with respect thereto on or after the Closing Date.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>Except with respect to</font><b><font size=2> </font></b><font size=2>(i) any claims or actions arising out of any breach of covenants, agreements, indemnities, representations or warranties expressly set forth herein, (ii) any claims or actions for which Property Owner has liability insurance coverage, in which case the release set forth herein shall not include any amounts which are actually received from the applicable insurance company for such claim or action or the right of Property Owner to seek reimbursement under such policies, and (iii) any claims or actions for fraud on the part of Transferor or Property Owner or any of their respective affiliates, Transferee, for itself and its agents, affiliates, successors and assigns, hereby releases and forever discharges Transferor and each Transferor Related Party and their respective successors and assigns from any and all rights,
claims and demands at law or in equity, whether known or unknown at the time of this Agreement, which Transferee has or may have in the future, arising out of the physical, environmental, economic or legal condition of the Property, or any tax, legal, economic or financial matters or condition relating to Property Owner or the Sale Interest.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>Notwithstanding anything to the contrary set forth in this Agreement, (x)&nbsp;Transferee hereby expressly waives, relinquishes and releases any right or remedy available to it at law, in equity or under this Agreement, in the event Closing occurs, to make a claim against Transferor </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>for damages that Transferee may incur, or to rescind this Agreement and the transactions contemplated hereby, as the result of any of Transferor&#146;s representations or warranties in this </font><u><b><font size=2>Article IV</font></b></u><font size=2> being untrue, inaccurate or incorrect if, to Transferee&#146;s Actual Knowledge and/or CBL OP&#146;s Actual Knowledge, such representation or warranty shall be untrue, inaccurate or incorrect at the time of Closing and Transferee shall nevertheless proceed with Closing hereunder, and (y)&nbsp;without limiting the provisions of </font><u><b><font size=2>Section 13.4</font></b></u><font size=2>, Transferor&#146;s liability for breach of any representations or warranties of Transferor contained in this </font><u><b><font size=2>Article IV</font></b></u><font size=2>, any Closing Document, and/or in any other document executed by Transferor pursuant to this
Agreement, including any instruments delivered at Closing, shall be deferred until such claims equal or exceed One Hundred Twenty Five Thousand and No/100 Dollars ($125,000.00) in the aggregate (to be valued and paid from the first dollar of loss in the event that such aggregate amount is exceeded), and Transferor&#146;s aggregate liability for all claims arising out of any such covenants, representations and warranties shall not exceed Two Million Five Hundred Thousand and No/100 Dollars ($2,500,000.00).</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc31"></a>Transferee&#146;s Representations and Warranties</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>Transferee represents and warrants to Transferor as follows as of the Effective Date and (except with respect to any representation or warranty set forth in the certificate delivered at Closing which is updated as of the Closing Date in accordance with the terms of </font><u><b><font size=2>Section 8.1(a)</font></b></u><font size=2>) as of the Closing Date:</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc32"></a>5.1&nbsp;</font><u><font size=2>Authority</font></u><font size=2>.  Transferee is a Delaware limited partnership duly formed or organized, validly existing and in good standing under the laws of the state of its organization and Transferee is qualified to do business in the states in which it presently conducts its business.  Transferee has not existed or operated under any name other than CBL &amp; Associates Limited Partnership.  Transferee has made all filings necessary in the states in which it presently conducts its business to so conduct its business, except to the extent such failure would not have a material adverse effect on the business operations, financial conditions or results of operations of Transferee.  Transferee has the full limited partnership right, power and authority to enter into this Agreement, the Closing Documents, and all other documents
contemplated hereby, and to consummate the transaction contemplated by this Agreement, the Closing Documents and such other documents.  All requisite partnership, limited liability company and corporate, as applicable, action have been taken by Transferee to authorize the execution and delivery of this Agreement, and will be taken by Transferee prior to the Closing to authorize the execution and delivery of the instruments referenced herein and the consummation of the transactions contemplated hereby.  Each of the Persons signing this Agreement, the Closing Documents and the other documents contemplated by this Agreement on behalf of Transferee has the legal right, power and authority to bind Transferee.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc33"></a>5.2&nbsp;</font><u><font size=2>No Conflicts</font></u><font size=2>.  The execution, delivery and performance by Transferee of this Agreement and the instruments referenced herein and the transaction contemplated hereby will not conflict with, or with or without notice or the passage of time or both, (i) result in a breach </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>of, violation of, or constitute a default under any material term or provision of any articles of formation, certificate of incorporation, bylaws, certificate of limited partnership, certificate of limited liability company, partnership agreement (oral or written) (including any designation supplemental thereto), limited liability company agreement (oral or written) (including any designation supplemental thereto) or other operating agreement (oral or written) (including any designation supplemental thereto), as applicable, of Transferee, or (ii) result in a breach of, violation of, or constitute a default under any material term or provision of any indenture, deed of trust, mortgage, contract, agreement, judicial or administrative order or Law applicable to Transferee, or by which Transferee or its assets are bound.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc34"></a>5.3&nbsp;</font><u><font size=2>Consents; Binding Obligations</font></u><font size=2>.  No approval or consent (other than those which have already been obtained and have not been revoked) from any Person is required for Transferee to execute, deliver or perform this Agreement, the Closing Documents or the other instruments contemplated hereby, or for Transferee to consummate the transactions contemplated hereby.  This Agreement, the Closing Documents and all other documents required hereby to be executed by Transferee are and shall be valid, legally binding obligations of, and enforceable against, Transferee in accordance with their terms.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc35"></a>5.4&nbsp;</font><u><font size=2>No Bankruptcy</font></u><font size=2>.  No petition in bankruptcy (voluntary or otherwise), attachment, execution proceeding, assignment for the benefit of creditors, or petition seeking reorganization or insolvency, arrangement or other action or proceeding under Federal or state bankruptcy law is pending against or contemplated (or, to Transferee&#146;s Actual Knowledge, threatened) by or against Transferee or any general partner of Transferee.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc36"></a>5.5&nbsp;</font><u><font size=2>No Legal Proceedings</font></u><font size=2>.  There are no actions, suits, proceedings or investigations before any court or governmental authority pending or, to Transferee&#146;s Actual Knowledge, threatened against Transferee which, if determined adversely to Transferee, could reasonably be expected to have (a)&nbsp;an adverse effect on Transferee&#146;s ability to perform its obligations hereunder, or (b)&nbsp;a material adverse effect on Transferee&#146;s business operations, financial condition or results of operations (a &#147;</font><u><b><font size=2>Material Adverse Effect</font></b></u><font size=2>&#148;).  Transferee is not a party to or otherwise bound by any consent decree, judgment, other decree or order, or settlement agreement which could reasonably be expected to have (i) an adverse effect on Transferee&#146;s
ability to perform its obligations hereunder, or (ii) a Material Adverse Effect.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc37"></a>5.6&nbsp;</font><u><font size=2>Not a Prohibited Person</font></u><font size=2>.  (a) Transferee is not a Prohibited Person; (b) to Transferee&#146;s Actual Knowledge, none of its investors, affiliates or brokers or other agents (if any), acting or benefiting in any capacity in connection with this Agreement is a Prohibited Person; and (c) to Transferee&#146;s Actual Knowledge, the assets owned by Transferee are not the property of, and are not beneficially owned, directly or indirectly, by a Prohibited Person, nor are any of such assets the proceeds of specified unlawful activity as defined by 18 U.S.C.&nbsp;&sect;1956(c)(7).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc38"></a>5.7&nbsp;</font><U><font SIZE=2>ERISA</font></U><font size=2>.  None of the assets of Transferee constitutes assets of any &#147;employee benefit plan&#148; within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended, a &#147;plan&#148; within the meaning of Section 4975 of the Code, or a Person deemed </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>to hold &#147;plan assets&#148; within the meaning of 29 C.F.R. 2510.3-101 of any such employee benefit plan or plans.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>Each of the representations and warranties contained in this </font><u><b><font size=2>Article V</font></b></u><font size=2> (as the same may be updated in the certificate delivered in accordance with </font><u><b><font size=2>Section 8.1(a)</font></b></u><font size=2>) are acknowledged by Transferee to be material and to be relied upon by Transferor in proceeding with this transaction, and (except for any representation or warranty set forth in such certificate which is updated as of the Closing Date in accordance with the terms of </font><u><b><font size=2>Section 8.1(a)</font></b></u><font size=2>) shall be deemed to have been remade by Transferee as of the Closing Date.  Transferee shall promptly notify Transferor, in writing, of any event or condition known to Transferee which occurs prior to the Closing Date and which causes a material adverse change in the facts relating to, or
the truth of, any of the above representations or warranties.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc39"></a>Additional Undertakings</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc40"></a>6.1&nbsp;</font><u><font size=2>Covenants</font></u><font size=2>.  Until the earlier of Closing or the termination of this Agreement, Transferor undertakes and agrees as follows:</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor shall cause the Property to be operated and maintained, shall perform or cause to be performed all of its and Property Owner&#146;s obligations (including obligations under the Existing Loan Documents, the Contracts, the REAs, and the Tenant Leases), and shall timely make or cause to be made any required payments relating to the Property in a professional manner, in each case, in accordance, in all material respects, with Transferor&#146;s and Property Owner&#146;s past practice and all applicable Laws.  Transferor shall cause Property Owner to maintain in existence all material licenses, permits and approvals, if any, in its name necessary to the continuing ownership, operation and maintenance of the Property.  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to </font><u><b><font size=2>Section 6.1(c)</font></b></u><font size=2>, without Transferee&#146;s prior written approval, which may be withheld in Transferee&#146;s sole and absolute discretion, neither Transferor nor Property Owner shall directly or indirectly (i) sell, contribute or assign the Sale Interest or the Property or any part thereof, (ii) cause any voluntary mortgage, deed of trust or Lien (other than the Permitted Exceptions) to be placed of record against the Sale Interest or the Property or any part thereof, (iii) subject to </font><u><b><font size=2>Section 2.2</font></b></u><font size=2>, take any action which would modify the status of title to (or the legal description of) the Property as shown on the Title Commitment, (iv) subject to </font><u><b><font size=2>Section
2.2</font></b></u><font size=2>, take any action which would adversely affect Transferee&#146;s ability to obtain the Title Policy in accordance with </font><u><b><font size=2>Section 7.1(a)</font></b></u><font size=2>, (v) enter into any agreement to do any of the foregoing, or (vi) cause or permit Property Owner to do any of the foregoing.  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without Transferee&#146;s prior written approval (not to be unreasonably withheld, delayed or conditioned, except that Transferee may withhold its consent in its sole discretion to any proposed Tenant Lease which is not consistent with the Approved Transactions Guidelines), Transferor shall not (i) enter into any new (or extend, renew or replace any existing) lease, agreement, service contract, employment contract, permit or obligation affecting the </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>Property which would be binding upon Transferee or Property Owner after the Closing, or (ii) terminate any Tenant Lease or Continuing Contract, or otherwise materially amend, supplement or modify any of the foregoing (</font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that nothing in the foregoing </font><u><b><font size=2>clauses (i)</font></b></u><b><font size=2> </font></b><font size=2>or </font><u><b><font size=2>(ii)</font></b></u><font size=2> shall prohibit Transferor or Property Owner from (A) entering into a Tenant Lease if such Tenant Lease is with a reasonably creditworthy Tenant on terms substantially consistent with those set forth on </font><u><b><font size=2>Schedule 6.1(c)</font></b></u><font size=2> attached hereto (the &#147;</font><u><b><font size=2>Approved Transactions Guidelines</font></b></u><font size=2>&#148;)
(</font><i><font size=2>i.e.</font></i><font size=2>, within 10% of the applicable base rent set forth in the Approved Transactions Guidelines), or (B) extending or renewing the term of any Tenant Lease, or expanding the space demised by any Tenant Lease, or otherwise amending any Tenant Lease, if such extension, renewal, expansion or amendment is (I) pursuant to an existing option in such Tenant Lease, or (II) on terms substantially consistent with those set forth on the Approved Transactions Guidelines (</font><i><font size=2>i.e.</font></i><font size=2>, within 10% of the applicable base rent set forth in the Approved Transactions Guidelines); in the case of each of </font><u><b><font size=2>clauses (A)</font></b></u><font size=2> and </font><u><b><font size=2>(B)</font></b></u><font size=2>, without Transferee&#146;s consent, and Transferor and Property Owner shall have the right to do any of the foregoing without Transferee&#146;s consent),  (iii)&nbsp;change, alter, file for,
pursue, accept or obtain any zoning, land use permit or other development approval or entitlement related to the Property, (iv) consent to the inclusion of the Property in any special district, (v) commence any action, suit or proceeding against a defaulting anchor Tenant or any other Tenant under a Tenant Lease involving more than 25,000 square feet of gross leaseable area, or (vi)&nbsp;cause or permit Property Owner to do any of the foregoing; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that Transferor may enter into, or cause Property Owner to enter into, any service or similar contract without Transferee&#146;s approval if such contract is entered into in the ordinary course of Transferor&#146;s or Property Owner&#146;s business and is terminable without penalty or premium on not more than 30 days&#146; notice from Transferor or Property Owner.  Transferee shall respond to any request for consent under this
</font><u><b><font size=2>Section 6.1(c)</font></b></u><font size=2> within 5 Business Days of its receipt of a written request for such consent together with a copy of the document (or a summary of all material terms) for which such consent is being requested.  In the event that Transferee fails to respond within such 5 Business Day period, Transferee shall be deemed to have consented to such request.  At Closing, Transferor shall deliver to Transferee an updated representation certificate (the &#147;</font><u><b><font size=2>Bringdown Certificate</font></b></u><font size=2>&#148;), pursuant to which Transferor shall provide, and represent and warrant to Transferee as to, updated versions of each of the representations and warranties set forth in </font><u><b><font size=2>Article IV</font></b></u><font size=2>, all updated as of the Closing Date (or such other date as may be specified in </font><u><b><font size=2>Article IV</font></b></u><font size=2>).  Transferee&#146;s obligation
to consummate the transaction contemplated by the Agreement shall remain subject to the satisfaction of, or waiver by Transferee of, the condition set forth in </font><u><b><font size=2>Section 7.1(b)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither Transferor nor Property Owner shall (other than security deposits and first month&#146;s rent received at the commencement of the term of a Tenant Lease), accept any rent from any Tenant for more than one month in advance of the payment date.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth in </font><u><b><font size=2>Section 6.1(c)</font></b></u><font size=2>, Transferor and Property Owner shall have the right to commence or prosecute any action, suit or proceeding against a defaulting Tenant or any defaulting vendor under any Continuing Contract so long as the commencement </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>and prosecution of such action, suit or proceeding is consistent with Transferor&#146;s or Property Owner&#146;s past practice.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor shall not elect, and Property Owner shall not file an election, to treat Property Owner as other than as a disregarded entity (as described in Section 301.7701-3(b)(1)(ii) of the Treasury Regulations) for Federal, state or local income tax purposes.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor shall maintain, or cause to be maintained, casualty and general commercial insurance coverage for the Property similar to the insurance coverage maintained for other properties directly or indirectly owned by Transferor which are similar to the Property.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor shall not, and shall cause Property Owner not to, settle any proceedings with respect to the payment of real property taxes or assessments for the Property with respect to (i) the tax year in which the Closing Date occurs and each tax year thereafter, and (ii) any tax year preceding the tax year in which the Closing Date occurs in a manner that would have a material adverse effect on Transferee after the Closing Date; </font><u><font size=2>provided</font></u><font size=2>, that the foregoing shall not prohibit Transferor from commencing and/or pursuing, or causing Property Owner to commence and/or to pursue, any tax proceedings with respect to the payment of real property taxes or assessments in the ordinary course of business.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor shall, or shall cause Property Owner to, provide Transferee with (i) a copy of any written notice of default given or received by Transferor or Property Owner under any material Tenant Lease, the Existing Mortgage Loan or any REA, and (ii) notice of any litigation (other than litigation covered by insurance) actually commenced by or against Transferor (with respect to Property Owner or the Property) or Property Owner, (iii) notice of any arbitration or governmental proceeding instituted against Property Owner, and (iv) a copy of any written notice of eminent domain or condemnation proceedings received by Transferor or Property Owner.  On the Closing Date, Transferor shall, or shall cause Property Owner to, provide Transferee with a list of all outstanding litigation (including litigation
covered by insurance) against Transferor (with respect to Property Owner or the Property) or Property Owner.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the provisions of the Access Agreement, from and after the Effective Date, upon reasonable prior notice to Transferor, Transferee shall have the right, during normal business hours, to interview the Tenants under Tenant Leases, the holder of the Existing Mortgage Loan (but only to the extent necessary for Transferee to comply with its obligations under </font><u><b><font size=2>Section 6.9</font></b></u><font size=2>) and the counterparties to the REAs; </font><u><font size=2>provided</font></u><font size=2>, that Transferor shall have the right to have a representative of Transferor present at all such interviews.  The parties shall reasonably cooperate to facilitate such interviews and such participation.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of Transferor and Transferee hereby agrees that, between the Effective Date and Closing, each shall keep the other reasonably informed (and shall establish </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22510983v9</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>procedures to keep the other reasonably informed) of matters relating to the operation and leasing of the Property and satisfaction of any conditions precedent to Closing hereunder.  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc41"></a>6.2&nbsp;</font><u><font size=2>Actions by Property Owner</font></u><font size=2>.  Except as otherwise expressly permitted by this Agreement, prior to Closing or termination of this Agreement, without the prior written consent of Transferee (which consent may be withheld in Transferee&#146;s sole and absolute<sup> </sup> discretion), Transferor shall not, and shall not cause or permit Property Owner to:</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;issue, sell, dispose of, or agree to issue, sell, or dispose of, any equity interests, or any debt or any securities convertible into or exchangeable for equity interests in Property Owner;</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;purchase, redeem or otherwise acquire or retire, or offer to purchase, redeem or otherwise acquire or retire, any equity interests in Property Owner, if as a result of any of the foregoing, Transferor would fail to be able to convey the Sale Interest to Transferor in accordance with the terms of this Agreement;</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;incur, or become contingently liable with respect to, any new or additional indebtedness or enter into any guarantee of any indebtedness or issue any debt securities, other than trade payables in the ordinary course of business consistent with past practices;</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acquire, or agree to acquire, by merging or consolidating with, or by purchasing a substantial direct or indirect equity interest in or a substantial portion of the assets of, or by any other manner, any business or any Person;</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mortgage or otherwise voluntarily place a Lien on the Property, unless such Lien is discharged or bonded over on or prior to the Closing Date;</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acquiesce in or admit liability with respect to any claim against it, or, except in the ordinary course of business, waive, surrender or compromise any claim it possesses unless any liability arising from such admission, compromise or settlement is fully discharged on or prior to the Closing Date or as to which Property Owner would not have any liability after the Closing Date; </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;commence, or allow to be commenced, on Property Owner&#146;s behalf, any material action, suit or proceeding affecting Property Owner or with respect to all or any portion of the Property or the Sale Interest, except in the ordinary course of business or as contemplated in </font><u><b><font size=2>Section 6.1(e)</font></b></u><font size=2>;</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;commence, or allow to be commenced (other than by a Tenant) any capital improvements or material renovations or alterations to the Property, except as may be (i) required by applicable law, any Tenant Lease, a holder of the Existing Mortgage Loan, or any </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22510983v9</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>REA, or (ii) set forth in the budgets delivered to Transferee by Transferor in connection with Transferee&#146;s due diligence of the Sale Interest; or</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;be listed for direct or indirect sale or transfer; and Transferor shall not, and shall not cause or permit Property Owner to, negotiate for the same, other than to Transferee.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc42"></a>6.3&nbsp;</font><u><font size=2>Termination of Contracts</font></u><font size=2>.  Transferee agrees to use commercially reasonable efforts to communicate with all vendors under the Contracts and to consider in good faith continuing the terms of such Contracts, </font><u><font size=2>provided</font></u><font size=2>, that for any Contracts which are national contracts or which require the consent of the other party thereto to any change-of-control in Property Owner, if Transferee so elects, Transferee shall negotiate with such contract parties to continue the terms of such Contracts pursuant to a separate agreement with the applicable counterparty to such Contract.  Transferor agrees to terminate (or cause Property Owner to terminate) by written notice to the other party thereto, effective as of Closing (or as soon as possible after Closing if termination as of
Closing is not possible under the terms of such Contracts), any of the Contracts specifically identified in </font><u><b><font size=2>Schedule 6.3</font></b></u><font size=2> attached hereto or any other Contract that Transferee requests Transferor prior to Closing to terminate.  Transferor shall furnish Transferee with copies of all notices of termination given by Transferor pursuant to this </font><u><b><font size=2>Section</font></b><font size=2>&nbsp;</font><b><font size=2>6.3</font></b></u><font size=2>, each of which notices shall be delivered to the addressee thereof promptly after Transferor&#146;s receipt of Transferee&#146;s request to terminate the related Contract.  With respect to any Contracts which Transferee timely requires to be terminated, Transferee shall pay all termination costs, fees and/or expenses related thereto (together with all other fees, amounts, costs and expenses due under the terms of such Contracts whether or not due and payable on or prior to
Closing); </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that, Transferor shall pay such costs, fees and expenses to the extent related to the termination of (a) any Contract between Property Owner and its affiliate, (b) any Contract that is a national contract, and (c) any Contract that provides that a change-of-control in Property Owner must be consented to by any party to such Contract, but only if Transferee desires to continue the terms of such Contract and such consent cannot be obtained.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc43"></a>6.4&nbsp;</font><u><font size=2>Casualty Damage/Condemnation</font></u><font size=2>.  Notwithstanding anything to the contrary set forth in this Agreement, if, prior to Closing, (a) Fifteen Million and No/100 Dollars ($15,000,000.00) or more of damage is caused to the Property, or (b) any portion or portions of the Property having an aggregate fair market value equal to or greater than Fifteen Million and No/100 Dollars ($15,000,000.00) is taken (or is threatened to be taken) under the power or threat of eminent domain (temporarily or permanently), (c) material access to the Property or a material portion of the parking of the Property is destroyed as a result of a casualty or taking (or threatened taking) under the power or threat of eminent domain (temporarily or permanently), or (d) any portion of the Property is rendered untenantable as a result of a casualty or
taking (or threatened taking) under the power or threat of eminent domain (temporarily or permanently) such that, with respect to </font><u><b><font size=2>clauses (c)</font></b></u><font size=2>, or </font><u><b><font size=2>(d)</font></b></u><font size=2>, the use of the balance of the Property is materially impaired for a material period of time, and such impairment would have a material adverse effect on the business operations, financial condition or results of operations of the Property, the Sale Interest, and Property Owner, taken as a whole, then, in any such event, Transferee may elect to </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22510983v9</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>terminate this Agreement by giving written notice to Transferor of its election to terminate this Agreement (a &#147;</font><u><b><font size=2>Material Event Termination Notice</font></b></u><font size=2>&#148;), on or before the 10<sup>th</sup> day after Transferee receives written notice of such destruction, taking or threatened taking.  If Transferee does not give (or has no right to give) a Material Event Termination Notice within such 10 day period, then (i) this transaction shall close as set forth in this Agreement, (ii) Transferee shall pay the full Purchase Price (subject to </font><u><b><font size=2>clause (iv)</font></b></u><font size=2> below), (iii) to the extent not automatically assigned indirectly to Transferee upon the consummation of the Conveyance, Transferor shall assign (or cause Property Owner to assign) to Transferee the proceeds of any insurance policies payable to Transferor or
Property Owner (or shall assign the right or claim to receive such proceeds after Closing), or Transferor&#146;s or Property Owner&#146;s right to or portion of any condemnation award (or payment in lieu thereof), (iv) the amount of any deductible or self-insured or uninsured amount and any portion of the insurance proceeds or condemnation awards distributed to any direct or indirect equity owner of Property Owner shall be a credit against the Purchase Price in accordance with </font><u><b><font size=2>Section 10.1(h)</font></b></u><font size=2>, and any proceeds from rent or business interruption insurance allocable to the period from and after the Closing Date (less any deductibles allocable to such periods) shall be retained by Property Owner (or Transferor shall receive a credit for the portion of any such proceeds (less any such deductibles) not so retained by Property Owner).  If an event described in the first sentence of this </font><u><b><font size=2>Section
6.4</font></b></u><font size=2> shall occur, and Transferee timely delivers a Material Event Termination Notice with respect to such event pursuant to this </font><u><b><font size=2>Section 6.4</font></b></u><font size=2>, Transferee shall pay all cancellation charges, if any, of Escrow Agent and the Title Company, and this Agreement shall be of no further force or effect and none of the parties shall have any further rights or obligations hereunder (other than pursuant to any provision which expressly survives the termination of this Agreement).  Transferor shall not settle or compromise any insurance claim or condemnation action without the prior written consent of Transferee (not to be unreasonably withheld, delayed or conditioned), and Transferee shall have the option to participate in any such claim or action.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc44"></a>6.5&nbsp;</font><u><font size=2>Risk of Loss</font></u><font size=2>.  Transferor shall retain risk of loss of the Property until 12:01 a.m. on the Closing Date, after which time the risk of loss shall pass to Transferee and Transferee shall be responsible for obtaining its own insurance thereafter.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc45"></a>6.6&nbsp;</font><u><font size=2>Estoppel Certificates</font></u><font size=2>.  On or before the Closing Date, Transferee shall have received copies of (a) executed estoppel certificate from each Tenant identified on </font><u><b><font size=2>Schedule 6.6</font></b></u><b><font size=2> </font></b><font size=2>attached hereto (each, an &#147;</font><u><b><font size=2>Anchor Tenant</font></b></u><font size=2>&#148;), each in the form customary for such Anchor Tenant and not alleging any default by Property Owner (such estoppel certificates being the &#147;</font><u><b><font size=2>Anchor Estoppels</font></b></u><font size=2>&#148;), (b) executed estoppel certificates from Tenants other than the Anchor Tenants and that, in the aggregate, lease at least 75%<sup> </sup> of the gross leaseable area of the Property that is occupied by Tenants that are not Anchor Tenants,
each in substantially the form attached hereto as </font><u><b><font size=2>Exhibit A</font></b></u><font size=2> (each, a &#147;</font><u><b><font size=2>Tenant Estoppel</font></b></u><font size=2>&#148;), </font><u><font size=2>provided</font></u><font size=2>, that any such Tenant Estoppel shall be accepted as long as it is consistent with the information set forth in the applicable Tenant Lease, and does not indicate the continuing existence of an actual material default of Property Owner under the applicable Tenant Lease, and (c) executed estoppel certificates from each party to the reciprocal easement agreement (&#147;</font><U><B><font SIZE=2>REA</font></B></U><font size=2>&#148;) encumbering the Property (each such party being an </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>REA Party</font></b></u><font size=2>&#148;), each in the form customary for such REA Party and not alleging any default by Property Owner (each, an &#147;</font><u><b><font size=2>REA Estoppel</font></b></u><font size=2>&#148;).  If a Tenant&#146;s Tenant Lease prescribes a form of estoppel that is different than the applicable estoppel form attached to this Agreement, then an estoppel certificate executed by such Tenant in the form attached to such Tenant Lease shall be deemed to satisfy the requirements of this </font><u><b><font size=2>Section 6.6</font></b></u><font size=2> with respect to such Tenant.  Notwithstanding the foregoing, if Transferor is not able to procure the requisite number of Tenant Estoppels identified in </font><u><b><font size=2>subsection (b)</font></b></u><font size=2> above in accordance with the terms of this </font><u><b><font size=2>Section
6.6</font></b></u><font size=2>, then Transferor may deliver a copy of an estoppel certificate (each, a &#147;</font><u><b><font size=2>Transferor&#146;s Estoppel</font></b></u><font size=2>&#148;) executed by Transferor relating to such Tenant&#146;s Tenant Lease (as the case may be), in substantially the same form as the applicable Tenant Estoppel (but limited to Transferor&#146;s Actual Knowledge), in substitution for up to 15% of the gross leaseable area of the Tenant Estoppels required pursuant to </font><u><b><font size=2>subsection (b)</font></b></u><font size=2> above.  If a Tenant Estoppel is subsequently delivered to Transferee with respect to any Tenant Lease for which a Transferor&#146;s Estoppel has already been provided, such Transferor&#146;s Estoppel shall cease to be effective and will be considered replaced by such Tenant Estoppel.  Each of the Estoppel Certificates shall be dated effective as of no earlier than 45 days prior to the Closing Date.  At Closing,
Transferor shall deliver to Transferee each executed original Estoppel Certificate.  The failure of Tenants or REA Parties (or of Tenants, REA Parties and Transferor, collectively) to deliver Estoppel Certificates sufficient to satisfy the condition precedent set forth in this </font><u><b><font size=2>Section</font></b><font size=2>&nbsp;</font><b><font size=2>6.6</font></b></u><font size=2> shall cause the closing condition set forth in </font><u><b><font size=2>Section 7.1(e)</font></b></u><font size=2> to remain unsatisfied, but shall not give rise to any liability on the part of Transferor, and Transferee&#146;s rights under such circumstances shall be limited to the rights set forth in </font><u><b><font size=2>Section 7.2</font></b></u><font size=2>.  Notwithstanding the foregoing, any estoppel that alleges the existence of a material default by Transferor or Property Owner which remains uncured past applicable notice and cure periods shall not count towards the percentage of
estoppels required under this </font><u><b><font size=2>Section 6.6</font></b></u><font size=2>.</font></p>
<a name="toc46"></a>&nbsp;


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="165" >
    <tr >
        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p   style='text-indent:0in; '><font size=1>&nbsp;</font></p>  </td>
        <td width="24" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>6.7</font></p> </td>
        <td width="93" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Employees</font></u><font size=2>.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor shall provide, and shall cause Property Owner to provide, reasonable opportunities for representatives of Transferee to meet with such Property Employees as it may desire at reasonable times and upon reasonable notice, for the purpose of determining which of such Property Employees Transferee may select to cause Property Owner, Transferee, or an affiliate of Transferee (each, a &#147;</font><u><b><font size=2>Transferee Employer</font></b></u><font size=2>&#148;; and collectively, the &#147;</font><u><b><font size=2>Transferee Employers</font></b></u><font size=2>&#148;) to retain after the Closing Date.  Effective as of the close of business on the day immediately prior to the Closing Date, Transferor shall cause the termination of all of the Property Employees.  Effective as of the Closing Date,
the applicable Transferee Employer shall offer at-will employment to substantially all of the Property Employees, other than 4 individuals previously identified by Transferor to Transferee (it being acknowledged by Transferee that Transferor or its affiliates intends to retain the employment of such 4 individuals) such offer to be for a base salary not less than that being earned by such employee as of the Effective Date and with benefits (including bonuses and retirement benefits) consistent with benefits that Transferee then provides to its employees in comparable positions at comparable properties directly or indirectly owned by Transferee.  Subject to the immediately preceding sentence, the applicable </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>Transferee Employer shall give each Property Employee who accepts its offer of employment credit for the term of his or her employment with the relevant Transferor affiliate for purposes of determining eligibility for vacation and other benefits (including, without limitation, for purposes of calculating any bonuses for the 2007 fiscal year) accruing from and after the Closing to the extent relevant under the employment arrangements with the relevant Transferor affiliate and permitted under applicable law.  The foregoing covenants are made to, and solely for the benefit of, Transferor and Property Owner, and none of the Property Employees or any other Persons are entitled, or shall be deemed to be entitled, to make any claim against Transferor, Transferee or any of its affiliates, or any other Person, based on this paragraph or any other provision of this Agreement.  The current terms and conditions of
employment of the Property Employees will not be modified, other than in the ordinary course of business, without the consent of Transferee which consent shall not be unreasonably withheld.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferee Employer shall be solely responsible for, and hereby assumes, all costs, expenses and liabilities whatsoever with respect to, any and all (i)&nbsp;salaries of those Property Employees hired by any Transferee Employer for the period from and after the Closing Date, (ii)&nbsp;benefits attributable to the period from and after the Closing Date payable to such Property Employees and all relevant plan contributions, (iii)&nbsp;benefit continuation and/or severance payments relating to any such Property Employee that may be payable upon any termination of employment of such Property Employee from and after the Closing Date, and (iv)&nbsp;notices, payments (including severance payments, if any, and payments on account of accrued vacation), fines or assessments due, or other liabilities or obligations,
pursuant to any laws, rules or regulations with respect to the employment, discharge or layoff of such Property Employees from and after the Closing Date, including, but not limited to, such liability as arises under the Worker Adjustment and Retraining Notification Act, 29&nbsp;U.S.C. &sect;2101 (the &#147;</font><u><b><font size=2>WARN Act</font></b></u><font size=2>&#148;), Section 4980B of the Code (&#147;</font><U><B><font SIZE=2>COBRA</font></B></U><font size=2>&#148;) and any rules or regulations as have been issued in connection with any of the foregoing.  Transferee and the Transferee Employers hereby agree to indemnify, defend and hold harmless, jointly and severally, Transferor and any Transfer Related Party from and against all Losses (including, without limitation, reasonable attorneys&#146; fees and expenses) and other liabilities and obligations incurred or suffered by Transferor or any of their affiliates as a result of any claim by any such Property Employee that
arises under federal, state or local statute (including, without limitation, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the National Labor Relations Act, the Equal Pay Act, the Americans with Disabilities Act of 1990, the Employee Retirement Income Security Act of 1974, as amended (&#147;</font><U><B><font SIZE=2>ERISA</font></B></U><font size=2>&#148;), and all other statutes regulating the terms and conditions of employment), under any regulation or ordinance, under the common law or in equity (including any claims for wrongful discharge or otherwise), or under any policy, agreement, understanding or promise, written or oral, formal or informal, arising out of actions, events or omissions that occurred (or, in the case of omissions, failed to occur) from and after the Closing Date.  Transferor shall be solely responsible for all costs, expenses and liabilities whatsoever with respect to any and all
notices, payments (including severance payments, if any, and payments on account of accrued vacation), fines or assessments due, or other liabilities or obligations, pursuant to any laws, rules or regulations with respect to </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>the employment, discharge or layoff of Property Employees prior to the Closing Date, including, but not limited to, such liability as arises under the WARN Act, COBRA and any rules or regulations as have been issued in connection with the foregoing.  Transferor hereby agrees to indemnify, defend and hold harmless Transferee and any of its affiliates from and against any and all Losses (including, without limitation, reasonable attorneys&#146; fees and expenses) and other liabilities and obligations incurred or suffered by Transferee or any of its affiliates as a result of any claim by any Property Employee that arises under federal, state or local statute (including, without limitation, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the National Labor Relations Act, the Equal Pay Act, the Americans with Disabilities Act of 1990,
ERISA, and all other statutes regulating the terms and conditions of employment), under any regulation or ordinance, under the common law or in equity (including any claims for wrongful discharge or otherwise), or under any policy, agreement, understanding or promise, written or oral, formal or informal, arising out of actions, events or omissions that occurred (or, in the case of omissions, failed to occur) prior to the Closing Date.  The provisions of this </font><u><b><font size=2>Section 6.7(b)</font></b></u><font size=2> shall survive Closing.</font></p>
<a name="toc47"></a>&nbsp;


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        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p   style='text-indent:0in;page-break-after:avoid; '><font size=1>&nbsp;</font></p>  </td>
        <td width="24" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>6.8</font></p> </td>
        <td width="323" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Existing Mortgage Loan; Lender Consent</font></u><font size=2>.</font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto acknowledge and agree that the Property is subject to the Existing Mortgage Loan, which has a stated maturity date of September 11, 2016.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties further acknowledge and agree that, under the terms of the Existing Loan Documents, the consent of the lender thereunder (the &#147;</font><u><b><font size=2>Existing Lender</font></b></u><font size=2>&#148;) is required in order to consummate the transactions contemplated herein.  Transferor shall contact the Existing Lender to enable Transferee to obtain the Existing Lender&#146;s consent (the &#147;</font><u><b><font size=2>Lender Consent</font></b></u><font size=2>&#148;) on or prior to the Closing Date, to the following:</font></p>


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            <p   style='text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
        <td width="72" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(i)</font></p> </td>
        <td width="341" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>the transfer of the Sale Interest to Transferee;</font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:0.5in; text-indent:1in;text-align:justify;'><font size=2> (ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subject to </font><u><b><font size=2>Section 6.8(d)</font></b></u><font size=2>, modifications to the applicable Existing Loan Documents to reflect the new organizational structure of the borrower thereunder which the Existing Lender may require or permit; </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:0.5in; text-indent:1in;text-align:justify;'><font size=2>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the substitution of Transferee or CBL REIT (as the Existing Lender may require) as substitute guarantor or indemnitor in place of any and all existing guarantor(s) and indemnitor(s) under the Assumed Guaranties on terms not materially more onerous than those set forth in the Assumed Guaranties; </font><u><font size=2>provided</font></u><font size=2>, that, and notwithstanding anything to the contrary contained in this Agreement, Transferee hereby acknowledges and agrees that, if the Existing Lender shall refuse to accept Transferee or CBL REIT as substitute guarantor or indemnitor with respect to any or all of such Assumed Guaranties relating to escrows or reserves required to be maintained pursuant to the Existing Loan Documents, then Transferee shall post, or shall cause to be posted, such
cash or other collateral as may be required by the Existing Lender in respect of such escrows or reserves;</font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:0.5in; text-indent:1in;text-align:justify;'><font size=2>(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;replacing any cash escrows and reserves maintained under the Existing Mortgage Loan (but CBL OP shall have no obligation to post, or to cause to be posted, any cash or other collateral in respect of any escrows or reserves other than those maintained or which may be required to be maintained pursuant to the Assumed Guaranties); </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:0.5in; text-indent:1in;text-align:justify;'><font size=2>(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the termination of the existing property and leasing managers for the Property and substituting new property and leasing managers therefor, and the terms and conditions pursuant to which such new property and leasing managers shall provide their respective services (it being acknowledged by Transferee that the fees of any affiliated property and leasing managers shall be subordinated to the Existing Mortgage Loan); and</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; margin-left:0.5in; text-indent:1in;text-align:justify;'><font size=2>(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the full release of Transferor or its affiliates as guarantor(s) and indemnitor(s) under the Assumed Guaranties; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that if any existing guarantor or indemnitor cannot be fully released from the Assumed Guaranties, then  Transferee or CBL REIT (whichever of Transferee and CBL REIT is the substitute guarantor) shall, jointly and severally, indemnify, protect, hold harmless and, if requested by Transferor in Transferor&#146;s sole and absolute discretion, defend (with counsel of Transferee&#146;s choosing, subject to Transferor&#146;s consent, not to be unreasonably withheld, delayed or conditioned) Transferor and the Transferor Related Parties, from any and all Losses arising under such
Assumed Guaranties.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>Further, the Lender Consent shall confirm (i) the outstanding principal balance of the Existing Mortgage Loan, (ii) the monthly debt service payment amount payable under such Existing Mortgage Loan, and (iii) the escrow balances related to the Existing Mortgage Loan, in each case, as of the date indicated in the Lender Consent.  The provisions of this </font><u><b><font size=2>Section 6.8(b)</font></b></u><font size=2> shall survive Closing indefinitely.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor and Transferee shall use, and shall cause their affiliates to use, good faith commercially reasonable efforts to obtain the Lender Consent, including, without limitation, by: (i) promptly delivering all documents, opinions and agreements customarily required to be delivered in accordance with the relevant sections of the Existing Loan Documents or as may otherwise be reasonably required by the Existing Lender, its servicer or the rating agencies, (ii) promptly completing all assumption application materials reasonably required by the Existing Lender, its servicer or the rating agencies, (iii) promptly providing such all organizational, financial and other background information regarding Transferor, Transferee, CBL REIT and their affiliates as may be reasonably required by the Existing Lender, its
servicer or the rating agencies; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that no party shall have any obligation in connection with obtaining the Lender Consent, to (x) commence any litigation or to incur any material expense (other than pursuant to </font><u><b><font size=2>Section 6.8(e)</font></b></u><font size=2>), (y) agree to any obligation or liability that is materially more adverse to such party than the obligations and liabilities set forth in the Existing Loan Documents, or (z) in the case of Transferee, obtain any insurance other than insurance maintained (directly or indirectly) by Transferee for properties directly or indirectly owned by it </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>that are subject to first mortgage commercial mortgage backed securities debt.  In connection with the foregoing, Transferee shall, within 5 Business Days of the Effective Date, deliver to Transferor, (A) customary financial information with respect to Transferee and CBL REIT, and (B) a preliminary structure chart containing the organizational structure of Transferee and CBL REIT, including the actual names of all entities shown thereon and their respective ownership percentages.  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferee, on behalf of itself and its affiliates, acknowledges and agrees that the Existing Loan Documents will not be amended or modified in any respect in connection with the indirect assumptions thereof, except to the extent the Existing Lender requires or permits an amendment or modification in connection with the delivery of its Lender Consent to reflect the transactions described in this Agreement, including, without limitation, to reflect the new organizational structure of the borrower under the Existing Loan Documents.  Transferor and Transferee shall reasonably cooperate with each other to effectuate any modifications to the Existing Loan Documents reasonably required to reflect the new organizational structure of the borrowers thereunder, </font><u><font size=2>provided</font></u><font size=2>,
that any change that materially adversely affects any party to an Existing Loan Document shall be subject to the consent of the party so materially adversely affected.  Transferee shall copy, or cause to be copied, Transferor, and Transferor shall copy, or cause to copied, Transferee, on all written (including, e-mail) correspondence to and from the Existing Lender, its servicer and the rating agencies in connection with the indirect assumption of the Existing Mortgage Loan.  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of Transferee and Transferor shall timely pay to the Existing Lender one-half of (i) all of the Existing Lender&#146;s costs and expenses in connection with the issuing the Lender&#146;s Consent, including, without limitation, all processing fees, application fees, attorneys&#146; fees, recording fees, servicer fees, underwriting and rating agency fees, (ii) all of the Existing Lender&#146;s other out-of-pocket costs and expenses in connection with the issuing of its Lender&#146;s Consent, and (iii) all assumption or transfer fees, if any, required by the Existing Lender and/or its servicers (the costs, expenses and fees described in </font><u><b><font size=2>clauses (i)</font></b></u><font size=2>, </font><u><b><font size=2>(ii)</font></b></u><font size=2> and </font><u><b><font
size=2>(iii)</font></b></u><font size=2> collectively, the &#147;</font><u><b><font size=2>Assumption Fees</font></b></u><font size=2>&#148;).  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, Transferor shall request from the Existing Lender a statement indicating (i) whether or not such holder has given any written notice of default under the Existing Mortgage Loan which remains uncured, and (ii) such other information as may be reasonably requested by Transferee; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that actually obtaining any or all of such statements from the Existing Lender shall not be a condition precedent to Closing.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in this Agreement, the failure of the parties to obtain the Lender Consent by Closing (if the parties acted in good faith and used commercially reasonable efforts to obtain the same) shall not give rise to any liability on the part of (i) Transferor or any of the Transferor Related Parties to Transferee or its affiliates, or (ii) Transferee to Transferor or any of the Transferor Related Parties, in each case, unless such failure is due to a breach by a party of its obligations hereunder, and the parties&#146; rights under such circumstances shall be limited to the rights set forth in </font><u><b><font size=2>Section</font></b><font size=2>&nbsp;</font><b><font size=2>7.2</font></b></u><font size=2> and </font><u><b><font size=2>8.2</font></b></u><font size=2>, as applicable.</font></p>

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>6.9&nbsp;</font><u><font size=2>Removal of Westfield Signs</font></u><font size=2>.  Within 30 days after Closing, Transferor shall, at its cost, remove from the exterior facades of the Property and from pylon signs at the entrances of the Property all major signage that identifies &#147;Westfield&#148; as the owner or manager of the Property, and Transferor shall repair any damage to the Property caused by such removal.  In furtherance thereof, Transferor shall, at its cost, engage the services of a professional signage company reasonably acceptable to Transferee to remove such major signage.  Transferor shall not be obligated to replace such signage, and in the event Transferee elects to replace such signage, the same shall be at the sole cost and expense of Transferee.  Transferee shall provide Transferor with reasonable access to the Property after Closing to permit Transferor to
remove such signage, and Transferor shall be permitted the reasonable use of the on-site employees of Transferee and its affiliates to assist in such signage removal.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc49"></a>6.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Continuation of Gift Certificate Programs</font></u><font size=2>.  Transferee shall not directly or indirectly prohibit or restrict any Tenant from continuing to honor the use of Westfield Gift Certificate Cards by customers of the Property.  The provisions of this </font><u><b><font size=2>Section 6.10</font></b></u><font size=2> shall survive Closing.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc50"></a>6.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>West County Residential Option</font></u><font size=2>.  From and after the Closing Date until the one year anniversary thereof (the &#147;</font><u><b><font size=2>Option Period</font></b></u><font size=2>&#148;), Transferee shall have the option (the &#147;</font><u><b><font size=2>Option</font></b></u><font size=2>&#148;) to purchase 100% of the membership interests in Missouri Residential, LLC, a Delaware limited liability company (the &#147;</font><u><b><font size=2>Option Interest</font></b></u><font size=2>&#148;), which is the fee owner of the three residential houses described on </font><u><b><font size=2>Exhibit H</font></b></u><b><font size=2> </font></b><font size=2>attached hereto (the &#147;</font><u><b><font size=2>Option Property</font></b></u><font size=2>&#148;), for a purchase price equal to
One Million Two Hundred Thousand and No/100 Dollars ($1,200,000) (subject to customary closing adjustments and prorations).  Transferee shall have the right to exercise the Option by delivering Notice of its election to Transferor at any time prior to the expiration of the Option Period.  The purchase and sale of the Option Interest shall be on an &#147;as-is&#148; basis with no representations or warranties from Transferor or any affiliate thereof, except that Transferor shall represent as of the closing date thereunder that it is transferring the Option Interest free and clear of all Liens.  The closing of the purchase and sale of the Option Interest shall occur on a date mutually agreed to by Transferor and Transferee, </font><u><font size=2>provided</font></u><font size=2>, that such date shall be in no event more than 30 days, and no less than 10 days, after Transferor&#146;s receipt of Transferee&#146;s Notice of election to exercise the Option.  </font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc51"></a>Transferee&#146;s Obligation to Close</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc52"></a>7.1&nbsp;</font><u><font size=2>Transferee&#146;s Conditions</font></u><font size=2>. Transferee shall not be obligated to close hereunder unless each of the following conditions shall exist on the Closing Date:</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Title Policy</font></u><font size=2>.  The Title Company shall issue (or shall be prepared and irrevocably and unconditionally committed to issue, with the sole condition being the payment of any applicable standard premiums) to Property Owner, at Transferee&#146;s expense, a 1992 ALTA form of owner&#146;s policy of title insurance, (i) with an effective date not earlier than the Closing Date, (ii) with such endorsements as the Title Company unconditionally (other than subject to </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>payment of the required premiums and delivery by Property Owner of a Title Affidavit in the form attached hereto as </font><u><b><font size=2>Exhibit D-1</font></b></u><font size=2> and a non-imputative affidavit in the form attached hereto as </font><u><b><font size=2>Exhibit D-2</font></b></u><font size=2>) committed to issue to Transferee prior to the Effective Date, (iii) insuring fee title to the Real Property, (iv) in the name of Property Owner, (v) in an amount of no more than the Allocated Purchase Price for the Property, plus, if applicable, the outstanding principal balance of the Existing Mortgage Loan, and (vi) subject only to the Permitted Exceptions (the &#147;</font><u><b><font size=2>Title Policy</font></b></u><font size=2>&#148;);</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Accuracy of Representations</font></u><font size=2>.  All of the representations and warranties made by Transferor in this Agreement or in any of the Closing Documents (except for any of such representations and warranties that by their terms relate only to a specific date other than the Closing Date, in which event, such representations and warranties shall be, or have been, true and correct in all material respects (or, in the case of any representations and warranties already qualified by materiality, in all respects, as of such other date)) shall be true and correct in all material respects (or, in the case of any representations and warranties already qualified by materiality, in all respects) on and as of the Closing Date with the same force and effect as though such
representations and warranties had been made on and as of the Closing Date, and Transferor will so certify pursuant to the Bringdown Certificate;  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Transferor&#146;s Performance</font></u><font size=2>.  Transferor shall have made the deliveries required to be made by Transferor under </font><u><b><font size=2>Article IX</font></b></u><font size=2>, and shall have, and shall have caused its affiliates to have, in all material respects (i) performed all covenants and obligations, and (ii) complied with all conditions, required by this Agreement and any other agreement between or among Transferor, Transferee and/or their respective affiliates to be performed or complied with by Transferor or its affiliates on or before the Closing Date, or each such covenant, obligation and condition that shall not have been so performed or complied with shall be waived by Transferee in writing and in its sole and absolute discretion prior to Closing;</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>No Liens</font></u><font size=2>.  Transferor shall convey, or cause the conveyance of, the Sale Interest to Transferee, free and clear of all Liens of any nature whatsoever (subject to the covenants, conditions and restrictions set forth in the Existing Loan Documents);</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Consents</font></u><font size=2>.  All consents (including the Lender Consent) required to permit Transferor to effect the transactions contemplated hereby shall have been obtained by Transferor; and Transferor shall have delivered or caused to be delivered to Transferee all of the Estoppel Certificates required to be delivered in accordance with the terms of </font><u><b><font size=2>Section 6.6</font></b></u><font size=2>;</font><b><font size=2> </font></b><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that, with respect to the Lender Consent, if the same shall not have been obtained by Closing solely as a result of a breach by Transferee or any of its affiliates of their obligations under </font><u><b><font size=2>Section
6.8</font></b></u><font size=2>, then Transferee shall not be entitled to use as a defense to such breach, the fact that the foregoing condition was not satisfied;</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Terminations</font></u><font size=2>.  Except as otherwise provided in this Agreement (including, without limitation, </font><u><b><font size=2>Section 4.5(f)</font></b></u><font size=2> and </font><u><b><font size=2>Section 10.1</font></b></u><font size=2>) any property and/or leasing management contract with respect to the Property shall have been terminated at or prior to </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>Closing (and evidence thereof shall have been delivered to Transferee at or prior to Closing), and Transferor shall have paid any and all commissions, fees and/or other costs or expenses then due under any such property and/or management contracts, including any commissions, fees, and other costs and expenses in connection with such terminations; and</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Other Conditions</font></u><font size=2>.  Any other condition expressly set forth in this Agreement to Transferee&#146;s obligation to close shall have been satisfied on or prior to the date by which such condition is required hereunder to be satisfied.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc53"></a>7.2&nbsp;</font><u><font size=2>Failure of Conditions</font></u><font size=2>.  Subject to the proviso in </font><u><b><font size=2>Sections 7.1(e)</font></b></u><font size=2>, if any condition specified in </font><u><b><font size=2>Section 7.1</font></b></u><font size=2> is not satisfied on or before the Outside Closing Date, Transferee may, at its option, and in its sole and absolute discretion, (i) waive any such condition which can legally be waived and proceed to Closing without adjustment or abatement of the Purchase Price, or (ii) terminate this Agreement by written notice thereof to Transferor.  In addition to (and notwithstanding) the foregoing, if the failure of the condition is due to a breach by Transferor hereunder, Transferee may pursue any of its remedies under </font><u><b><font size=2>Section 11.1</font></b></u><font size=2> (subject to the
provisions of the penultimate paragraph of </font><u><b><font size=2>Article IV</font></b></u><font size=2> and </font><u><b><font size=2>Section 13.4</font></b></u><font size=2>).</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc54"></a>Transferor&#146;s Obligation to Close</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc55"></a>8.1&nbsp;</font><u><font size=2>Transferor&#146;s Conditions</font></u><font size=2>.  Transferor shall not be obligated to close hereunder unless each of the following conditions shall exist on the Closing Date:</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Accuracy of Representations</font></u><font size=2>.  All of the representations and warranties made by Transferee in this Agreement or in any of the Closing Documents shall be true and correct in all material respects (or, in the case of any representations and warranties already qualified by materiality, in all respects) on and as of the Closing Date with the same force and effect as though such representations and warranties had been made on and as of the Closing Date, and Transferee will so certify pursuant to a written certificate delivered to Transferor on or prior to Closing;</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Transferee&#146;s Performance</font></u><font size=2>.  Transferee shall have made the deliveries required to be made by it under </font><u><b><font size=2>Article IX</font></b></u><font size=2>, and shall have, and shall have caused its respective affiliates to have, in all material respects, (i) performed all covenants and obligations, and (ii) complied with all conditions, required by this Agreement and any other agreement between or among Transferor, Transferee and/or their respective affiliates, to be performed or complied with by Transferee or its affiliates on or before the Closing Date, or each such covenant, obligation and condition that shall not have been so performed or complied with shall be waived by Transferor in writing and in its sole and absolute discretion prior to Closing;</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Consents</font></u><font size=2>. All consents (including the Lender Consent) required to permit Transferee to effect the transaction contemplated hereby shall have been obtained by Transferee; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that, with respect to the Lender Consent, if the same shall not </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>have been obtained by Closing solely as a result of a breach by Transferor or its affiliates obligations under </font><u><b><font size=2>Section 6.8</font></b></u><font size=2>,  then Transferor shall not be entitled to use as a defense to such breach, the fact that the foregoing condition was not satisfied; and</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Other Conditions</font></u><font size=2>.  Any other condition expressly set forth in this Agreement to Transferee&#146;s obligation to close shall have been satisfied on or prior to the date by which such condition is required hereunder to be satisfied.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc56"></a>8.2&nbsp;</font><u><font size=2>Failure of Conditions</font></u><font size=2>.  Subject to the proviso in </font><u><b><font size=2>Sections 8.1(c)</font></b></u><font size=2>, if any condition specified in </font><u><b><font size=2>Section 8.1</font></b></u><font size=2> is not satisfied on or before the Outside Closing Date, Transferor may, at its option, and in its sole and absolute discretion, (a) waive any such condition which can legally be waived and proceed to Closing without adjustment or abatement of the Purchase Price, or (b) terminate this Agreement by written notice thereof to Transferee.  In addition to (and notwithstanding) the foregoing, if the failure of the condition is due to a breach by Transferee hereunder, Transferor may pursue any of its remedies under </font><u><b><font size=2>Section 11.2</font></b></u><font size=2>.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc57"></a>Closing</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc58"></a>9.1&nbsp;</font><u><font size=2>Time of Closing</font></u><font size=2>.  Subject to the provisions of this Agreement, the closing of the transactions contemplated hereby (&#147;</font><u><b><font size=2>Closing</font></b></u><font size=2>&#148;) shall take place at 10:00 a.m. on the Closing Date at the offices of Debevoise &amp; Plimpton LLP, 919 Third Avenue, New York, New York, or at such other place located in Los Angeles, California or New York City, New York, as may otherwise be agreed upon by Transferor and Transferee.  The &#147;</font><u><b><font size=2>Closing Date</font></b></u><font size=2>&#148; shall occur on a Business Day mutually agreed upon by Transferor and Transferee as soon as practical after all of the conditions set forth in </font><u><b><font size=2>Articles VII</font></b></u><font size=2> and </font><U><B><font SIZE=2>VIII</font></B></U><font
size=2> have been satisfied (or will be satisfied simultaneously with Closing) or waived in accordance with the terms thereof; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that the Closing Date shall in no event occur later than November 30, 2007 (the &#147;</font><u><b><font size=2>Outside Closing Date</font></b></u><font size=2>&#148;).</font><b><font size=2>  </font></b><font size=2>If Closing does not occur by the Outside Closing Date and the same is attributable to a breach or default hereunder by Transferee, the provisions of </font><u><b><font size=2>Section 11.2</font></b></u><font size=2> shall apply.  If Closing does not occur by the Outside Closing Date and the same is due to a breach or default hereunder by Transferor, the provisions of </font><u><b><font size=2>Section 11.1</font></b></u><font size=2> shall apply (subject to the provisions of </font><u><b><font size=2>Section 13.4</font></b></u><font
size=2> and </font><u><b><font size=2>Article IV</font></b></u><font size=2>).  Without limiting the foregoing, the Outside Closing Date may be extended only with the prior written consent of Transferor and Transferee (which consent may be given or withheld in their respective sole and absolute discretions); </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that if the Outside Closing Date shall be so extended, any Deposit delivered in the form of a letter of credit shall be renewed or replaced such that any Deposit delivered in the form of a letter of credit shall expire no earlier than the 60<sup>th</sup> day after the extended Outside Closing Date, and Transferee shall deliver such renewed or new letter of credit to Transferor on or prior to the Outside Closing Date.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc59"></a>9.2&nbsp;</font><u><font size=2>Deliveries at Closing by Transferor</font></u><font size=2>.  On or before the Closing, Transferor, at its sole cost and expense, shall deliver or cause to be delivered to Escrow Agent the following, each dated as of the Closing Date, in addition to all other items and payments required by this </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22510983v9</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>Agreement to be delivered by Transferor at Closing (and unless otherwise noted, two original copies of each of the following shall be delivered):</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Cash</font></u><font size=2>.  Transferor shall deliver to Escrow Agent, by Federal funds wire transfer, cash in an amount equal to the sum of Transferor&#146;s Closing Costs as provided in </font><u><b><font size=2>Section 1.3</font></b></u><font size=2>, but only to the extent such amount is in excess of the Purchase Price.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Assignment and Assumption of Sale Interest</font></u><font size=2>.  Transferor shall deliver counterparts of the assignment and assumption of the Sale Interest, in substantially the form attached hereto as </font><u><b><font size=2>Exhibit B</font></b></u><font size=2> (the &#147;</font><u><b><font size=2>Assignment and Assumption of Sale Interest</font></b></u><font size=2>&#148;), duly executed by Transferor and/or its affiliates, conveying to Transferee, (i) all of Transferor&#146;s and/or its affiliates&#146; respective rights, titles and interests in, and to the Sale Interest, free and clear of any Liens of any nature whatsoever (subject to the covenants, conditions and restrictions set forth in the Existing Loan Documents), and (ii) all of Transferor&#146;s and/or its
affiliates&#146; respective rights, titles and interests, if any, in, and to the name &#147;Chesterfield Mall&#148; and any variations thereof.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Proof of Authority</font></u><font size=2>.  Transferor shall provide such customary proof of authority and authorization to enter into this Agreement and the transactions contemplated hereby, and such customary proof of the power and authority of the individual(s) executing or delivering any documents or certificates on behalf of Transferor as may be reasonably required by the Title Company, Transferee or both.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Non-Foreign Affidavits</font></u><font size=2>.  Transferor shall deliver Non-Foreign Affidavits, each in the form attached hereto as </font><u><b><font size=2>Exhibit C</font></b></u><font size=2>, duly executed by Transferor and/or its affiliates.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Title Affidavits</font></u><font size=2>.  Transferor shall execute and deliver, or cause to be executed and delivered, to the Title Company such customary agreements or statements as may be reasonably required by the Title Company in order to issue the Title Policy for the Property as described in </font><u><b><font size=2>Section 7.1(a)</font></b></u><font size=2>, including a title affidavit from Property Owner and a non-imputation endorsement (in each case, to the extent required by the Title Company) in substantially the form of </font><u><b><font size=2>Exhibit D-1</font></b></u><font size=2> and </font><u><b><font size=2>Exhibit D-2</font></b></u><font size=2>, respectively, attached hereto. </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Closing Statement</font></u><font size=2>.  Transferor shall deliver counterparts of a settlement statement setting forth all prorations, allocations, closing costs and payments of moneys related to the consummation of the transactions contemplated by this Agreement (the &#147;</font><u><b><font size=2>Closing Statement</font></b></u><font size=2>&#148;), duly executed by Transferor.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>State FIRPTA</font></u><font size=2>.  Transferor shall complete and deliver three original counterparts of any state forms relating to statutes similar to Section 1445 of the Code, in each case, to the extent required to be delivered by Transferor and/or its affiliates in connection with the transfer to Transferee of the Sale Interest (collectively, the &#147;</font><u><b><font size=2>Transfer Tax Returns</font></b></u><font size=2>&#148;), duly executed by Transferor.<sup> </sup></font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Bringdown Certificate</font></u><font size=2>.  On or before the Closing Date, Transferor shall complete and shall have delivered to Transferee the applicable Bringdown Certificate in accordance with the terms of </font><u><b><font size=2>Section 6.1(c)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Assumption Documents</font></u><font size=2>.  Transferor shall deliver counterparts of all agreements, instruments and documents, each in form reasonably satisfactory to Transferor and Transferee, required to be executed by Transferor and/or its affiliates in connection with the indirect assumption of the Existing Mortgage Loan by Transferee, duly executed by Transferor and/or its affiliates, in such number of counterparts as may be required by the Existing Lender, plus two additional counterparts.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Rent Roll</font></u><font size=2>.  Within 3 Business Days prior to the Closing Date, Transferor shall deliver (which delivery may be made as part of the Bringdown Certificate), an updated Rent Roll for the Property based upon which Property Owner is operating the Property as of the date indicated therein.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Estoppels</font></u><font size=2>.  On or before Closing, Transferor shall deliver copies of all Estoppels in Transferor&#146;s Possession or Reasonable Control.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Property Manager&#146;s Rights</font></u><font size=2>.  To the extent applicable, Transferor shall cause the property manager of the Property to deliver an assignment and assumption agreement, duly executed by such property manager, conveying all of such property manager&#146;s right, title and interest in and to all Permits, if any, held in the name of such property manager for the benefit of Property Owner.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Other Documents</font></u><font size=2>.  Transferor shall, as reasonably requested by Transferee, the Title Company, Escrow Agent, the Existing Lender, or the rating agencies, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, any and all such other customary instruments and documents as may be contemplated elsewhere in this Agreement to be delivered on or prior to the Closing Date, or otherwise reasonably necessary in order to complete the transaction contemplated hereby and to carry out the intent and purposes of this Agreement, so long as Transferor&#146;s liabilities and obligations hereunder are not increased by any material extent.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc60"></a>9.3&nbsp;</font><u><font size=2>Deliveries at Closing by Transferee</font></u><font size=2>.  On or before the Closing, Transferee and CBL OP, at its respective sole cost and expense, shall deliver or cause to be delivered to Escrow Agent the following, each dated as of the Closing Date, in addition to all other items and payments required by this Agreement to be delivered by Transferee at Closing (and unless otherwise noted, two original copies of each of the following shall be delivered):</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Cash</font></u><font size=2>.  Transferee shall deliver to Escrow Agent, by Federal funds wire transfer, cash in an amount equal to Transferee&#146;s Closing Costs as provided in </font><u><b><font size=2>Section</font></b><font size=2>&nbsp;</font><b><font size=2>1.3</font></b></u><font size=2>, plus cash in an amount equal to the Purchase Price (less the amount of any Deposit delivered in the form of cash).</font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Assignment and Assumption of Sale Interest</font></u><font size=2>.  Transferee shall deliver counterparts of the Assignment and Assumption of Sale Interest, duly executed by Transferee.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Proof of Authority</font></u><font size=2>.  Transferee shall provide such customary proof of Transferee&#146;s authority and authorization to enter into this Agreement and the transactions contemplated hereby, and such customary proof of the power and authority of the individual(s) executing or delivering any documents or certificates on behalf of Transferee as may be reasonably required by the Title Company, Transferor or both.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Certificate Regarding Representations</font></u><font size=2>.  On or before the Closing Date, Transferee shall complete and shall have delivered to Transferor the certificate required pursuant to </font><u><b><font size=2>Section 8.1(a)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Closing Statement</font></u><font size=2>.  Transferee shall deliver counterparts of the Closing Statement, duly executed by Transferee.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Assumption Documents</font></u><font size=2>.  Transferee shall deliver counterparts of all agreements, instruments and documents, each in form reasonably satisfactory to Transferor and Transferee, to be executed by Transferee and/or its affiliates in connection with the indirect assumptions of the Existing Mortgage Loan by Transferee (including, without limitation, any guaranties and indemnities), duly executed by Transferee and/or its affiliates, in such number of counterparts as may be required by the Existing Lender, plus two additional counterparts.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Property Manager&#146;s Rights</font></u><font size=2>.  To the extent applicable, Transferee shall deliver counterparts of each assignment and assumption agreement described in </font><u><b><font size=2>Section 9.2(k)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Other Documents</font></u><font size=2>.  Each of Transferee and CBL OP shall, as reasonably requested by Transferor, the Title Company, Escrow Agent, the Existing Lender, or the rating agencies, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, any and all such other customary instruments and documents as may be contemplated elsewhere in this Agreement to be delivered on or prior to the Closing Date, or otherwise reasonably necessary in order to complete the transaction contemplated hereby and to carry out the intent and purposes of this Agreement, so long as Transferee&#146;s and Property Owner&#146;s liabilities and obligations hereunder are not increased by any material extent.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc61"></a>9.4&nbsp;</font><u><font size=2>Deliveries Outside of Escrow</font></u><font size=2>.  Transferor shall deliver, or cause to be delivered, possession of the Property, subject only to the Permitted Exceptions, the rights of Tenants and subtenants in occupancy under the Tenant Leases to Transferee upon Closing.  Further, Transferor shall deliver, or cause to be delivered, to Transferee, on or prior to the Closing, the following items:</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Intangible Property</font></u><font size=2>.  Transferor shall deliver or turn over, or cause to be delivered or turned over, to Transferee&#146;s control at the Real Property (or at such other place as shall be reasonably agreed upon by Transferor and Transferee), the originals of the Plans and </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>Records, the Tenant Leases, the Continuing Contracts, the Permits and the Intangible Property Documents, if any, in each case, to the extent in Transferor&#146;s Possession or Reasonable Control or, if not, copies thereof which are true and complete in all material respects; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that in no event shall Transferee have any rights to the name &#147;Westfield&#148; or any marks, logos or other brand identification items associated with the &#147;Westfield&#148; name.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Personal Property</font></u><font size=2>.  Transferor shall deliver or turn over, or cause to be delivered or turned over, to Transferee&#146;s control at the Real Property (or at such other place as shall be reasonably agreed upon by Transferor and Transferee), the Personal Property, including any and all keys, pass cards, remote controls, security codes, computer software and other devices relating to access to the Improvements, if any, in each case, to the extent in any Transferor&#146;s Possession or Reasonable Control.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Tenant Notification Letter</font></u><font size=2>.  Transferor shall deliver, or cause to be delivered, tenant notification letters in the form attached hereto as </font><u><b><font size=2>Exhibit E</font></b></u><font size=2>, duly executed by Property Owner (or the applicable managing agent), notifying each Tenant under a Tenant Lease that the Sale Interest has been conveyed to Transferee and directing each Tenant, on and after the Closing Date, to make all payments of rent and to send any notices or other correspondence regarding their respective Tenant Leases to the Persons and addresses designated by Transferee and specified in such letters.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Letters to Contractors</font></u><font size=2>.  Transferor shall deliver, or cause to be delivered, a letter to each vendor under a Continuing Contract, and to each utility company serving the Property (other than utility companies whose services are directly arranged for by Tenants), in a form reasonably satisfactory to Transferor and Transferee, duly executed by Property Owner (or by the applicable managing agent), advising such vendor or utility company, as the case may be, of the transfer of the Sale Interest to Transferee and directing them to send to Transferee (or as directed by Transferee) all bills for the goods and services provided to the Property for periods from and after the Closing Date.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Termination of Contracts</font></u><font size=2>.  Transferor shall deliver, or cause to be delivered, to Transferee termination agreements or other customary evidence reasonably satisfactory to Transferee that any and all Contracts other than Continuing Contracts have either expired in accordance with their respective terms or have been duly and validly terminated, effective on or prior to the Closing Date (or as soon as possible after the Closing Date if termination as of the Closing Date is not possible under the terms of such Contracts) at no cost to Transferee or to Property Owner, and that all sums payable in connection with the termination of the same, if any, have been paid.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc62"></a>9.5&nbsp;</font><u><font size=2>Actions by Escrow Agent</font></u><font size=2>.  Provided Escrow Agent shall not have received written notice from Transferee or Transferor of the failure of any condition to the or of the termination of this Agreement, when Transferee and Transferor have deposited into escrow the documents and funds required by this Agreement and Title Company is irrevocably and unconditionally committed to issue the Title Policy effective as of the Closing Date (subject only to the payment </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>of the standard premiums), Escrow Agent shall, in the order and manner herein below indicated, take the following actions:</font></p>


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        <td width="96" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p   style='text-indent:0in;page-break-after:avoid; '><font size=1>&nbsp;</font></p>  </td>
        <td width="72" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td width="260" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Funds</font></u><font size=2>.  Disburse all funds as follows:</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1.5in;text-align:justify;'><font size=2> (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pursuant to the Closing Statement, retain for Escrow Agent&#146;s own account all escrow fees and costs, disburse to the Title Company the fees and expenses incurred in connection with the issuance of the Title Policy, and disburse to any other Persons entitled thereto, as expressly stated on the Closing Statement, the amount of any other closing costs;</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1.5in;text-align:justify;'><font size=2>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pursuant to the Closing Statement, disburse funds necessary to discharge and release any and all Liens against the Property to the extent such Liens are expressly required under </font><u><b><font size=2>Section 2.2</font></b></u><font size=2> to be discharged and released at or prior to the Closing; </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1.5in;text-align:justify;'><font size=2>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pursuant to the Closing Statement, disburse to Transferor funds in an amount equal to the Purchase Price (including any Deposit delivered in the form of cash), less the amount of Transferor&#146;s Closing Costs; and</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1.5in;text-align:justify;'><font size=2>(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;disburse any remaining funds in the possession of Escrow Agent, after payments pursuant to </font><u><b><font size=2>Sections 9.5(a)(i)</font></b></u><font size=2> through</font><b><font size=2> </font></b><u><b><font size=2>(iii)</font></b></u><font size=2> have been completed, to whichever of Transferor or Transferee shall have deposited such amount with Escrow Agent.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Delivery of Documents</font></u><font size=2>.  Deliver:  (i) to Transferor, one original of each document deposited into escrow, and (ii) to Transferee, one original of each document deposited into escrow (other than the Title Affidavit delivered pursuant to </font><u><b><font size=2>Section 9.2(d)</font></b></u><font size=2>, the second original of which Escrow Agent shall retain).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Title Policy</font></u><font size=2>.  Instruct the Title Company to issue and deliver the Title Policy to Transferee.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc63"></a>Prorations and Closing Expenses</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc64"></a>10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Closing Adjustments</font></u><font size=2>.  In addition to any other credits or prorations provided elsewhere in this Agreement, the Purchase Price payable by Transferee to Transferor at Closing pursuant to </font><u><b><font size=2>Section 1.2</font></b></u><font size=2> shall be adjusted as of the Proration Time in accordance with the provisions set forth in this </font><u><b><font size=2>Section 10.1</font></b></u><font size=2>.  Transferee and Transferor agree to cause their accountants to prepare a proration schedule (the &#147;</font><u><b><font size=2>Proration Schedule</font></b></u><font size=2>&#148;) of adjustments not later than 3 Business Days prior to Closing.  Such adjustments, if and to the extent known and agreed upon as of the Closing Date, shall be (i) added to the Purchase Price and paid
by Transferee to Transferor (if the prorations result in a net credit to Transferor), or (ii) credited to the amount of Purchase Price payable by Transferee to Transferor (if the prorations result in a net credit to Transferee).  Any such adjustments or other adjustments prescribed under this Agreement, which </font></p>

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

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

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>are not determined or agreed upon as of the Closing Date, shall be paid by Transferee or Transferor to the other party in cash as soon as practicable following the Closing Date pursuant to the terms of </font><u><b><font size=2>Sections 10.1(h)</font></b></u><font size=2> and </font><u><b><font size=2>(m)</font></b></u><font size=2>,</font><b><font size=2> </font></b><font size=2>which payments from Transferee or Transferor, as the case may be, to the other party shall be treated by the parties as a purchase price adjustment for all income tax purposes.  All such prorations and adjustments under this Agreement shall be calculated based on the actual number of days of the applicable calendar month and on a 365 day year, as applicable.  The provisions of this </font><u><b><font size=2>Section 10.1</font></b></u><font size=2> shall survive Closing.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate taxes and assessments and personal property taxes related to the Property, to the extent not paid directly by a Tenant to the applicable authorities, shall be prorated between Transferor and Transferee at Closing.  If Closing shall occur before the amount of taxes is fixed for the Property, the apportionment of all such taxes shall be made based upon one hundred percent (100%) of the tax rate for the preceding year, applied to the latest assessed valuation of the Property.  Upon receipt of the actual tax bill for the Property, the proration of taxes made at Closing shall be subject to adjustment pursuant to </font><u><b><font size=2>Section 10.1(h)</font></b></u><font size=2> and </font><u><b><font size=2>Section</font></b><font size=2>&nbsp;</font><b><font size=2>10.1(m)</font></b></u><font
size=2>.  Refunds of the foregoing for the tax year in which the Closing occurs, net of the reasonable out-of-pocket costs of pursuing any tax contest or proceeding or collecting such funds, shall be prorated in proportion to the respective shares thereof borne by the parties under the preceding sentence, subject to the rights of Tenants to receive all or part of such refunds.  Any portion of a refund payable to a Tenant for any period shall be paid to Transferee, who shall effect, and be liable for, payment thereof to such Tenant.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any and all income and other expenses attributable to the Property (including, without limitation, income and expenses under the Continuing Contracts and interest under the Existing Mortgage Loan) shall be prorated between Transferor and Transferee at Closing, subject to any other provision of this </font><u><b><font size=2>Section 10.1</font></b></u><font size=2> that expressly governs the allocation or adjustment of a specific type of income or expense.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferor shall arrange for final meter readings on all utilities, to the extent not paid for directly by a Tenant to the applicable utility provider, at the Property to be taken prior to the Closing Date.  Transferor shall be responsible for the payment of all such utilities used prior to the Proration Time and Transferee shall be responsible for the payment of all such utilities used on or after the Proration Time.  With respect to any utility at the Property for which there is no meter, the expenses for such utility shall be prorated between Transferor and Transferee at Closing based upon the most current bill for such utility.  All deposits with utility companies will be left in place with such utility companies, and Transferor shall receive a credit therefor at Closing.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic rents, which include rent denominated on a square foot basis as well as percentage rent for the Tenants who pay percentage rent in lieu of rent denominated on a square foot basis, in each case, from the Property (&#147;</font><u><b><font size=2>Basic Rent</font></b></u><font size=2>&#148;), percentage of sales/overage rents and additional rent relating to electricity, HVAC and pass-through charges of taxes, operating, maintenance and other similar expenses, in each case, from the Property (collectively, &#147;</font><u><b><font size=2>Additional Rent</font></b></u><font size=2>&#148;) shall, subject to </font><u><b><font size=2>Section 10.1(e)</font></b></u><font size=2>, be prorated between Transferor and </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>38</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>Transferee based upon Basic Rent and Additional Rent actually collected (and, with respect to percentage rent, in proportion to the relative number of days in the subject percentage rent lease period occurring prior and subsequent to the Proration Time) or currently due and payable (not more than 30 days overdue).  All prepaid Basic Rent, Additional Rent and other income from the Property shall be credited to Transferee at Closing, if and to the extent the same is properly allocable to a period of time on or after the Proration Time.  With respect to Additional Rent which is paid based upon an estimate with an end-of-year (calendar or fiscal) accounting and adjustment or otherwise, Transferor and Transferee shall, after Closing, make any adjustments to the proration of such items made at Closing, in accordance with the applicable provisions of </font><u><b><font size=2>Section 10.1(i)</font></b></u><font
size=2>, promptly after the final rental, tax and operating expense numbers become available and such end-of-year accountings are completed.  Any adjustments for percentage rent payments or other Additional Rent payments shall be made for any Tenant after completion of the applicable percentage rent lease period or the applicable Additional Rent Year for such Tenant. </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Rent and Additional Rent which is more than 30 days delinquent and remains uncollected at Closing shall not be prorated between Transferor and Transferee at Closing.  At Closing, Transferor shall furnish to Transferee a schedule of delinquent Basic Rent and Additional Rent which is more than 30 days overdue under the Tenant Leases.  Any Basic Rent or Additional Rent received by Transferor or its affiliates from and after the Closing Date shall promptly be remitted to Transferee, for application in accordance with this Agreement.  In accordance with </font><u><b><font size=2>Section 10.1(m)</font></b></u><font size=2>, Transferor shall be entitled to a credit for Transferor&#146;s pro rata share of any delinquent Basic Rent and Additional Rent collected by Transferee (including any amounts remitted to
Transferee by Transferor pursuant to the provisions of </font><u><b><font size=2>Section 10.1</font></b></u><font size=2>), less the reasonable out-of-pocket costs and expenses actually incurred by Transferee in collecting such delinquent Basic Rent and Additional Rent, promptly after receipt thereof by Transferee; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that sums so collected shall be applied, </font><u><font size=2>first</font></u><font size=2>, in payment of Basic Rent and Additional Rent for the then current-month (if not the month in which the Closing Date occurs), </font><u><font size=2>second</font></u><font size=2>, in payment of the Basic Rent and Additional Rent for the calendar month in which the Closing Date occurs, </font><u><font size=2>third</font></u><font size=2>, in payment of Basic Rent and Additional Rent for other periods delinquent subsequent to the Closing Date, and </font><u><font
size=2>finally</font></u><font size=2>, in payment of Basic Rent and Additional Rent for periods prior to the Closing Date in reverse order in which they were due.  Notwithstanding the foregoing, if and to the extent that any delinquent Basic Rent or Additional Rent owed by a former tenant of the Property that as of the Closing Date is no longer in occupancy and has no right of occupancy under any unexpired or unterminated lease (including, in the case of any such former tenant that is the debtor in a federal Bankruptcy Code case, any award or other payment on account of a claim for such delinquent Basic Rent or Additional Rent is ordered or allowed by the bankruptcy court in such case) is collected by Transferor or Transferee, such Basic Rent or Additional Rent shall, in accordance with </font><u><b><font size=2>Section 10.1(m)</font></b></u><font size=2>, be credited to Transferor.  Transferee shall, in the ordinary course of business when Transferor sends bills to Tenants, bill
Tenants owing Basic Rent and Additional Rent for periods prior to the Closing Date (regardless of whether such Basic Rent or Additional Rent was previously billed or unbilled or delinquent prior to the Closing Date), for a period of one year following the Closing </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>39</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>Date and shall in the ordinary course of business, use commercially reasonable efforts to collect such past due Basic Rent and Additional Rent and shall promptly notify Transferor if Transferee commences any legal action to collect such past due Basic Rent and Additional Rent; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that Transferee shall have no obligation to incur any extraordinary expense, institute litigation or engage a collection agency in attempting to collect the same, but if Transferee elects to institute such litigation then Transferee will include any sums due Transferor in its collection efforts.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that any Tenant, pursuant to a right contained in an existing Tenant Lease, conducts an audit respecting any Additional Rent calculation (a &#147;</font><u><b><font size=2>Rent Audit</font></b></u><font size=2>&#148;) for an accounting period that expired prior to the Proration Time, or otherwise becomes entitled to a refund of Additional Rent with respect to a period prior to the Proration Time, Transferor shall be liable for any refund due to such Tenant or shall be entitled to receive and retain any additional payments due from such Tenant as the result of such Rent Audit.  Rent Audits solely for accounting periods that expire prior to the Proration Time shall be settled by Transferor in accordance with the applicable existing Tenant Lease, subject to Transferee&#146;s approval, which
shall not be unreasonably withheld, delayed or conditioned (it being agreed that it shall not be unreasonable for Transferee to withhold consent to any settlement involving a cap or fixed contribution for Additional Rent for periods after the Proration Time), </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that Transferee&#146;s consent to any such settlement shall not be required if the Tenant as part of such settlement agrees that such settlement shall not be binding on the landlord in calculating similar amounts for subsequent years and that such Tenant will not introduce any such settlement in challenging amounts due in any subsequent year.  Rent Audits for accounting periods commencing prior to the Closing Date but not ending until after the Closing Date shall be settled by Transferee acting in good faith and in accordance with the applicable existing Tenant Lease; </font><u><font size=2>provided</font></u><font
size=2>, </font><u><font size=2>however</font></u><font size=2>, that Transferee shall not agree to any settlement of a Rent Audit for any such accounting period in which the landlord makes concessions with respect to the accounting period in question in exchange for concessions by the Tenant in respect of subsequent accounting periods without Transferor&#146;s consent, which shall not be unreasonably withheld, conditioned or delayed; and </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>further</font></u><font size=2>, that any payment that the landlord becomes obligated to make or entitled to receive as a result any such Rent Audit (and any reasonable out-of-pocket costs and expenses incurred in connection therewith, including reasonable attorneys&#146; fees and disbursements) shall, subject to </font><u><b><font size=2>Section 10.1(m)</font></b></u><font size=2>, be apportioned between Transferor and Transferee in proportion to the respective numbers
of days during the accounting period in question that the Sale Interest is owned by Transferor and Transferee.  In the case of a multi-year dispute where a portion of the period in question relates to a time periods prior to the Closing Date and a portion relates to a time period from and after the Closing Date, the parties shall each bear a proportionate share of the reasonable out-of-pocket costs and expenses incurred in connection with such dispute in proportion to the time periods involved.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Tenant Deposits, prepaid rentals under Tenant Leases, cleaning fees and other fees properly allocable to the period from and after the Closing Date, and deposits related to the Property (including deposits in any marketing funds related to the Property, if any), </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>40</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>shall either be assigned or credited to Transferee at Closing, and Transferee shall thereafter be liable to such Tenants for such Tenant Deposits, prepaid rentals under Tenant Leases, cleaning fees and other fees and deposits, which liability shall survive Closing.  Any Tenant Deposits maintained in the form of a letter of credit shall be delivered to Transferee or remain with Property Owner at Closing.  From and after the Effective Date, Transferor shall not apply any cash Tenant Deposit or draw down on any Tenant Deposit in the form of a letter of credit unless the applicable Tenant is in default under its Tenant Lease and notice of such draw is given to Transferee.  Transferor shall be entitled to the benefit of all Termination Payments (other than Pro-Rated Termination Payments), regardless of when received for any Early Terminated Tenant Lease.  To the extent any such Termination Payments (other than
Pro-Rated Termination Payments) are received after Closing, the same shall be paid to Transferee and credited to Transferor in accordance with </font><u><b><font size=2>Section 10.1(m)</font></b></u><font size=2>.  All Pro-Rated Termination Payments shall be pro-rated  between Transferor and Transferee as of the Proration Time (taking into account the remaining term of the Early Terminated Tenant Lease at the time of its expiration or termination) in accordance with </font><u><b><font size=2>Section 10.1(h)</font></b></u><font size=2> and </font><u><b><font size=2>(m)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The prorations and adjustments described in this </font><u><b><font size=2>Section 10.1</font></b></u><font size=2> shall be made as of 11:59 p.m. on the day immediately preceding the Closing Date (the &#147;</font><u><b><font size=2>Proration Time</font></b></u><font size=2>&#148;), as if Transferee were vested with title to the Sale Interest during the entire day upon which Closing occurs, and, for purposes of the Closing, shall be based upon the actual number of days of ownership of the Sale Interest by Transferor and Transferee.  All prorations and adjustments determined on the Closing Date described in this </font><u><b><font size=2>Section</font></b><font size=2>&nbsp;</font><b><font size=2>10.1</font></b></u><font size=2> shall be effected by crediting or debiting the Purchase Price.</font><b><font
size=2>  </font></b><font size=2>Transferor and Transferee agree to adjust between themselves after the Closing, as promptly as practicable, any errors or omissions in the prorations made at Closing; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that, subject to the provisions of </font><u><b><font size=2>10.1(i)</font></b></u><font size=2>, such prorations shall be deemed final and not subject to further post-Closing adjustments if no such adjustments have been requested in good faith within one year after the Closing Date, but with only respect to Tenant Contributions which are then being disputed by a Tenant, prorations which have previously been requested in good faith but have not yet been completed prior to such date may be completed after the expiration of such one-year period.  All of the foregoing post-Closing adjustments shall be subject to </font><u><b><font size=2>Section 10.1(m)</font></b></u><font
size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:justify;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the time of final calculation and collection of Additional Rent payments from Tenants who under their Tenant Leases pay pass-through expenses such as common area maintenance, insurance, taxes and other pass-through expenses (collectively, the &#147;</font><u><b><font size=2>Tenant Contributions</font></b></u><font size=2>&#148;) during calendar year</font><b><font size=2> </font></b><font size=2>2007 or any applicable fiscal year period which includes the Closing Date (the &#147;</font><u><b><font size=2>Additional Rent Year</font></b></u><font size=2>&#148;), there shall be after Closing a re-proration between Transferor and Transferee as to the Tenant Contributions.  Such re-proration shall not be made on the basis of a per diem method of allocation, but shall instead be apportioned between
Transferor and Transferee on the basis of the relative share of actual expenses in question incurred by Transferor and Transferee during the Additional Rent Year.  All other items to be prorated hereunder (other than Tenant Contributions) shall be apportioned on a per diem method of allocation.  Within 150 days after the end of the Additional Rent Year, </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:center;'><font size=2>41</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>Transferee shall (i) calculate (with Transferor&#146;s reasonable cooperation and provision of any reasonably necessary information, but Transferor shall not be required to incur any third party costs) the amount of any such necessary re-proration, and (ii) prepare and submit such calculation in a Notice to Transferor for Transferor&#146;s review and approval (which approval shall not be unreasonably withheld, delayed or conditioned).  If Transferor delivers to Transferee its written objection to such calculation within 15 Business Days of their receipt of the Notice delivered by Transferee pursuant to </font><u><b><font size=2>clause (ii)</font></b></u><font size=2> of the preceding sentence, the parties shall in good faith work together to promptly adjust such calculation to the mutual satisfaction of Transferee and Transferor.  If Transferor fails to deliver to Transferee a written objection to such
calculation within such 15-Business Day period, Transferor shall be deemed to have consented to such calculation.  Thereafter, Transferee shall promptly bill Tenants for amounts due for Tenant Contributions which are attributable to periods prior to the Closing during the Additional Rent Year and, as such amounts are collected, deliver to Transferor re-proration amounts due Transferor within 5 Business Days after the end of each month in which Transferee receives such money.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that Transferee elects not to institute litigation for any Basic Rent and/or Additional Rent which is due and owing in whole or in part to Transferor from any Tenant no longer in occupancy whose tenancy under its Tenant Lease has expired or terminated as of the Closing Date, Transferor shall have the right in their own name to institute such litigation; and take any and all steps they deem appropriate, including litigation, to collect delinquent Basic Rent and Additional Rent from any Tenant whose tenancy under its Tenant Lease has expired or terminated, subject to </font><u><b><font size=2>Section 10.1(m)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferee shall receive a credit for (i) the amount of any unpaid, non-disbursed Tenant incentives, concessions, abatements, free rent amounts, allowances or inducements, including work to be performed by Property Owner for the Tenants (and any of the foregoing that are not payable by the Closing Date) for the current term of Tenant Leases that were in effect on the Effective Date and for the initial term of Tenant Leases that are entered into in accordance with </font><u><b><font size=2>Section 6.1(c)</font></b></u><font size=2>, and (ii) unpaid third party leasing and brokerage fees and commissions for (A) the current term of Tenant Leases that were in effect on the Effective Date, and (B)&nbsp;the initial term of Tenant Leases that are entered into in accordance with </font><u><b><font size=2>Section
6.1(c)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There will be no proration or adjustment for any giftcard or gift certificates issued under the Westfield Gift Card Program.  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in this </font><u><b><font size=2>Section 10.1</font></b></u><font size=2>, if in accordance with </font><u><b><font size=2>Section 10.1</font></b></u><font size=2> or </font><u><b><font size=2>Section 1.2(b)</font></b></u><font size=2>, any item of income or expense attributable to the Property (including, without limitation, as a result of any Pro-Rated Termination Payments received by Transferor or Transferee after the Closing Date) is re-prorated or adjusted between Transferor and Transferee after Closing, and such re-prorations and/or adjustments result in a net credit to Transferee or Transferor, as the case may be, then the amount of such net credit shall be paid in cash by Transferor to Transferee, or by Transferee to Transferor, as the case may be, which payment
shall be treated by the parties as a purchase price adjustment for all income tax </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>42</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>purposes.  If after Closing, either Transferor or Transferee collects Basic Rent, Additional Rent or Termination Payments, to which Transferor is entitled in accordance with this </font><u><b><font size=2>Section 10.1</font></b></u><font size=2>,</font><b><font size=2> </font></b><font size=2>such Basic Rent, Additional Rent or Termination Payments shall be promptly remitted to Transferor (if collected by Transferee) or retained by Transferor (if collected by Transferor).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc65"></a>10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Closing Costs</font></u><font size=2>.  Each party shall pay its own costs and expenses arising in connection with the Closing (including, its own attorneys&#146; and advisors&#146; fees, charges and disbursements), except that the costs specifically set forth in this </font><u><b><font size=2>Section 10.2</font></b></u><font size=2> shall be allocated between the parties as set forth herein.  Subject to the terms of </font><u><b><font size=2>Section 1.2</font></b></u><font size=2>, Transferor shall be responsible for the following closing costs (such costs being referred to herein as &#147;</font><u><b><font size=2>Transferor&#146;s Closing Costs</font></b></u><font size=2>&#148;):  (a) the cost of discharging any Liens against, and other matters affecting title to, the Property</font><b><font size=2>
</font></b><font size=2>and recording any instruments in connection therewith, if and to the extent Transferor is expressly obligated under </font><u><b><font size=2>Section 2.2</font></b></u><font size=2>, or otherwise elects, to discharge such Liens, (b) one-half of the customary closing costs and escrow fees of the Title Company and Escrow Agent related to the direct and/or indirect transfer of the Property and the Sale Interest, (c) one-half of the Assumption Fees, and (d) the costs and expenses incurred in connection with the termination of certain Contracts, as and to the extent payable by Transferor pursuant to </font><u><b><font size=2>Section 6.3</font></b></u><font size=2>.  Transferee shall be responsible for, and shall pay, the following closing costs (such costs being referred to herein as &#147;</font><u><b><font size=2>Transferee&#146;s Closing Costs</font></b></u><font size=2>&#148;):  (i) any documentary, transfer, stamp, sales, use, gross receipts or similar taxes
related to the transfer of the Sale Interest; (ii) other than the Incremental Title Costs, the premium for the Title Policy (and all endorsements thereto); (iii) one-half of the customary closing costs and escrow fees of the Title Company and Escrow Agent related to the direct and/or indirect transfer of the Property and the Sale Interest; (iv) one-half of the Assumption Fees, (v) the cost of the Survey, and (vi) the costs and expenses incurred in connection with the termination of certain Contracts, as and to the extent payable by Transferee pursuant to </font><u><b><font size=2>Section 6.3</font></b></u><font size=2>.  The provisions of this </font><u><b><font size=2>Section 10.2</font></b></u><font size=2> shall survive Closing.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc66"></a>10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Settlement Sheet</font></u><font size=2>.  At Closing, Transferor and Transferee shall execute the Closing Statement to reflect the credits, prorations and adjustments contemplated by or specifically provided for in this Agreement.  The Closing Statement shall not duplicate the Proration Schedule and shall be prepared by the Title Company and approved by Transferee and Transferor, both acting reasonably.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc67"></a>10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Post-Closing Cooperation</font></u><font size=2>.  After Closing, Transferor and Transferee shall, and shall cause their respective affiliates (including any current or future property manager) to, reasonably cooperate with each other in case of either party&#146;s need in response to any legal requirement, regulatory audit requirement, tax audit, tax return preparation, Rent Audit, or any audit of any charges assessed against parties to any REA, or in response to any litigation threatened or brought against either party (including cooperating with respect to filing any claim for any insurance for the benefit of Property Owner with respect to such litigation), or for any other legitimate business reason, by allowing the other party and its agents and representatives access, upon reasonable advance notice and at
reasonable times, to examine and make copies of any and all instruments, files and records in such party&#146;s possession or reasonable control </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>43</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>pertaining to the Property, Property Owner, or the Sale Interest (collectively, the &#147;</font><b><font size=2>Subject Files</font></b><font size=2>&#148;).  The foregoing shall not limit Transferor&#146;s or Transferee&#146;s right to destroy any or all of the Subject Files in the ordinary course of its business or otherwise, </font><u><font size=2>provided</font></u><font size=2>, that, Transferor shall provide 30 days&#146; prior written notice of its intention to do so, in which event Transferee may elect within such 30 day period by providing written notice to Transferor to take possession of any or all of the Subject Files.  If Transferee fails to timely make such election within such 30 day period, Transferee shall be deemed to have waived its right to take possession of the Subject Files and Transferor shall thereafter be entitled to destroy any or all of the Subject Files.  The provisions of
this </font><u><b><font size=2>Section 10.4</font></b></u><font size=2> shall survive Closing for a period of 4 years.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc68"></a>10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>SEC Reporting Requirements</font></u><font size=2>.  From and after the Effective Date until the 1<sup>st</sup> year anniversary of the Closing Date, Transferor shall, from time to time, upon reasonable advance written notice from Transferee, use commercially reasonable efforts to provide Transferee and its representatives with financial, leasing and other information pertaining to the period of Property Owner&#146;s ownership and operation of its Property that is, in the reasonable opinion of Transferee and its outside, third party accountants, relevant to and reasonably necessary for the preparation of financial statements and the audit of such financial statements in accordance with generally accepted auditing standards in connection with Transferee&#146;s  (or its affiliates&#146;) obligations under any or
all of (x) Rule 3-05 (but only to the extent such Rule 3-05 references Rule 3-14 of Regulation S-X of the regulations of the Securities and Exchange Commission (the &#147;</font><B><font SIZE=2>SEC</font></B><font size=2>&#148;))<sup> </sup>and Rule 3-14 of Regulation S-X of the regulations of the SEC, as applicable; (y) any other rule issued by the SEC and applicable to Transferee; and (z) any registration statement, report or disclosure statement filed with the SEC by or on behalf of Transferee.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc69"></a>Remedies</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc70"></a>11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Breach by Transferor</font></u><font size=2>.  If Closing fails to occur because of a default by Transferor of any provision hereof, or any other agreement between or among Transferor and Transferee or their respective affiliates, Transferee shall be entitled to exercise the remedies set forth in this </font><u><b><font size=2>Section 11.1</font></b></u><font size=2>, </font><u><font size=2>provided</font></u><font size=2>, that Transferee, as a condition precedent to the exercise of its remedies or termination of this Agreement, shall be required to give Transferor written notice of the same.  Transferor shall have 10 Business Days from the receipt of such notice to cure the default.  If Transferor timely cures the default, the default shall be deemed waived and this Agreement shall continue in full force and
effect.  If Transferor fails to timely cure such default, Transferee, at Transferee&#146;s option, shall be entitled to exercise either (but not both) of the following remedies:  (i) terminate this Agreement, in which event both parties shall be discharged from all duties and performance hereunder, except for any obligations which by their terms survive any termination of this Agreement; or (ii) seek specific performance of Transferor&#146;s obligations hereunder; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that any action for specific performance shall be commenced within ninety (90) days after such default, and if Transferee prevails thereunder, Transferor shall reimburse Transferee for all reasonable legal fees, court costs and all other costs of such action.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><a name="toc71"></a>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>44</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>11.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Breach by Transferee</font></u><font size=2>.  If Closing fails to occur because of a default by Transferee of any provision hereof, or any other agreement between or among Transferor and Transferee or their respective affiliates, Transferor shall be entitled to exercise the remedies set forth in this </font><u><b><font size=2>Section 11.2</font></b></u><font size=2>, </font><u><font size=2>provided</font></u><font size=2>, that Transferor, as a condition precedent to the exercise of their remedies or termination of this Agreement, shall be required to give Transferee written notice of the same.  Transferee shall have 10 Business Days from the receipt of such notice to cure the default.  If Transferee timely cures the default, the default shall be deemed waived and this Agreement shall continue in full force and effect.  If
Transferee fails to timely cure such default, Transferor shall be entitled to terminate this Agreement pursuant to the terms of this </font><u><b><font size=2>Section 11.2</font></b></u><font size=2>.  IF TRANSFEROR TERMINATES THIS AGREEMENT PURSUANT TO THIS </font><u><B><font SIZE=2>SECTION</font></B><font size=2>&nbsp;</font><b><font size=2>11.2</font></b></u><font size=2>, TRANSFEREE AND TRANSFEROR AGREE THAT TRANSFEROR&#146;S ACTUAL DAMAGES WOULD BE IMPRACTICABLE OR EXTREMELY DIFFICULT TO FIX.  THE PARTIES THEREFORE AGREE THAT, IN SUCH EVENT, TRANSFEROR, AS TRANSFEROR&#146;S SOLE AND EXCLUSIVE REMEDY, IS ENTITLED TO LIQUIDATED DAMAGES IN THE AMOUNT OF THE DEPOSIT, IN WHICH CASE (A) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF TRANSFEREE AND TRANSFEROR HEREUNDER SHALL BE OF NO FURTHER FORCE OR EFFECT AND NONE OF THE PARTIES SHALL HAVE ANY FURTHER RIGHTS OR OBLIGATIONS HEREUNDER OTHER THAN PURSUANT TO ANY PROVISION HEREOF WHICH EXPRESSLY SURVIVES THE TERMINATION OF THIS
AGREEMENT, (B) ESCROW AGENT SHALL DELIVER THE DEPOSIT TO TRANSFEROR PURSUANT TO TRANSFEROR&#146;S INSTRUCTIONS,<sup> </sup>AND THE SAME SHALL BE THE FULL, AGREED AND LIQUIDATED DAMAGES (OTHER THAN ANY AMOUNTS PAYABLE PURSUANT TO THE INDEMNITY PROVISIONS OF </font><U><B><font SIZE=2>SECTION 2.1</font></B></U><font size=2>), AND (C) ALL TITLE AND ESCROW CANCELLATION CHARGES, IF ANY, SHALL BE CHARGED TO TRANSFEREE.  THE PARTIES HEREBY AGREE THAT THE AMOUNT OF THE DEPOSIT IS A FAIR AND REASONABLE ESTIMATE OF THE TOTAL DETRIMENT THAT TRANSFEROR WOULD SUFFER IN THE EVENT OF TRANSFEREE&#146;S DEFAULT AND FAILURE TO DULY COMPLETE THE ACQUISITION HEREUNDER.  TRANSFEROR IRREVOCABLY WAIVES THE RIGHT TO SEEK OR OBTAIN ANY OTHER LEGAL OR EQUITABLE REMEDIES, INCLUDING THE REMEDIES OF DAMAGES AND SPECIFIC PERFORMANCE (</font><U><font SIZE=2>PROVIDED</font></U><font size=2>, THAT TRANSFEROR IS ABLE TO COLLECT THE FULL AMOUNT OF THE DEPOSIT FROM ANY LETTER OF CREDIT PROVIDER, TO THE EXTENT APPLICABLE.
OTHERWISE TRANSFEROR SHALL HAVE THE RIGHT TO TAKE SUCH ACTION AS IS REQUIRED TO COLLECT SUCH AMOUNT FROM SUCH LETTER OF CREDIT PROVIDER OR TRANSFEREE).</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>45</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font SIZE=2>TRANSFEROR AND TRANSFEREE ACKNOWLEDGE THAT THEY HAVE READ AND UNDERSTAND THE PROVISIONS OF THIS </font><U><B><font SIZE=2>SECTION 11.2</font></B></U><font size=2>, AND BY THEIR INITIALS IMMEDIATELY BELOW AGREE TO BE BOUND BY ITS TERMS.</font></p>


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            <p  style='text-indent:60.0pt; '><br> <font size=2>Transferor&#146;s Initials</font><u></u></p> </td>
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            <p  style='text-indent:.75in; '><br> <font size=2>Transferee&#146;s Initials</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><B><font SIZE=2>ARTICLE XII</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc72"></a>Escrow</font></b></u></p>
<a name="toc73"></a>&nbsp;


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>12.1</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Escrow</font></u><font size=2>.</font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Escrow Agent is hereby appointed and designated to act as Escrow Agent hereunder and is instructed to hold and deliver, pursuant to the terms of this Agreement, the documents and funds to be deposited into escrow as herein provided.  Escrow Agent shall hold the Deposit in escrow (and, to the extent delivered in the form of cash, in insured money market accounts, certificates of deposit, United States Treasury Bills or such other interest-bearing accounts as Transferee and Transferor, both acting reasonably, may jointly instruct from time to time) until the earlier to occur of (i) the Closing Date, at which time the Deposit shall be paid to Transferor and credited towards the Purchase Price in accordance with the terms of </font><u><b><font size=2>Section 9.5(a)</font></b></u><font size=2>, or (ii) the date
on which Escrow Agent is authorized to disburse the Deposit as set forth in </font><u><b><font size=2>Section 12.1(b)</font></b></u><font size=2>.  The tax identification numbers of the parties shall be furnished to Escrow Agent upon request.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Closing does not occur, and either Transferor or Transferee makes a written demand upon Escrow Agent for delivery of the Deposit, Escrow Agent shall give written notice to the other party of such demand.  If Escrow Agent does not receive a written objection from such other party to the proposed delivery on or before the 10<sup>th</sup> day after the giving of such notice, Escrow Agent shall be authorized to make such delivery.  If Escrow Agent does receive such written objection within such 10-day period, Escrow Agent shall continue to hold the Deposit until otherwise directed by joint written instructions from the parties to this Agreement or a final judgment of a court of competent jurisdiction.  However, Escrow Agent shall have the right at any time to deposit the Deposit with the clerk of a state court
in the State of Missouri or the State of New York.  Escrow Agent shall give written notice of such deposit to Transferor and Transferee as soon as reasonably practicable.  Upon such deposit, Escrow Agent shall be relieved and discharged of all further obligations and responsibilities hereunder.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties acknowledge that Escrow Agent is acting solely as a stakeholder at their request and for their convenience, that Escrow Agent shall not be deemed to be the agent of either of the parties for any act or omission on its part unless taken or suffered in </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>46</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>bad faith, in willful disregard of this Agreement or in gross negligence.  Transferor and Transferee jointly and severally shall indemnify, protect, defend and hold Escrow Agent harmless from and against all Losses incurred in connection with the performance of Escrow Agent&#146;s duties hereunder, except with respect to (i) actions or omissions taken or suffered by Escrow Agent in bad faith, in willful disregard of this Agreement or in gross negligence on the part of Escrow Agent, or (ii) any default by Escrow Agent in the performance of its filing obligations under </font><u><b><font size=2>Section 12.1(e)</font></b></u><font size=2>.  Escrow Agent&#146;s closing escrow fees, if any, shall be paid in accordance with </font><u><b><font size=2>Section 10.2</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties shall deliver to Escrow Agent an executed copy of this Agreement, which shall constitute their instructions to Escrow Agent.  Escrow Agent shall execute the signature page for Escrow Agent attached hereto with respect to the provisions of this </font><u><b><font size=2>Section 12.1</font></b></u><font size=2>; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that (i) Escrow Agent&#146;s signature hereon shall not be a prerequisite to the binding nature of this Agreement as between Transferee and Transferor, and the same shall become fully effective as between Transferee and Transferor upon execution by Transferee and Transferor, and (ii) the signature of Escrow Agent will not be necessary to amend any provision of this Agreement other
than this </font><u><b><font size=2>Section</font></b><font size=2>&nbsp;</font><b><font size=2>12.1</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Escrow Agent, as the Person responsible for closing the transaction within the meaning of Section 6045(e)(2)(A) of the Code, shall file all necessary information reports, returns, and statements regarding the transaction required by the Code including the tax reports required pursuant to Section 6045 of the Code (but only to the extent that Escrow Agent is given the information necessary to make such filings).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto shall execute such additional escrow instructions (not inconsistent with this Agreement as determined by counsel for Transferee and Transferor) as Escrow Agent and/or Transferor and Transferee shall reasonably deem necessary for its or their protection, including Escrow Agent&#146;s general provisions (as may be modified by Transferee, Transferor and Escrow Agent) with respect to the documents and the funds to be deposited into escrow as provided in this Agreement.  In the event of any inconsistency between the provisions of this Agreement and such additional escrow instructions, the provisions of this Agreement shall govern, unless otherwise expressly agreed to in writing by Transferor and Transferee.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this </font><u><b><font size=2>Article XII</font></b></u><font size=2> shall survive Closing and the delivery of the documents being delivered pursuant hereto, and shall not be deemed merged into any instrument of conveyance delivered at Closing.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc74"></a>Miscellaneous</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc75"></a>13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Brokers</font></u><font size=2>.  Each of Transferor, on the one hand, and Transferee, on the other hand, hereby represents and warrants to and agrees with the other that it has not had, and it shall not have, any dealings with (and it has not engaged and it will not engage) any third party to whom the payment of any broker&#146;s fee, finder&#146;s fee, commission or similar compensation </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>47</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>(&#147;</font><u><b><font size=2>Commission</font></b></u><font size=2>&#148;) shall or may become due or payable in connection with the transactions contemplated hereby.  Each of Transferor, on the one hand, and Transferee, on the other hand, hereby agrees to indemnify, hold harmless, protect and defend the other and its respective affiliates and their officers, directors and employees from and against any Loss for or in connection with any claims for Commissions claimed or asserted by or through it in connection with the transaction contemplated herein (or any breach of any of its representations under this </font><u><b><font size=2>Section 13.1</font></b></u><font size=2>).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc76"></a>13.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Expenses</font></u><font size=2>.  Subject to the payment of Closing costs pursuant to </font><u><b><font size=2>Section 10.2</font></b></u><font size=2> and any other provision of this Agreement, whether or not the transactions contemplated by this Agreement are consummated, all fees and expenses incurred by any party hereto in connection with this Agreement shall be borne by such party.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc77"></a>13.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Further Assurances</font></u><font size=2>.  Each of the parties hereto agrees to perform, execute and deliver such customary documents, writings, acts and further assurances as may be necessary to carry out the intent and purpose of this Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc78"></a>13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Survival of Representations and Warranties</font></u><font size=2>.  All of Transferor&#146;s and Transferee&#146;s respective representations, warranties, covenants and indemnities set forth in </font><u><b><font size=2>Article IV</font></b></u><font size=2> and </font><u><b><font size=2>Article V</font></b></u><font size=2>, respectively, of this Agreement shall survive Closing and the delivery of the Closing Documents, and shall not be deemed merged into any instrument of conveyance delivered at Closing, for a period of one year following the Closing (</font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that the indemnities of Transferor, on the one hand, and Transferee, on the other hand, set forth in </font><u><b><font size=2>Section
13.1</font></b></u><font size=2>, and the indemnity of Transferee set forth in </font><u><b><font size=2>Section 2.1</font></b></u><font size=2>, shall survive for the applicable statute of limitations).  Each such representation and warranty shall automatically be null and void and of no further force and effect upon the expiration of the applicable survival period specified above, and Transferee or Transferor, as applicable, shall not be entitled to commence an action or proceeding claiming breach of any such representation or warranty by the other at any time subsequent to the expiration of the applicable survival period specified above.  Subject to the foregoing, any provision of this Agreement which by its terms requires observance or performance subsequent to Closing, whether or not there is an express survival provision, shall continue in force and effect following such Closing.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc79"></a>13.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Partial Invalidity</font></u><font size=2>.  If any provision of this Agreement is determined to be unenforceable, such provision shall be reformed and enforced to the maximum extent permitted by Law.  If it cannot be reformed, it shall be stricken from and construed for all purposes not to constitute a part of this Agreement, and the remaining portions of this Agreement shall remain in full force and effect and shall, for all purposes, constitute this entire Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc80"></a>13.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Time of Essence</font></u><font size=2>.  Time shall be of the essence with respect to all matters contemplated by this Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc81"></a>13.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Construction of Agreement</font></u><font size=2>.  All parties hereto acknowledge that they have had the benefit of independent counsel with regard to this Agreement and that this Agreement has </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>48</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>been prepared as a result of the joint efforts of all parties and their respective counsel.  Accordingly, all parties agree that the provisions of this Agreement shall not be construed or interpreted for or against any party hereto based upon authorship.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc82"></a>13.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Amendments/Waiver</font></u><font size=2>.  Except as set forth in </font><u><b><font size=2>Section 12.1(d)</font></b></u><font size=2>, no amendment, change or modification of this Agreement shall be valid unless the same is in writing and signed by the party or parties to be bound.  No waiver of any of the provisions of this Agreement shall be valid unless in writing and signed by the party against whom it is sought to be enforced.  No waiver of any provision shall be deemed a continuing waiver of such provision or of this Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc83"></a>13.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Entire Agreement</font></u><font size=2>.  This Agreement, together with the Exhibits and Schedules attached hereto, and the Closing Documents, constitutes the entire agreement between the parties relating to the subject matter hereof and supersedes all prior negotiations, agreements, understandings, letters of intent and discussions (whether oral or written) between the parties, and there are no promises, agreements, conditions, undertakings, warranties or representations, oral or written, express or implied, between the parties other than as expressly herein set forth.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc84"></a>13.10&nbsp;&nbsp;&nbsp;</font><u><font size=2>Counterparts; Facsimile</font></u><font size=2>.  This Agreement may be executed in two or more counterparts, each of which will constitute an original, and all of which together shall constitute one and the same agreement.  Executed copies hereof may be delivered by facsimile (or other electronic means) and, upon receipt, shall be deemed originals and binding upon the parties hereto.  Without limiting or otherwise affecting the validity of executed copies hereof that have been delivered by facsimile (or other electronic means), the parties will use their best efforts to deliver originals as promptly as possible after execution.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc85"></a>13.11&nbsp;&nbsp;&nbsp;</font><u><font size=2>Dates</font></u><font size=2>.  If any date set forth in this Agreement for the delivery of any document or the happening of any event (such as, for example, the Closing Date) should, under the terms hereof, fall on a non-Business Day, then such date shall be extended automatically to the next succeeding Business Day.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc86"></a>13.12&nbsp;&nbsp;&nbsp;</font><u><font size=2>Governing Law/Jurisdiction</font></u><font size=2>.  This Agreement and the legal relations between the parties hereto shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to the conflicts of laws principles thereof.  Any action brought to interpret or enforce this Agreement shall be brought in a court of competent jurisdiction in the State of New York and each party hereto agrees to submit to personal jurisdiction in the State of New York in any action or proceeding arising out of this Agreement and, in furtherance of such agreement, each party hereby agrees and consents that, without limiting other methods of obtaining jurisdiction, personal jurisdiction over such party in any such action or proceeding may be obtained within or without the jurisdiction of any
court located in New York, and that any process or notice of motion or other application to any such court in connection with any such action or proceeding may be served upon such party by registered or certified mail to or by personal service at the last known address of such party, whether such address be within or without the jurisdiction of any such court.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><a name="toc87"></a>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>49</font></p>

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

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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>13.13&nbsp;&nbsp;&nbsp;</font><u><font size=2>Notices</font></u><font size=2>.  All notices, consents, reports, demands, requests and other communications required or permitted hereunder (&#147;</font><u><b><font size=2>Notices</font></b></u><font size=2>&#148;) shall be in writing, and shall be:  (a) personally delivered with a written receipt of delivery; (b) sent by a nationally recognized overnight delivery service requiring a written acknowledgement of receipt or providing a certification of delivery or attempted delivery; (c) sent by certified or registered mail, return receipt requested; or (d) sent by confirmed facsimile transmission with an original copy thereof transmitted to the recipient by one of the means described in </font><u><b><font size=2>subsections (a)</font></b></u><font size=2> through </font><u><b><font size=2>(c)</font></b></u><font size=2> no later than 3
Business Days thereafter.  All Notices shall be deemed effective when actually delivered as documented in a delivery receipt; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that if the Notice was sent by overnight courier or mail as aforesaid and is affirmatively refused or cannot be delivered during customary business hours by reason of the absence of a signatory to acknowledge receipt, or by reason of a change of address with respect to which the addressor did not have either knowledge or written notice delivered in accordance with this </font><u><b><font size=2>Section 13.13</font></b></u><font size=2>, then the first attempted delivery shall be deemed to constitute delivery; and </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>further</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that Notices properly given by facsimile shall be deemed given when
received by facsimile.  Each party shall be entitled to change its address for Notices from time to time by delivering to the other parties Notice thereof in the manner herein provided for the delivery of Notices.  All Notices shall be sent to the addressee at its address set forth following its name below:</font></p>


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            <p  style='margin-top:12.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="144" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>To Transferor:</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Westfield America Limited Partnership</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>c/o Westfield Corporation, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>11601 Wilshire Blvd., 12<sup>th</sup> Floor</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Los Angeles, California 90025-1748</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Attention:  Peter Schwartz, Esq. and Elizabeth Westman, Esq.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Telephone:  (310) 445-2453 and (310) 575-6057</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Facsimile:  (310) 478-3987 and (310) 487-3173</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="100%" >
    <tr >
        <td width="48" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p  style='margin-top:12.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="144" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>with a copy to:</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Debevoise &amp; Plimpton LLP</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>919 Third Avenue</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>New York, New York 10022</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Attention:  Matthew T. Golden, Esq.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Telephone:  (212) 909-6269</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Facsimile:  (212) 909-6836</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="100%" >
    <tr >
        <td width="48" valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="144" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>To Transferee:</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>CBL &amp; Associates Limited Partnership</font></p> </td> </tr></table>
</div>


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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>2030 Hamilton Place Boulevard</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>CBL Center, Suite 500</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Chattanooga, Tennessee 37421</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Attention:  Scott Word</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Telephone:  (423) 490-8358</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Facsimile:  (423) 490-8390</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>50</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22510983v9</font></p>
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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;'>
    <tr >
        <td width="48" valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="144" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>with a copy to:</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>Morrison &amp; Foerster LLP</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>1290 Avenue of the Americas</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>New York, New York 10104</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Attention:  Yaacov Gross, Esq.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Telephone:  (212) 468-8012</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Facsimile:  (212) 468-7900</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;'>
    <tr >
        <td width="48" valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent: 0in'><font size=1>&nbsp;</font></p> </td>
        <td width="144" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>and to:</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>Husch &amp; Eppenberger, LLC</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>2030 Hamilton Place Boulevard</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>CBL Center, Suite 210</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Chattanooga, Tennessee 37421</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Attention:  Jeffery V. Curry, Esq.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Telephone:  (423) 757-5910</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Facsimile:  (423) 899-1278</font></p>

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

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>Any notice required hereunder to be delivered to Escrow Agent shall be delivered in accordance with the above provisions as follows:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Fidelity National Title Insurance Company </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>1800 Parkway Place, Suite 700 </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Marietta, GA 30067 </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Telephone:&nbsp; (888) 270-2050 </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>Telecopier:&nbsp; (770) 850-8222 </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>Unless specifically required to be delivered to Escrow Agent pursuant to the terms of this Agreement, no notice hereunder must be delivered to Escrow Agent in order to be effective so long as it is delivered to the other parties in accordance with the above provisions.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc88"></a>13.14&nbsp;&nbsp;&nbsp;</font><u><font size=2>Headings/Use of Terms/Exhibits</font></u><font size=2>.  The paragraph and section headings that appear in this Agreement are for purposes of convenience of reference only and are not to be construed as modifying, explaining, restricting or affecting the substance of the paragraphs and sections in which they appear.  Wherever the singular number is used, and when the context requires, the same shall include the plural and the masculine gender shall include the feminine and neuter genders.  The term &#147;</font><u><b><font size=2>including</font></b></u><font size=2>&#148; means &#147;</font><u><b><font size=2>including, but not limited to</font></b></u><font size=2>&#148; and &#147;</font><u><b><font size=2>such as</font></b></u><font size=2>&#148; means &#147;</font><u><b><font size=2>such as, but not limited
to</font></b></u><font size=2>&#148; and similar words are intended to be inclusive.  All references to clauses, sections and articles mean the clauses, sections and articles in this Agreement.  All Exhibits and Schedules attached hereto are hereby incorporated herein by reference as though set out in full herein.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc89"></a>13.15&nbsp;&nbsp;&nbsp;</font><u><font size=2>Assignment</font></u><font size=2>.  Except as otherwise provided in </font><u><b><font size=2>Section 13.20</font></b></u><font size=2>, neither Transferor nor Transferee shall assign this Agreement or any rights hereunder, or delegate any of its obligations, without the prior written approval of the other.  Subject to the provisions of this </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>51</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22510983v9</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><u><b><font size=2>Section 13.15</font></b></u><font size=2>, this Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs, personal representatives, successors and permitted assigns.  Except as specifically set forth or referred to herein, nothing herein expressed or implied is intended or shall be construed to confer upon or give to any Person, other than the parties hereto and their successors or permitted assigns, any rights or remedies under or by reason of this Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc90"></a>13.16&nbsp;&nbsp;&nbsp;</font><u><font size=2>Attorneys&#146; Fees</font></u><font size=2>.  If litigation or any other action is required by either Transferor or Transferee to enforce or interpret the terms of this Agreement, the prevailing party in such litigation or other action shall, in addition to all other relief granted or awarded by the court or arbitrator, be awarded costs and reasonable attorneys&#146; fees, charges and disbursements (including those of in-house counsel) and expert witness fees and costs incurred by reason of such litigation or other action and those incurred in preparation thereof at both the trial and appellate levels.</font></p>
<a name="toc91"></a>&nbsp;


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="221" >
    <tr >
        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p   style='text-indent:0in;page-break-after:avoid; '><font size=1>&nbsp;</font></p>  </td>
        <td width="48" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>13.17</font></p> </td>
        <td width="125" nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Indemnification</font></u><font size=2>.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to any other indemnity under this Agreement, Transferor agrees to indemnify, protect, hold harmless and, if requested by Transferee in Transferee&#146;s sole and absolute discretion, defend (with counsel of Transferor&#146;s choosing, subject to Transferee&#146;s consent, not to be unreasonably withheld, delayed or conditioned) Transferee, its successors and assigns, from any and all Losses to the extent arising out of or in connection with any breach of any of Transferor&#146;s representations, warranties, covenants or agreements herein or in any of the Closing Documents (</font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that Transferor&#146;s indemnity obligations with respect to the matters described in this </font><u><b><font
size=2>subsection (a)</font></b></u><font size=2> shall be subject to the limitations set forth in </font><u><b><font size=2>Article IV</font></b></u><font size=2> and </font><u><b><font size=2>Section 13.4</font></b></u><font size=2>).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:1in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to any other indemnity under this Agreement, Transferee agrees to indemnify, protect, hold harmless and, if requested by Transferor in Transferor&#146;s sole and absolute discretion, defend (with counsel of Transferee&#146;s choosing, subject to Transferor&#146;s consent, not to be unreasonably withheld, delayed or conditioned) Transferor, its successors and assigns, from any and all Losses to the extent arising out of or in connection with any breach of any of Transferee&#146;s representations, warranties, covenants or agreements herein or in any of the Closing Documents (</font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that Transferee&#146;s indemnity obligations with respect to the matters described in this </font><u><b><font
size=2>subsection (b)</font></b></u><font size=2> shall be subject to the limitations set forth in </font><u><b><font size=2>Article V</font></b></u><font size=2> and </font><u><b><font size=2>Section 13.4</font></b></u><font size=2>).  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc92"></a>13.18&nbsp;&nbsp;&nbsp;</font><u><font size=2>Limitation on Liability</font></u><font size=2>.  The obligations and liabilities of Transferor hereunder will be solely the obligations and liabilities of Transferor, and no direct or indirect stockholder, officer, director, partner, agent or employee of Transferor will be obligated personally for any debt, obligation or liability of Transferor, except, unless and to the extent that such obligation or liability is incurred in connection with any fraudulent action taken by such stockholder, officer, partner, director, agent or employee.  The obligations and liabilities of Transferee hereunder will be solely the obligations and liabilities of Transferee, and no direct or indirect stockholder, officer, director, agent or employee of Transferee will be obligated personally for any debt, obligation or liability of Transferee,
except, unless and to the extent that such obligation or </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>52</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22510983v9</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>liability is incurred in connection with any fraudulent action taken by such stockholder, officer, director, agent or employee.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2><a name="toc93"></a>13.19&nbsp;&nbsp;&nbsp;</font><u><font size=2>Confidentiality</font></u><font size=2>.  Transferor and Transferee shall, prior to the Closing, maintain the confidentiality of the transactions contemplated hereby and shall not, except as required by law, governmental regulation or the requirements of any stock exchange applicable to Transferor or Transferee, disclose the terms of this Agreement or of such transactions to any third parties whomsoever other than the principals of Escrow Agent, the Title Company and such other Persons whose assistance is required in carrying out the terms of this Agreement.  Neither Transferor nor Transferee shall at any time issue a press release regarding the transactions contemplated hereby unless such release or communication has received the prior approval (not to be unreasonably withheld or delayed) of the other parties hereto.
Transferee and Transferor shall cooperate with each other to agree upon the initial presentation materials regarding the transaction.  Transferee agrees that all documents and information regarding the Property, the Sale Interest and/or Property Owner, of whatsoever nature made available to Transferee or any of their agents, employees, contractors and representatives by Transferor or any Transferor Related Party and the results of all tests and studies of the Property, if any, are confidential and, prior to the Closing, none of Transferee or any of its agents, employees, contractors and representatives, shall disclose any such documents or information to any other Person except those assisting it with the analysis of the Property, the Sale Interest or Property Owner, and only after procuring such Person&#146;s agreement to abide by these confidentiality restrictions.  Notwithstanding the foregoing, the parties hereto (and each employee, representative, or other agent of the parties)
may disclose to any and all Persons, without limitation of any kind, the tax treatment and any facts that may be relevant to the tax structure of Transferee and the transactions contemplated by this Agreement; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that no party (and no employee, representative or other agent thereof) shall disclose any other information that is not necessary to understand the tax treatment and tax structure of Transferee and the transactions contemplated by this Agreement, and any information that could lead another to determine the identity of the parties hereto, or any other information to the extent that such disclosure could result in a violation of any Federal or state securities laws.   This </font><u><b><font size=2>Section 13.19</font></b></u><font size=2> shall survive Closing or termination of the Agreement.<a name="toc94"></a></font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>13.20&nbsp;&nbsp;&nbsp;</font><u><font size=2>Transferor&#146;s Like-Kind Exchange</font></u><font size=2>. Transferor and Transferee acknowledge and agree that the purchase and sale of each of the Sale Interest and the Option Interest may be part of a tax-free exchange by Transferor under Section 1031 of the Internal Revenue Code and Revenue Procedure 2000-37, 2000-40 I.R.B. 308 (each a &#147;</font><u><b><font size=2>Like Kind Exchange</font></b></u><font size=2>&#148;).  Transferee hereby agrees to reasonably cooperate with Transferor to facilitate such Like Kind Exchange if requested by the Transferor, </font><u><font size=2>provided</font></u><font size=2>, that (a) Transferee shall not be required to take title to, contract for the acquisition of or acquire any other property, (b) such Like Kind Exchange shall not affect the representations, warranties, liabilities and obligations
of the parties to each other under this Agreement, and (c) Transferee shall not incur any additional cost, expense or direct or contingent liability arising out of or in connection with such Like Kind Exchange.  Notwithstanding anything to the contrary contained in this Agreement, if Transferor so elects to </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>53</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22510983v9</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>close the transfer of as a Like Kind Exchange, then (i) Transferor, at its sole option, may assign its rights under this Agreement to transfer the Sale Interest and/or the Option Interest, as applicable, under this Agreement, and may assign its rights to receive the Purchase Price and/or the purchase price for the Option Interest, to a deferred exchange intermediary or an exchange accommodation titleholder (each an &#147;</font><u><b><font size=2>Intermediary</font></b></u><font size=2>&#148;); (ii) such delegation and assignment shall in no way reduce, modify or otherwise affect the obligations of Transferor pursuant to this Agreement; (iii) such delegation and assignment shall in no way decrease, modify or otherwise affect the rights of Transferee pursuant to this Agreement or increase the obligations of Transferee; (iv) such delegation and assignment shall not delay the Closing beyond the Outside
Closing Date; (v) Transferor shall remain fully liable for its obligations under this Agreement as if such delegation and assignment shall not have taken place; (vi) the Intermediary shall have no liability to Transferee; (vii) the closing of the transfer of the Sale Interest and/or the Option Interest, as applicable, to Transferee shall be undertaken by direct assignment from Transferor to Transferee; (viii) Transferor shall indemnify, protect, defend and hold harmless Transferee from and against any and all liability arising from and out of such exchange by Transferor.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt;text-align:center;'><b><font size=2>[Remainder of Page Left Blank Intentionally; Signature Page Follows]</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>54</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22510983v9</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>IN WITNESS WHEREOF, the parties have caused this Purchase and Sale Agreement to be executed as of the date first set forth above.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><U><B><font SIZE=2>TRANSFEREE</font></B></U><font size=2>:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>CBL &amp; ASSOCIATES LIMITED PARTNERSHIP, a Delaware limited partnership</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="32" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="277" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>CBL Holdings I, Inc., its general partner</font></p> </td> </tr></table>
</div>

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


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            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="171" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Stephen D. Lebovitz</font></u></p> </td> </tr></table>
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    <tr >
        <td width="304" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="197" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=2>Name: Stephen D. Lebovitz</font></p> </td> </tr></table>
</div>



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    <tr >
        <td width="304" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="117" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=2>Title: President</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><U><B><font SIZE=2>TRANSFEROR</font></B></U><font size=2>:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>WESTFIELD AMERICA LIMITED PARTNERSHIP, a</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>Delaware limited partnership</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="32" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="339" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Westfield U.S. Holdings, LLC, its general partner</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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        <td width="272" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="113" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Peter Lowy</font></u></p> </td> </tr></table>
</div>



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<table border="0" cellspacing=0 cellpadding=0 width="444" >
    <tr >
        <td width="304" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="140" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=2>Name: Peter Lowy</font></p> </td> </tr></table>
</div>



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    <tr >
        <td width="304" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="211" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt;page-break-after: avoid'><font size=2>Title: Chief Executive Officer</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22510983v9</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SIGNATURE PAGE</font></B></p>

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

<p style=' margin-bottom:12pt; margin-top:12pt;text-align:justify;'><font size=2>The undersigned hereby accepts the foregoing Purchase and Sale Agreement (the &#147;</font><u><b><font size=2>Agreement</font></b></u><font size=2>&#148;) and executes this Signature Page for the purpose of agreeing to the provisions of the Agreement applicable to Escrow Agent (as defined in the Agreement) and agreeing to act as Escrow Agent in strict accordance with the terms thereof.</font></p>

<p style=' margin-bottom:0pt; margin-top:24pt; margin-left:3.25in;text-align:left;'><font SIZE=2>ESCROW AGENT:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.25in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:24pt; margin-top:0pt; margin-left:3.25in;text-align:left;'><font SIZE=2>FIDELITY TITLE INSURANCE COMPANY</font></p>

<p style=' margin-bottom:0pt; margin-top:24pt; margin-left:3.25in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p  style='margin:0in;margin-bottom:.0001pt'><font size=1>&nbsp;</font></p> </td>
        <td width="41" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="144" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Michael R. Sher</font></u></p> </td> </tr></table>
</div>



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    <tr >
        <td width="341" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt'><font size=1>&nbsp;</font></p> </td>
        <td width="171" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt'><font size=2>Name: Michael R. Sher</font></p> </td> </tr></table>
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    <tr >
        <td width="341" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt'><font size=1>&nbsp;</font></p> </td>
        <td width="243" nowrap valign=top >
            <p  style='margin:0in;margin-bottom:.0001pt'><font size=2>Title: Vice President/NTS Counsel</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.25in;text-align:left;'><font size=2>&nbsp;</font></p>


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        <td width="312" nowrap valign=top style='padding:0in 0in 24.0pt 0in; '>
            <p  style='margin-top:0in;margin-right:0in;margin-bottom: 24.0pt;margin-left:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="67" nowrap valign=top style='padding:0in 0in 24.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:  </font></p> </td>
        <td width="119" nowrap valign=top style='padding:0in 0in 24.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>August 9, 2007</font></u></p> </td> </tr></table>
</div>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22510983v9</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><U><B><font SIZE=2>LIST OF SCHEDULES</font></B></U></p>


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    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Defined Terms</font></p> </td>
        <td width="196" valign=top style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 1</font></p> </td> </tr>
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        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Permitted Exceptions</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 2.2(a)</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Mechanics&#146; Liens Arising from Work Performed for Property Owner</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 2.2(b)</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Other Names for Transferor and Property Owner</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.1(a)</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Tenant Leases Not in Full Force and Effect; Defaults under Tenant Leases</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.5(b)</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Rent Roll</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.5(c)</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Contract List</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.5(d)</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Defaults under Continuing Contracts or Permits; Defaults under Permitted Exceptions</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.5(e)</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Third Party Brokerage and Leasing Agreement Where Fees are Payable</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.5(f)</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Threatened Actions, Property Violations and Proceedings</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.6</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Environmental Reports</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.7</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Pending Tax Proceedings</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.8(a)</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Notice of Tax Audits</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.8(b)</font></p> </td> </tr></table>
</div>

<p style=' 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=1>22510983v9</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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        <td width="440" valign=top style='border:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Tax Matters Agreements</font></p> </td>
        <td width="196" valign=top style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.8(c)</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Tax Basis of the Property</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.8(d)</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Tax Depreciation Schedule</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.8(e)</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Property Employees</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.11</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Material Liabilities of Property Owner Other than (i) Liabilities Reflected in Property Owner&#146;s financial statements described in Section 4.14, and (ii) Liabilities Incurred in the Ordinary Course of Business of Owning or Operating the Property</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.14</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Existing Loan Documents; Outstanding Principal Balance</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 4.17</font></p> </td> </tr>
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        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Approved Transactions Guidelines</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 6.1(c)</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Terminated Contracts</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 6.3</font></p> </td> </tr>
    <tr >
        <td width="440" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Anchor Tenants</font></p> </td>
        <td width="196" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Schedule 6.6</font></p> </td> </tr></table>
</div>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22510983v9</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><U><B><font SIZE=2>LIST OF EXHIBITS</font></B></U></p>


<div align=center>

<table border="0" cellspacing=0 cellpadding=0 width="636" >
    <tr >
        <td width="200" valign=top style='border:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit A</font><u></u></p> </td>
        <td width="436" valign=top style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Form of Tenant Estoppel </font><u></u></p> </td> </tr>
    <tr >
        <td width="200" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit B</font><u></u></p> </td>
        <td width="436" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Form of Assignment and Assumption of Sale Interest </font><u></u></p> </td> </tr>
    <tr >
        <td width="200" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit C</font><u></u></p> </td>
        <td width="436" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Form of Non-Foreign Affidavit </font><u></u></p> </td> </tr>
    <tr >
        <td width="200" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit D-1</font><u></u></p> </td>
        <td width="436" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Form of Title Affidavit </font><u></u></p> </td> </tr>
    <tr >
        <td width="200" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit D-2</font><u></u></p> </td>
        <td width="436" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Form of Non-Imputation Affidavit </font><u></u></p> </td> </tr>
    <tr >
        <td width="200" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit E</font><u></u></p> </td>
        <td width="436" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Form of Tenant Notification Letter </font><u></u></p> </td> </tr>
    <tr >
        <td width="200" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit F</font></p> </td>
        <td width="436" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Form of Letter of Credit</font></p> </td> </tr>
    <tr >
        <td width="200" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit G</font></p> </td>
        <td width="436" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Legal Description of Property</font></p> </td> </tr>
    <tr >
        <td width="200" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit H</font></p> </td>
        <td width="436" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Legal Description of Option Property</font></p> </td> </tr>
    <tr >
        <td width="200" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Exhibit I</font></p> </td>
        <td width="436" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style='text-indent:0in'><font size=2>Assumed Guaranties</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><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=1>22510983v9</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><U><B><font SIZE=2>SCHEDULE 1</font></B></U></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>GLOSSARY OF DEFINITIONS</font></B></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>As used in the foregoing Purchase and Sale Agreement, the following terms shall have the following meanings:</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Access Agreement</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 2.1</font></b></u><font size=2>. </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Accountants</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.5</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Act</font></b></u><font size=2>&#148; means the Securities Act of 1933, as amended.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Additional Rent</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.1(d)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Additional Rent Year</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.1(i)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Agreement</font></b></u><font size=2>&#148; has the meaning set forth in the opening paragraph hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Anchor Tenant</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.6</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Anchor Estoppels</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.6</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Approved Transactions Guidelines</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.1(c)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Assignment and Assumption of Sale Interest</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 9.2(b)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Assumed Guaranties</font></b></u><font size=2>&#148; means, with respect to the Existing Mortgage Loan, those guaranties and indemnities set forth on </font><u><b><font size=2>Exhibit I</font></b></u><font size=2> attached hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Assumption Fees</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.8(e)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Basic Rent</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.1(d)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Bringdown Certificate</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.1(c)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Business Day</font></b></u><font size=2>&#148; means each day of the year other than Saturdays, Sundays, legal holidays and days on which banking institutions are generally authorized or obligated by Law to close in the Sate of Missouri, the State of New York or the State of California.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><U><B><font SIZE=2>CBL REIT</font></B></U><font size=2>&#148; means CBL &amp; Associates Properties, Inc., a Delaware corporation.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Closing</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 9.1</font></b></u><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:center;'><font size=2>Schedule 1-1</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22510983v9</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Closing Documents</font></b></u><font size=2>&#148; means those documents required to be delivered by Transferor or Transferee at Closing pursuant to or in connection with this Agreement, including, without limitation, those attached hereto as </font><u><b><font size=2>Exhibits A</font></b></u><font size=2> through </font><U><B><font SIZE=2>F</font></B></U><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Closing Statement</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 9.2(f)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><U><B><font SIZE=2>COBRA</font></B></U><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.7(b)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Code</font></b></u><font size=2>&#148; means the Internal Revenue Code of 1986, as amended from time to time (or any corresponding provisions of succeeding law).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Commission</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 13.1</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Continuing Contracts</font></b></u><font size=2>&#148; means any Contracts, other than Contracts which are national contracts or which require the consent of the other party thereto to any change-of-control in Property Owner, that Transferee elects to assume or does not elect, pursuant to </font><u><b><font size=2>Section 6.3</font></b></u><font size=2> hereof, to require Transferor to terminate.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Contract List</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 4.5(d)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Contracts</font></b></u><font size=2>&#148; means, subject to </font><u><b><font size=2>Section 6.3</font></b></u><font size=2>, all right, title and interest of Transferor or Property Owner in and to any and all contracts, agreements or commitments, oral or written (other than the Tenant Leases and option agreements), binding upon or relating to the Real Property for the operation and maintenance of the Real Property, that extend beyond Closing, to the extent that they are assignable.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Conveyance</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Curable Title Objections</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 2.2(b)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Deposit</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 1.2(d)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Early Terminated Tenant Lease</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 1.2(b)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Effective Date</font></b></u><font size=2>&#148; means August 9, 2007. </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Environmental Law</font></b></u><font size=2>&#148; means any Law, including requirements under permits, licenses, consents and approvals, relating to pollution or protection of human health or the environment, including those that relate to emissions, discharges, releases or threatened releases, or the generation, manufacturing, processing, distribution, use, treatment, storage, disposal, transport, or handling, of Hazardous Materials.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><U><B><font SIZE=2>ERISA</font></B></U><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.7(b)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Escrow Agent</font></b></u><font size=2>&#148; means Fidelity National Title Insurance Company.</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22510983v9</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Estoppel Certificates</font></b></u><font size=2>&#148; means, collectively, each Anchor Store Estoppel, each Tenant Estoppel, each REA Estoppel, and each Transferor&#146;s Estoppel (if any).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Executive Order</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Existing Mortgage Loan</font></b></u><font size=2>&#148; means that certain loan in the original principal amount of $140,000,000, made pursuant to that certain Loan Agreement, dated as of August 29, 2006, by and between UBS Real Estate Investments, Inc., as lender, and Property Owner, as borrower, which loan is secured by one or more mortgages on the Property.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Existing Lender</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.8(a)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Existing Loan Documents</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 4.17</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Hazardous Materials</font></b></u><font size=2>&#148; means those materials that are regulated by or form the basis of liability under any Environmental Law, including:  (a) any substance identified under any Environmental Law as a pollutant, contaminant, hazardous substance, liquid, industrial or solid or hazardous waste, hazardous material or toxic substance; (b) any petroleum or petroleum derived substance or waste; (c) any asbestos or asbestos-containing material; (d) any polychlorinated biphenyl (PCB) or PCB-containing or urea-formaldehyde-containing material or fluid; (e) any radioactive material or substance, including radon; (f) any lead or lead based paints or materials; and (g) any mold, fungi, yeast or other similar biological agents that may have an adverse effect on human health.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Improvements</font></b></u><font size=2>&#148; mean all right, title and interest of Transferor or Property Owner in and to the improvements, structures, parking facilities and fixtures now or hereafter placed, constructed, installed or located on the Land, including all apparatus, equipment and appliances affixed to and used in connection with the operation or occupancy thereof (such as heating, air conditioning, and mechanical systems).</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Intangible Property</font></b></u><font size=2>&#148; means any and all intangible property, goodwill, rights, privileges, and appurtenances owned by Property Owner and in any way related to, or used in connection with, the ownership, operation, maintenance, use or occupancy of the Real Property (other than the Contracts and the Tenant Leases) to the extent that they are assignable, including the Permits, Plans and Records, guaranties, warranties, websites, e-mail addresses, trade names, trademarks, telephone and facsimile numbers assigned to the Property or the Property management office and all rights, claims and recoveries under insurance policies related to the Real Property or the Personal Property.  Intangible Property shall not include, any rights to the name &#147;Westfield&#148; or any marks, logos or other brand identification items associated
with the &#147;Westfield&#148; name, but shall include, any rights to the names &#147;Chesterfield Mall&#148; and any variations thereof, if any.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Intangible Property Documents</font></b></u><font size=2>&#148; means any and all documents and instruments evidencing and/or relating to all or any portion of the Intangible Property.</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>Schedule 1-3</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22510983v9</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Intermediary</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 13.20</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Land</font></b></u><font size=2>&#148; means the parcel or parcels of land described in </font><u><b><font size=2>Exhibit</font></b><font size=2>&nbsp;</font><B><font SIZE=2>G</font></B></u><font size=2> attached hereto, together with all of Property Owner&#146;s right, title and interest, if any, in and to (i)&nbsp;any reversions, remainders, privileges, easements, rights-of-way, appurtenances, agreements, rights, licenses, tenements and hereditaments appertaining to or otherwise benefiting or used in connection with the real property or the Improvements located thereon, (ii) any strips and gores of land, streets, alleys, public ways or rights-of-way abutting, adjoining, adjacent, connected or appurtenant thereto, and (iii)&nbsp;any minerals and mineral rights, oil, gas, and oil and gas rights, other hydrocarbon substances and rights, development rights,
air rights, water and water rights, wells, well rights and well permits, water and sewer taps (or their equivalents), and sanitary or storm sewer capacity appertaining to or otherwise benefiting or used in connection therewith.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Laws</font></b></u><font size=2>&#148; means all Federal, state and local laws, statutes, codes, regulations, rules, ordinances, orders, policy directives, judgments or decrees (including common law), including those of judicial and administrative bodies.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Lender Consent</font></b></u><font size=2>&#148; has the meanings set forth in </font><u><b><font size=2>Section 6.8(b)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Liens</font></b></u><font size=2>&#148; means liens, encumbrances, claims, covenants, conditions, restrictions, easements, rights of way, options, pledges, judgments, pledges, hypothecations, rights of first offer or first refusal, security interests or other similar matters.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Like Kind Exchange</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 13.20</font></b></u><font size=2>. </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Losses</font></b></u><font size=2>&#148; means, on an after-tax basis, all damages, losses, liabilities, claims, actions, interest, penalties, demands, obligations, judgments, expenses or costs (including reasonable attorneys&#146; fees, charges and disbursements, including those of in-house counsel and appeals, and expert witness fees), including, without limitation, any claim for a mechanic&#146;s lien or materialmen&#146;s lien.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Lost Rent</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 1.2(b)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Material Adverse Effect</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 5.5</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Material Adverse Title Effect</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 2.2(b)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Material Event Termination Notice</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.4</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>New Income</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 1.2(b)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>New Tenant Lease</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 1.2(b)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Notices</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 13.13</font></b></u><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:center;'><font size=2>Schedule 1-4</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22510983v9</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><U><B><font SIZE=2>OFAC</font></B></U><font size=2>&#148; has the meaning set forth in the definition of &#147;Prohibited Person&#148;.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Option</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.11</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Option Interest</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.11</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Option Period</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.11</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Option Property</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.11</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Original Operating Agreement</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Permits</font></b></u><font size=2>&#148; means all right, title and interest of Transferor or Property Owner in and to all governmental or quasi-governmental permits, agreements, licenses, certificates, authorizations, applications, approvals, entitlements, variances and waivers, including building permits and certificates of occupancy, relating to the construction, ownership, development, use, operation, maintenance or repair of the Real Property, to the extent that they are assignable.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Person</font></b></u><font size=2>&#148; means any individual, corporation, partnership, joint venture, limited liability company, estate, trust, real estate investment trust, unincorporated association, joint stock company, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing or any other entity or association.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Personal Property</font></b></u><font size=2>&#148; means all right, title and interest of Transferor or Property Owner in and to all tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Real Property.  Personal Property shall not include any tangible personal property and fixtures which are owned by Tenants.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Plans and Records</font></b></u><font size=2>&#148; means, to the extent in Transferor&#146;s Possession or Reasonable Control, all right, title and interest of Transferor or Property Owner in and to all reports, studies, financial or other records, books or documents existing and relating to the ownership, use, operation, construction, fabrication, repair or maintenance of, or otherwise to, the Real Property, including the following:  surveys, maps, plats and street improvement specifications of the Real Property; soil, substratus, environmental, engineering, structural and geological studies, reports and assessments; architectural drawings, as-builts, plans, engineer&#146;s drawings and specifications; appraisals; title reports or policies together with any copies of documents referenced therein; expansion, renovation or development-related documents;
and booklets, manuals, files, records, correspondence contained in lease files, tenant lists, tenant files, logos, tenant prospect lists, other mailing lists, sales brochures and other materials, and leasing brochures and advertising materials and similar items.  Nothing in this Agreement shall prohibit Transferor from retaining a copy of any item delivered to Transferee.</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>Schedule 1-5</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22510983v9</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Prohibited Person</font></b></u><font size=2>&#148; means any of the following:  (a) a Person that is listed in the Annex to, or is otherwise subject to the provisions of, Executive Order No. 13224 on Terrorist Financing (effective September 24, 2001) (the &#147;</font><u><b><font size=2>Executive Order</font></b></u><font size=2>&#148;); (b) a Person owned or controlled by, or acting for or on behalf of any Person that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive Order; (c) a Person that is named as a &#147;specially designated national&#148; or &#147;blocked person&#148; on the most current list published by the U.S. Treasury Department&#146;s Office of Foreign Assets Control (&#147;</font><U><B><font SIZE=2>OFAC</font></B></U><font size=2>&#148;) at its official website,
http:www/treas.gov/offices/enforcement/ofac; (d) a Person that is otherwise the target of any economic sanctions program currently administered by OFAC; or (e) a Person that is affiliated with any Person identified in </font><u><b><font size=2>clause (a)</font></b></u><font size=2>, </font><u><b><font size=2>(b)</font></b></u><font size=2>, </font><u><b><font size=2>(c)</font></b></u><font size=2> and/or </font><u><b><font size=2>(d)</font></b></u><font size=2> above.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Property</font></b></u><font size=2>&#148; means all of Property Owner&#146;s right, title and interest (if any) in and to (a) the Real Property, (b) the Personal Property, (c) the Tenant Leases, (d) the Continuing Contracts, and (e) the Intangible Property.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Property Documents</font></b></u><font size=2>&#148; means the following to the extent in Transferor&#146;s Possession or Reasonable Control and relating to the Property:  (a) Tenant Leases, (b) Contracts, (c) current insurance certificates, (d) existing ALTA surveys, (e) existing title insurance commitments or reports, (f) Permits, (g) tax bills for the last 2 years, (h) current rent rolls, (i) soil, substratus, environmental, structural and geological studies, reports and assessments, (j) operating statements, (k) guarantees and warranties, and (l) other materials reasonably requested by Transferee.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Property Employees</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 4.11</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Property Owner</font></b></u><font size=2>&#148; has the meanings set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Property Owner Organizational Documents</font></b></u><font size=2>&#148; means the certificate of formation and the limited liability company agreement of Property Owner.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Pro-Rated Termination Payments</font></b></u><font size=2>&#148; means Termination Payments received under (i) the first Early Terminated Tenant Lease, the termination of which results in the actual in-place net operating income from the Sale Interest (after taking into account all income under New Tenant Leases) as of the Closing Date to be less than $18,107,384, and (ii) all subsequent Early Terminated Tenant Leases.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Proration Schedule</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.1</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Proration Time</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.1(h)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Purchase Price</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 1.2(a)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><U><B><font SIZE=2>REA</font></B></U><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.6</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>REA Estoppel</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.6</font></b></u><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:center;'><font size=2>Schedule 1-6</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22510983v9</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>REA Party</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.6</font></b></u><font size=2>. </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Real Property</font></b></u><font size=2>&#148; means, collectively, the Land and Improvements.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Rent Audit</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.1(f)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Rent Roll</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 4.5(c)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Sale Interest</font></b></u><font size=2>&#148; has the meaning set forth in the recitals hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><U><B><font SIZE=2>SEC</font></B></U><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.5</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Subject Files</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.4</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Survey</font></b></u><font size=2>&#148; means a current as-built ALTA survey of the Property.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Tax Returns</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 4.7(b)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Taxes</font></b></u><font size=2>&#148; means all taxes, charges, fees, levies or other assessments, including, without limitation, special assessments for improvements, income, gross receipts, excise, real and personal property, sales, transfer, deed, stamp, license, payroll and franchise taxes, imposed by any governmental authority and shall include any interest, penalties or additions to tax attributable to any of the foregoing.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Tenant Contributions</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.1(i)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Tenant Deposits</font></b></u><font size=2>&#148; means all security deposits plus any interest accrued thereon, paid by Tenants to Property Owner relating to the Property.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Tenant Estoppel</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.6</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Tenant Leases</font></b></u><font size=2>&#148; means all leases, licenses, tenancies or occupancy arrangements (other than option agreements), whether written or oral, to which Property Owner is a party, and all right, title and interest of Property Owner as landlord thereunder, affecting any portion of any Real Property, if any, that extend beyond Closing.  </font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Tenants</font></b></u><font size=2>&#148; means all Persons leasing, renting or occupying space within the Property pursuant to Tenant Leases.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Termination Payments</font></b></u><font size=2>&#148; means the aggregate amount of payments actually made (whether such payment is made prior to or after the Closing Date) by Tenants in connection with the termination of the Early Terminated Tenant Leases.  Termination Payments (including any Pro-Rated Termination Payments) shall be applied in accordance with </font><u><b><font size=2>Sections 10.1(g)</font></b></u><font size=2>, </font><u><b><font size=2>(h)</font></b></u><font size=2> and </font><u><b><font size=2>(m)</font></b></u><font size=2> regardless of when received.</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>Schedule 1-7</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22510983v9</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Title Commitment</font></b></u><font size=2>&#148; means a current commitment for an owner&#146;s title insurance policy for the Property.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Title Company</font></b></u><font size=2>&#148; means Fidelity National Title Insurance Company.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Title Policy</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 7.1(a)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transfer Tax Returns</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 7.1(h)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferee</font></b></u><font size=2>&#148; has the meaning set forth in the opening paragraph hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferee Employer</font></b></u><font size=2>&#148; and &#147;</font><u><b><font size=2>Transferee Employers</font></b></u><font size=2>&#148; have the meanings set forth in </font><u><b><font size=2>Section 6.7(a)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferee&#146;s Actual Knowledge</font></b></u><font size=2>&#148; means the actual knowledge, without any duty of inquiry or investigation, of Keith Honnold and Scott Word as to a fact at the given time.  Without limiting the foregoing, Transferor acknowledges that the individuals have not performed and are not obligated to perform any investigation or review of any files or other information in the possession of Transferee or any of its affiliates, or to make any inquiry of any Persons, or to take any other actions in connection with the representations and warranties of Transferee set forth in this Agreement.  Neither the actual knowledge of any other Person, nor the constructive knowledge of the foregoing individuals or of any other Person, shall be imputed to the foregoing individuals.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferee&#146;s Closing Costs</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.2</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferee&#146;s Objections</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 2.2(b)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferor</font></b></u><font size=2>&#148; has the meaning set forth in the opening paragraph hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferor Related Party</font></b></u><font size=2>&#148; means each of Transferor and Property Owner, and their respective affiliates and the direct and indirect shareholders, officers, directors, partners, principals, members, employees, agents and contractors, and any successors or assigns of the foregoing.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferor&#146;s Actual Knowledge</font></b></u><font size=2>&#148; means the actual knowledge, without any duty of inquiry or investigation, of Bill Hecht, Bill Gioroukos, Peter Koenig, Roger Porter, Mark Stefanek, Linda Kaufman and/or Ken Wong as to a fact at the time given.  Without limiting the foregoing, Transferee acknowledges that the foregoing individuals have not performed and are not obligated to perform any investigation or review of any files or other information in the possession of Transferee or any of its affiliates, or to make any inquiry of any Persons, or to take any other actions in connection with the representations and warranties of Transferor set forth in this Agreement.  Neither the actual knowledge of any other Person, nor the constructive knowledge of the foregoing individuals or of any other Person, shall be imputed to the
foregoing individuals.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferor&#146;s Closing Costs</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 10.2</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferor&#146;s Estoppel</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.6</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferor&#146;s Response</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 2.2(d)</font></b></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>Transferor&#146;s Possession or Reasonable Control</font></b></u><font size=2>&#148; means within the possession or control of (a) Transferor, (b) Property Owner, (c) any Person controlled by Transferor or Property Owner, (d) Property Owner&#146;s property manager (or any of such property manager&#146;s affiliates), or (e) any employees, agents or third party consultants of Transferor or Property Owner.</font></p>

<p style=' margin-bottom:12pt; margin-top:12pt; text-indent:0.5in;text-align:justify;'><font size=2>&#147;</font><u><b><font size=2>WARN Act</font></b></u><font size=2>&#148; has the meaning set forth in </font><u><b><font size=2>Section 6.7(b)</font></b></u><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:center;'><font size=2>Schedule 1-8</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>22510983v9</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<DESCRIPTION>EXHIBIT 12.1
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><b><font size=2>Exhibit 12.1</font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends</font></b></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="37%" valign=bottom style='background:white; '>
            <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="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt; background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Nine Months Ended September 30,</font></b></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="14" valign=bottom style=' border-bottom:solid black 1.0pt; background:white'>
            <p style='margin-left:14.7pt;text-indent:-14.7pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Year Ended December 31,</font></b></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="37%" nowrap valign=bottom style='background:white; '>
            <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="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt;  background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2007</font></b></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2006</font></b></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt;  background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2006</font></b></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2005</font></b></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2004</font></b></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2003</font></b></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2002</font></b></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="37%" nowrap valign=top style='background:#EAF9E8; '>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Earnings:</font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4%" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='border-top: solid black 1.0pt;background: #EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom style='border-top: solid black 1.0pt;background: #EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="37%" nowrap valign=top style='background:white; '>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="37%" valign=top style='background:white'>
            <p style='margin-left:28.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Income before discontinued operations, equity in earnings and minority interest in earnings</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>108,994 </font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="4%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>114,475 </font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>179,640 </font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>267,160 </font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>196,074 </font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>239,980 </font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="6%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>140,666 </font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="37%" valign=top style='background:#EAF9E8'>
            <p style='margin-left:28.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Fixed charges less capitalized interest and preferred dividends</font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>209,135 </font></p> </td>
        <td width="2%" valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4%" nowrap valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:1.5pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>192,703 </font></p> </td>
        <td width="2%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:1.5pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>257,067 </font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:1.5pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>210,914 </font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:1.5pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>177,219 </font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:1.5pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>154,116 </font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:1.5pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>143,125 </font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="37%" nowrap valign=top style='background:white; '>
            <p style='margin-left:28.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Distributed income of equity investees</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>6,924 </font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>6,517 </font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:1.5pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>12,372 </font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:1.5pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>7,492 </font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:1.5pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>8,801 </font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:1.5pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>4,150 </font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:1.5pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>5,599 </font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="37%" valign=top style='background:#EAF9E8'>
            <p style='margin-left:28.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Equity in losses of equity investees for which charges arise from guarantees</font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(502</font></p> </td>
        <td width="2%" valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="1%" valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4%" nowrap valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(403</font></p> </td>
        <td width="2%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="2%" valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(461</font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="2%" valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(1,020</font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="2%" valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:1.5pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151; </font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(39</font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="2%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(12</font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="37%" valign=top style='background:white'>
            <p style='margin-left:27.0pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Minority interest in earnings of subsidiaries that have not incurred fixed charges</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(4,412</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4%" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(2,778</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p> </td>
        <td width="2%" valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(4,205</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p> </td>
        <td width="2%" valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(3,700</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p> </td>
        <td width="2%" valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(3,554</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(2,254</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p> </td>
        <td width="2%" valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(1,782</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="37%" nowrap valign=top style='background:white; '>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4%" nowrap valign=bottom style=' background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="37%" nowrap valign=top style='background:#EAF9E8; '>
            <p style='margin-left:27.0pt;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><font size=1>Total earnings</font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: double black 2.25pt;background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' border-bottom:double black 2.25pt;background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>320,139 </font></p> </td>
        <td width="2%" valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: double black 2.25pt;background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="4%" nowrap valign=bottom style=' border-bottom:double black 2.25pt;background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>310,514 </font></p> </td>
        <td width="2%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='border-bottom: double black 2.25pt;background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' border-bottom:double black 2.25pt;background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>444,413 </font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='border-bottom: double black 2.25pt;background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' border-bottom:double black 2.25pt;background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>480,846 </font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='border-bottom: double black 2.25pt;background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="5%" nowrap valign=bottom style='border-bottom: double black 2.25pt;background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>378,540 </font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: double black 2.25pt;background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' border-bottom:double black 2.25pt;background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>395,953 </font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='border-bottom: double black 2.25pt;background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="6%" nowrap valign=bottom style='border-bottom: double black 2.25pt;background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>287,596 </font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="37%" nowrap valign=top style='background:white; '>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4%" nowrap valign=bottom style=' background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="37%" nowrap valign=top style='background:white; '>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Combined fixed charges <sup>(1)</sup>:</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="37%" nowrap valign=top style='background:#EAF9E8; '>
            <p style='margin-left:28.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Interest expense<sup> (2)</sup></font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>209,135 </font></p> </td>
        <td width="2%" valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="4%" nowrap valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>192,703 </font></p> </td>
        <td width="2%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>257,067 </font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>210,914 </font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>177,219 </font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>154,116 </font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="6%" nowrap valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>143,125 </font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="37%" nowrap valign=top style='background:white; '>
            <p style='margin-left:28.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Capitalized interest</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>13,817 </font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>11,926</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>15,992 </font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>10,184</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>4,719 </font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>6,231 </font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>5,734 </font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="37%" nowrap valign=top style='background:#EAF9E8; '>
            <p style='margin-left:28.0pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Preferred dividends</font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: solid black 1.0pt; background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:1.5pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>24,320 </font></p> </td>
        <td width="2%" valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: solid black 1.0pt; background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4%" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:1.5pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>22,926 </font></p> </td>
        <td width="2%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='border-bottom: solid black 1.0pt; background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>30,568 </font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='border-bottom: solid black 1.0pt; background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>30,568 </font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='border-bottom: solid black 1.0pt; background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='border-bottom: solid black 1.0pt; background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>18,309 </font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: solid black 1.0pt; background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>19,633 </font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='border-bottom: solid black 1.0pt; background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom style='border-bottom: solid black 1.0pt; background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>10,919 </font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="37%" nowrap valign=top style='background:white; '>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4%" nowrap valign=bottom style=' background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="37%" nowrap valign=top style='background:white; '>
            <p style='margin-left:27.0pt;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><font size=1>Total combined fixed charges</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: double black 2.25pt;background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' border-bottom:double black 2.25pt;background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>247,272 </font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: double black 2.25pt;background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="4%" nowrap valign=bottom style=' border-bottom:double black 2.25pt;background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>227,555 </font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='border-bottom: double black 2.25pt;background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' border-bottom:double black 2.25pt;background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>303,627 </font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='border-bottom: double black 2.25pt;background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' border-bottom:double black 2.25pt;background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>251,666 </font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='border-bottom: double black 2.25pt;background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="5%" nowrap valign=bottom style='border-bottom: double black 2.25pt;background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>200,247 </font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: double black 2.25pt;background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' border-bottom:double black 2.25pt;background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>179,980 </font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='border-bottom: double black 2.25pt;background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="6%" nowrap valign=bottom style='border-bottom: double black 2.25pt;background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>159,778</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="37%" nowrap valign=top style='background:white; '>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4%" nowrap valign=bottom style=' background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="37%" nowrap valign=top style='background:#EAF9E8; '>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><font size=1>Ratio of earnings to combined fixed charges</font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: double black 2.25pt;background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' border-bottom:double black 2.25pt;background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1.29 </font></p> </td>
        <td width="2%" valign=bottom style='background:#EAF9E8; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: double black 2.25pt;background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4%" nowrap valign=bottom style=' border-bottom:double black 2.25pt;background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1.36 </font></p> </td>
        <td width="2%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='border-bottom: double black 2.25pt;background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' border-bottom:double black 2.25pt;background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:1.5pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1.46 </font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='border-bottom: double black 2.25pt;background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' border-bottom:double black 2.25pt;background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:1.5pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1.91 </font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='border-bottom: double black 2.25pt;background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style='border-bottom: double black 2.25pt;background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:1.5pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1.89 </font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: double black 2.25pt;background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=bottom style=' border-bottom:double black 2.25pt;background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:1.5pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>2.20 </font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='border-bottom: double black 2.25pt;background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom style='border-bottom: double black 2.25pt;background:#EAF9E8'>
            <p style='margin-left:0pt;text-indent:1.5pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1.80 </font></p> </td>
        <td width="0%" valign=bottom style='background:#EAF9E8'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&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="525" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1><sup>(1)</sup>  The interest portion of rental expense is not calculated because the rental expense of the company is not significant.</font></p> </td> </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><sup>(2)</sup>  Interest expense includes amortization of capitalized debt expenses and amortization of premiums and discounts.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-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>1</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<TYPE>EX-31
<SEQUENCE>8
<FILENAME>exhibit311.htm
<DESCRIPTION>EXHIBIT 31.1
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:right;'><font size=2>Exhibit 31.1</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>I, Charles B. Lebovitz, certify that:</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>(1) I have reviewed this quarterly report on Form 10-Q of CBL &amp; Associates Properties, Inc.;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.51in;text-align:left;'><font size=2> (2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.51in;text-align:left;'><font size=2> (3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.51in;text-align:left;'><font size=2> (4) The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>(a)  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>(b)  Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>(c)  Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>(d)  Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>(5) The registrant&#146;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>(a)  All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize and report financial information; and</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>(b)  Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Date: November 9, 2007</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>/s/ Charles B. Lebovitz</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in; text-indent:0.5in;text-align:left;'><font size=2>____________________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in; text-indent:0.5in;text-align:left;'><font size=2>Charles B. Lebovitz, Chief Executive Officer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<TYPE>EX-31
<SEQUENCE>9
<FILENAME>exhibit312.htm
<DESCRIPTION>EXHIBIT 31.2
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Exhibit 31.2</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>I, John N. Foy, certify that:</font></p>

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


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<table border="0" cellspacing=0 cellpadding=0 width="647" style='border-collapse:collapse'>
    <tr >
        <td width="48" nowrap 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="599" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1) I have reviewed this quarterly report on Form 10-Q of CBL &amp; Associates Properties, Inc.;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.52in;text-align:left;'><font size=2> (2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.52in;text-align:left;'><font size=2> (3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.52in;text-align:left;'><font size=2> (4) The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</font></p>

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


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="72" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
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        <td width="72" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.25in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.25in;text-align:left;'><font size=2>(c) Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></p>

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


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
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        <td width="72" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(5) The registrant&#146;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</font></p>

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


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="72" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize and report financial information; and</font></p> </td> </tr></table>
</div>


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


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
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        <td width="72" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Date: November 9, 2007</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="109" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>/s/ John N. Foy</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><font size=2>___________________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in; text-indent:0.5in;text-align:left;'><font size=2>John N. Foy, Chief Financial Officer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<TYPE>EX-32
<SEQUENCE>10
<FILENAME>exhibit321.htm
<DESCRIPTION>EXHIBIT 32.1
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:right;'><font size=2>Exhibit 32.1</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>18 U.S.C. SECTION 1350,</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>AS ADOPTED PURSUANT TO</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font></B></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>In connection with the Quarterly Report of CBL &amp; ASSOCIATES PROPERTIES, INC. (the &#147;Company&#148;) on Form 10-Q for the nine months ending September 30, 2007 as filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), I, Charles B. Lebovitz, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. &sect; 1350 (as adopted pursuant to &sect; 906 of the Sarbanes-Oxley Act of 2002), that:</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.54in;text-align:justify;'><font size=2> (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.51in;text-align:justify;'><font size=2> (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>/s/ Charles B. Lebovitz</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Charles B. Lebovitz, Chief Executive Officer</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>November 9, 2007</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<TYPE>EX-32
<SEQUENCE>11
<FILENAME>exhibit322.htm
<DESCRIPTION>EXHIBIT 32.2
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Exhibit 32.2</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>18 U.S.C. SECTION 1350,</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>AS ADOPTED PURSUANT TO</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font></B></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>In connection with the Quarterly Report of CBL &amp; ASSOCIATES PROPERTIES, INC. (the &#147;Company&#148;) on Form 10-Q for the nine months ending September 30, 2007 as filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), I, John N. Foy, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. &sect; 1350 (as adopted pursuant to &sect; 906 of the Sarbanes-Oxley Act of 2002), that:</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.54in;text-align:justify;'><font size=2> (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.51in;text-align:justify;'><font size=2> (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>/s/ John N. Foy</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>John N. Foy, Vice Chairman of the Board, </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Chief Financial Officer and Treasurer</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>November 9, 2007</font></p>

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

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

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

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:left;'>&nbsp;</p>

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


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