<SUBMISSION>
<ACCESSION-NUMBER>0000950116-03-004056
<TYPE>424B5
<PUBLIC-DOCUMENT-COUNT>5
<FILING-DATE>20031015
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>BRANDYWINE REALTY TRUST
<CIK>0000790816
<ASSIGNED-SIC>6798
<IRS-NUMBER>232413352
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>424B5
<ACT>33
<FILE-NUMBER>333-56237
<FILM-NUMBER>03940658
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>14 CAMPUS BLVD
<STREET2>STE 100
<CITY>NEWTOWN SQUARE
<STATE>PA
<ZIP>19073
<PHONE>6103255600
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>TWO GREENTREE CENTRE
<STREET2>SUITE 100
<CITY>MARLTON
<STATE>NJ
<ZIP>08053
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>LINPRO SPECIFIED PROPERTIES
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>b327421_424b5.htm
<DESCRIPTION>FORM 424B5
<TEXT>
<html>
<head><title>
Prepared and filed by St Ives Burrups
</title>
</head>
<body bgcolor="#FFFFFF">
<div style="page-break-before:always"></div>
<page>
<a name="cover"></a>
<p><a href="#contents"><font size="2">Click here for Contents</font></a></p>

<p><a href="#contents"><font size="2"></font></a></p>
<p align="right"><font size="2" face="serif">Filed Pursuant to Rule 424(b)(5)<br>
Registration No. 333-56237</font></p>
<p><font face="serif" size="2"><b>PROSPECTUS SUPPLEMENT</b><br>
<b>(to Prospectus Dated February 9, 1999)</b></font></p>
<br>
<br>
<p align="center"><img src="brandywine_logo.jpg"></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td align="center"><font face="serif" size="4"><b><br>
      <br>
      <br>
      2,250,000 Shares</b><br>
<b>Brandywine Realty Trust</b><br>
<b>Common Shares of Beneficial Interest</b></font></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="center"><font face="serif" size="2"><b>______________________________________</b></font></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We are selling 2,250,000 common shares
    in this offering. We have granted the underwriters an option to purchase
    up
  to 337,500 additional common shares to cover over-allotments.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Our common shares are traded on the
    New York Stock Exchange under the symbol &#147;BDN.&#148; The
  last reported sale price on October 14, 2003 was $25.98 per share.</font></p>
</div>



<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The underwriters have agreed to purchase
    the common shares
from us at a price of $24.77 per share, which will result in
 aggregate net proceeds
to us, less estimated expenses, of $55,582,500.
    The underwriters propose to offer the common shares offered by this prospectus
    supplement from time to time for sale in one or more transactions on the
    New York Stock Exchange, in the over-the-counter market or otherwise, at
    market prices prevailing at the time of sale, at prices related to prevailing
    market prices or at negotiated prices, subject to prior sale when, as and
  if delivered to and accepted by the underwriters. See &#147;Underwriting.&#148;</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Delivery of the common shares will
  be made on or about October 20, 2003.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><strong>Investing in our common shares involves risks. See &#147;Risk Factors&#148; beginning on page S-3 of this prospectus supplement.</strong></font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Neither of the Securities and Exchange
    Commission nor any state securities commission has approved or disapproved
    of these securities or determined if this prospectus supplement or the accompanying
    prospectus to which it relates is truthful or complete. Any representation
  to the contrary is a criminal offense.</font></p>
</div>




















<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td align="center"><font face="serif" size="2"><b>______________________________________</b></font></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"><div align="center"><i>Joint Book Running Managers</i></div></td>
  </tr>
  <tr valign="top">
    <td width="33%"><img src="legg_mason.jpg"></td>
    <td width="34%" align="center"></td>
    <td width="33%" align="right"><img src="mcdonald.jpg"></td>
  </tr>
</table>
<p align="left">&nbsp;</p>
<p align="left"><font face="serif" size="2">  October 14, 2003</font></p>










<p align="center"><font face="serif" size="2"></font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="contents"></a>
<p align="center"><font size="2" face="serif"><b>TABLE OF CONTENTS</b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="top">
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td width="6%" align="center"><font size="1" face="serif">Page</font></td>
</tr>
<tr valign="top">
<td></td>
<td>&nbsp;</td>
<td width="6%" align="right"><hr noshade size="1"></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td colspan="3" align="center"><font size="2" face="serif"><b>Prospectus Supplement</b></font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><a href="#s3a"><font size="2" face="serif">About
    this Prospectus Supplement</font></a></div></td>
<td width="1%" align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif"><a href="#s3a">S-3</a></font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><a href="#s3b">Forward-Looking
    Statements</a></font></div></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif"><a href="#s3b">S-3</a></font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><a href="#s3c">Risk
    Factors</a></font></div></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif"><a href="#s3c">S-3</a></font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><a href="#s3d">The
    Company</a></font></div></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif"><a href="#s3d">S-3</a></font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><a href="#s4a">Use
    of Proceeds</a></font></div></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif"><a href="#s4a">S-4</a></font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><a href="#s5a">Selected
    Financial Data</a></font></div></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif"><a href="#s5a">S-5</a></font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><a href="#s6a">Description
    of Shares of Beneficial Interest</a></font></div></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif"><a href="#s6a">S-6</a></font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><a href="#s11a">Provisions
    of Maryland Law and of our Declaration of Trust and Bylaw</a>s</font></div></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif"><a href="#s11a">S-11</a></font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><a href="#s15a">Federal
    Income Tax Considerations</a></font></div></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif"><a href="#s15a">S-15</a></font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><a href="#s15b">Underwriting</a></font></div></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif"><a href="#s15b">S-15</a></font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><a href="#s17a">Note
    Regarding Our Independent Auditors</a></font></div></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif"><a href="#s17a">S-17</a></font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><a href="#s18a">Legal
    Matters</a></font></div></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif"><a href="#s18a">S-17</a></font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><a href="#s18b">Where
    You Can Find More Information</a></font></div></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif"><a href="#s18b">S-18</a></font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td colspan="3" align="center"><font size="2" face="serif"><b>Prospectus</b></font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><a href="#p2a">About
    this Prospectus</a></font></div></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif"><a href="#p2a">2</a></font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><a href="#p2b">Where
    You Can Find More Information</a></font></div></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif"><a href="#p2b">2</a></font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><a href="#p3a">Summary</a></font></div></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif"><a href="#p3a">3</a></font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><a href="#p4a">Risk
    Factors</a></font></div></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif"><a href="#p4a">4</a></font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><a href="#p11a">Ratios
    of Earnings to Combined Fixed Charges and Preferred
    Share Distributions</a></font></div></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif"><a href="#p11a">11</a></font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><a href="#p12a">Use
    of Proceeds</a></font></div></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif"><a href="#p12a">12</a></font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><a href="#p12b">Description
    of Shares of Beneficial Interest</a></font></div></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif"><a href="#p12b">12</a></font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><a href="#p17a">Description
    of Depositary Shares</a></font></div></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif"><a href="#p17a">17</a></font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><a href="#p20a">Description
    of Warrants</a></font></div></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif"><a href="#p20a">20</a></font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><a href="#p20b">Certain
    Provisions of Maryland Law and of the Company&#146;s Declaration
    of Trust and Bylaws</a></font></div></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif"><a href="#p20b">20</a></font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><a href="#p24a">Policies
    with Respect to Certain Activities</a></font></div></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif"><a href="#p24a">24</a></font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><a href="#p27a">Federal
    Income Tax Considerations</a></font></div></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif"><a href="#p27a">27</a></font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><a href="#p39a">Plan
    of Distribution</a></font></div></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif"><a href="#p39a">39</a></font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><a href="#p40a">Experts</a></font></div></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif"><a href="#p40a">40</a></font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><a href="#p40b">Legal
    Matters</a></font></div></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif"><a href="#p40b">40</a></font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><a href="#p41a">Tax
    Matters</a></font></div></td>
<td align="right">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif"><a href="#p41a">41</a></font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
</tr>
</table>
<hr align="center" width="120" size="1" noshade>
<p align="left"><font size="2" face="serif">The terms &#147;Company,&#148; &#147;we,&#148; &#147;our&#148; and &#147;us&#148; refer to Brandywine Realty Trust and its consolidated subsidiaries, unless the context suggests otherwise.  The term &#147;you&#148; refers to a prospective investor.</font></p>
<p align="center"><font face="serif" size="2">S-2</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="ps3"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font size="2" face="serif"><b><a name="#s3a">ABOUT THIS PROSPECTUS SUPPLEMENT</a></b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">We are providing information to
      you about this offering of our common shares in two parts. The first part
      is this prospectus supplement, which provides the specific details regarding
      this offering. The second part is the accompanying base prospectus, which
      provides general information. Generally, when we refer to this &#147;prospectus,&#148; we
      are referring to both documents combined. Some of the information in the
      base prospectus may not apply to this offering. If information in this
      prospectus supplement is inconsistent with the accompanying base prospectus,
      you should rely on this prospectus supplement.</font></p>
</div>

<p align="center"><font size="2" face="serif"><b><a name="#s3b"></a>FORWARD-LOOKING STATEMENTS</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Some of the information included
      or incorporated by reference in this prospectus supplement and the accompanying
      base prospectus contains forward-looking statements, including statements
      that are not historical or factual. We intend these forward-looking statements
      to be covered by the safe harbor provisions for forward-looking statements
      contained in the Private Securities Litigation Reform Act of 1995 and we
      are including this paragraph for purposes of complying with these safe
      harbor provisions. The forward-looking statements include statements regarding
      our intent, belief or expectations. You can identify these statements by
      the use of terminology such as &#147;may,&#148; &#147;will&#148;, &#147;expect,&#148; &#147;believe,&#148; &#147;intend,&#148; &#147;plan,&#148; &#147;estimate,&#148; &#147;should&#148; and
      other comparable terms. In addition, we, through our senior management,
      from time to time make forward-looking oral and written public statements
      concerning our expected future operations and other developments.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Although forward-looking statements
      reflect our good faith beliefs and best judgment based upon current information,
      they are not guarantees of future performance and are subject to known
      and unknown risks and uncertainties. Actual results may differ materially
      from the expectations contained in the forward-looking statements as a
      result of various factors. Such factors include, but are not limited to,
      the risks identified under the caption &#147;Risk Factors&#148; in our
      Annual Report on Form 10-K for the year ended December 31, 2002.</font></p>
</div>
<p align="center"><font size="2" face="serif"><b><a name="#s3c"></a>RISK FACTORS</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">You should carefully consider the &#147;Risk
      Factors&#148; in our Annual Report on Form 10-K for the fiscal year ended
      December 31, 2002 before deciding to invest in our Common Shares. These
      Risk Factors update and replace the Risk Factors identified in the accompanying
      base prospectus under the caption &#147;Risk Factors.&#148;</font></p>
</div>

<p align="center"><font size="2" face="serif"><b><a name="#s3d"></a>THE COMPANY</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">We are a self-administered and
      self-managed real estate investment trust (&#147;REIT&#148;) active in
      acquiring, developing, redeveloping, leasing and managing office and industrial
      properties. As of September 30, 2003, we owned 207 office properties, 25
      industrial facilities and one mixed-use property containing an aggregate
      of approximately 16.0 million net rentable square feet. We were also performing
      management and leasing services for 39 properties owned by third parties
      and containing an aggregate of three million net rentable square feet.
      In addition, as of September 30, 2003, we held economic interests in ten
      unconsolidated real estate ventures that were formed with third parties
      to develop commercial properties. The real estate ventures own eight office
      buildings that contain approximately 1.2 million net rentable square feet.
      As of June 30, 2003, we had an aggregate investment in the real estate
      ventures of approximately $14.6 million (net of returns of investment received
      by us). As of September 30, 2003, we also owned approximately 425 acres
      of undeveloped land and held options to purchase approximately 61 additional
      acres. Our properties are located in the office and industrial markets
      in and surrounding Philadelphia, Pennsylvania, New Jersey and Richmond,
      Virginia.</font></p>
</div>
<p align="center"><font face="serif" size="2">S-3</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="ps4"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">We were organized and commenced
      operations in 1986 as a Maryland real estate investment trust. We own our
      assets and conduct our operations through Brandywine Operating Partnership,
      L.P., a Delaware limited partnership, and subsidiaries of our operating
      partnership. As of June 30, 2003, our ownership interest in our operating
      partnership entitled us to approximately 95.6% of the operating partnership&#146;s
      distributions after distributions by the operating partnership to holders
      of its preferred units.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Our executive offices are located
      at 401 Plymouth Road, Suite 500, Plymouth Meeting, Pennsylvania 19462 and
      our telephone number is (610) 325-5600. We have an internet website at
      www.brandywinerealty.com.</font></p>
</div>
<p align="center"><font size="2" face="serif"><b><a name="#s4a"></a>USE OF PROCEEDS</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">We intend to contribute to our
      operating partnership the net proceeds from the sale of the common shares,
      expected to be approximately $55,582,500 (approximately $63,942,375 if
      the underwriters exercise their over-allotment option in full) after deducting
      estimated expenses. Our operating partnership intends to use the net proceeds
      as follows: (i) approximately $46.1 million
      to fund the purchase of an office property located in Wayne, Pennsylvania
      containing approximately 248,000 net rentable square feet and having, as
      of October 1, 2003, an occupancy rate of approximately 95.0%, for which
      we expect to enter into a purchase agreement and (ii) the balance for working
      capital purposes. No assurance can be given that the transaction for the
      purchase of the office property will be consummated, or, if consummated,
      that the terms of the transaction will not be different than currently
      expected.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Pending application of the net
      proceeds of the offering, we will apply the net proceeds to reduce the
      outstanding balance under our revolving credit facility. Borrowings under
      our revolving credit facility bear interest at a variable rate equal to
      LIBOR plus 1.50% (2.62% as of October 14, 2003). Our revolving credit facility
      matures in June 2004, subject to our right to extend the maturity date
      for one year upon payment of a fee equal to .25% of the amount of the facility
      at the time of the extension.</font></p>
</div>
<p align="center"><font face="serif" size="2">S-4</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="ps5"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><b><font size="2" face="serif"><a name="#s5a"></a>SELECTED FINANCIAL DATA</font></b></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The historical selected financial
      data presented below for the fiscal year ended December 31, 2002 are derived
      from, and are qualified by reference to, the financial statements that
      have been audited by KPMG LLP (&#147;KPMG&#148;), independent public accountants,
      as indicated in their report dated February&nbsp;26, 2003, except as to
      notes 9, 12, 13, and 21, which are as of June 30, 2003, incorporated by
      reference in this prospectus. In addition, the following table sets forth
      selected financial data for the Company as of June 30, 2003 and for the
      six months ended June 30, 2003 and 2002, which information is derived from
      the unaudited financial statements of the Company. Certain amounts for
      the year ended December 31, 2002 have been reclassified to conform with
      the presentation for the six months ended June 30, 2003 and 2002. This
      is a direct result of seven additional properties that were identified
      as held for sale or sold during the six month period ended June 30, 2003
      and, as a result, their operations have been reclassified to discontinued
      operations from continuing operations for all periods presented.</font></p>
</div>

<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="top">
<td align="center"><b><font size="1" face="serif">&nbsp;</font></b></td>
<td width="2%" align="center" valign="bottom">&nbsp;</td>
<td colspan="2" align="center" valign="bottom"><b><font size="1" face="serif">Year Ended<br>
  December 31,</font></b></td>
<td width="2%" align="center" valign="bottom">&nbsp;</td>
<td width="2%" align="center" valign="bottom">&nbsp;</td>
<td colspan="6" align="center" valign="bottom"><b><font size="1" face="serif">Six Months Ended June 30,</font></b></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="center">&nbsp;</td>
  <td align="center" valign="bottom">&nbsp;</td>
  <td colspan="2" align="center" valign="bottom"><hr noshade size="1"></td>
  <td align="center" valign="bottom">&nbsp;</td>
  <td align="center" valign="bottom">&nbsp;</td>
  <td colspan="6" align="center" valign="bottom"><hr noshade size="1"></td>
  <td align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top">
<td align="center"><b><font size="1" face="serif">&nbsp;</font></b></td>
<td width="2%" align="center" valign="bottom">&nbsp;</td>
<td colspan="2" align="center" valign="bottom"><b><font size="1" face="serif">2002</font></b></td>
<td width="2%" align="center" valign="bottom">&nbsp;</td>
<td width="2%" align="center" valign="bottom">&nbsp;</td>
<td colspan="2" align="center" valign="bottom"><b><font size="1" face="serif">2003</font></b></td>
<td width="2%" align="center" valign="bottom">&nbsp;</td>
<td width="2%" align="center" valign="bottom">&nbsp;</td>
<td colspan="2" align="center" valign="bottom"><b><font size="1" face="serif">2002</font></b></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top">
<td></td>
<td width="2%" align="left" valign="bottom"></td>
<td width="2%" align="left" valign="bottom"><hr noshade size="1"></td>
<td width="12%" valign="bottom"><hr noshade size="1"></td>
<td width="2%" align="left" valign="bottom"></td>
<td width="2%" align="left" valign="bottom"></td>
<td width="2%" align="left" valign="bottom"><hr noshade size="1"></td>
<td width="12%" valign="bottom"><hr noshade size="1"></td>
<td width="2%" align="left" valign="bottom"></td>
<td width="2%" align="left" valign="bottom"></td>
<td width="2%" align="left" valign="bottom"><hr noshade size="1"></td>
<td width="12%" valign="bottom"><hr noshade size="1"></td>
<td width="2%" align="left" valign="bottom"></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><b>Operating
    Results</b></font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td> </tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Total
    revenue</font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif"> 292,661</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif"> 150,528</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif"> 142,359</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Income
    from continuing operations</font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">48,419</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">25,683</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">22,915</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Net
    income</font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">62,984</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">27,441</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">36,269</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Income
    allocated to Common Shares </font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">51,078</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">21,489</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">30,315</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Income
    from continuing operations per common share</font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="serif"> Basic</font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif"> 0.99</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif"> 0.54</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif"> 0.46</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="serif"> Diluted</font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif"> 0.98</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif"> 0.53</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif"> 0.45</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Earnings
    per Common Share</font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="serif"> Basic</font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif"> 1.40</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif"> 0.59</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif"> 0.83</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="serif"> Diluted</font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif"> 1.39</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif"> 0.58</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif"> 0.82</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Cash
    distributions declared per Common Share</font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif"> 1.76</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif"> 0.88</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif"> 0.88</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><b>Balance
    Sheet Data</b></font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Real
    estate investments, net of accumulated depreciation</font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif"> 1,745,981</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif"> 1,720,631</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif"> 1,714,181</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Total
    assets</font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">1,919,288</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">1,886,795</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">1,925,028</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Total
    indebtedness</font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">1,004,729</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">939,839</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">1,000,425</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Total
    liabilities</font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">1,097,793</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">1,024,539</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">1,078,718</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Minority
    interest</font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">135,052</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">133,468</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">137,285</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Beneficiaries&#146; equity</font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">686,443</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">728,788</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">709,025</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif"><b>Other
    Data</b></font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Cash
    flows from:</font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="serif"> Operating
    activities</font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">118,684</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">59,211</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">53,078</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="serif"> Investing
    activities</font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">5,038</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">(19,793</font></td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">)</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">8,452</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="serif"> Financing
    activities</font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">(110,380</font></td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">)</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">(58,699</font></td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">)</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="12%" align="right" valign="bottom"><font size="2" face="serif">(50,513</font></td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">)</font></td>
</tr>
</table>
<p align="center"><font face="serif" size="2">S-5</font></p>
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<div style="page-break-before:always"></div>
<page>
<a name="ps6"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font size="2" face="serif"><b><a name="#s6a"></a>DESCRIPTION OF SHARES OF BENEFICIAL INTEREST</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The following paragraphs summarize
      provisions of our shares of beneficial interest. This is a summary, and
      does not completely describe our shares of beneficial interest. For a complete
      description, we refer you to our Declaration of Trust and Bylaws. This
      summary replaces the summary under the caption &#147;Description of Shares
      of Beneficial Interest&#148; in the accompanying base prospectus.</font></p>
</div>
<p align="left"><font size="2" face="serif"><u>General</u></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Our Declaration of Trust provides
      that we are authorized to issue up to 110,000,000 shares of beneficial
      interest, referred to in this prospectus supplement as Shares, consisting
      of 100,000,000 common shares and 10,000,000 preferred shares, par value
      $.01 per share. Of the preferred shares, 750,000 have been designated as
      7.25% Series A Cumulative Convertible Preferred Shares and are referred
      to in this prospectus supplement as the Series&nbsp;A Preferred Shares.
      An additional 4,375,000 preferred shares have been designated as 8.75%
      Series B Senior Cumulative Convertible Preferred Shares and are referred
      to in this prospectus supplement as the Series B Preferred Shares. Our
      Declaration of Trust may generally be amended by our Board of Trustees,
      without shareholder approval, to increase or decrease the aggregate number
      of authorized Shares of any class except for the Series A Preferred Shares
      and Series B Preferred Shares. The authorized common shares and undesignated
      preferred shares are generally available for future issuance without further
      action by our shareholders, unless such action is required by applicable
      law, the rules of any stock exchange or automated quotation system on which
      our securities may be listed or traded or pursuant to the preferential
      rights of the Series A Preferred Shares or Series B Preferred Shares. Holders
      of Series A Preferred Shares and Series B Preferred Shares have the right
      to approve certain additional issuances of preferred shares, such as shares
      that would rank senior to the Series A or Series B Preferred Shares as
      to dividends or liquidation preference.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Both Maryland statutory law governing
      real estate investment trusts organized under Maryland law (the &#147;Maryland
      REIT Law&#148;) and our Declaration of Trust provide that none of our shareholders
      will be personally liable, by reason of status as a shareholder, for any
      of our obligations. Our Bylaws further provide that we will indemnify any
      shareholder or former shareholder against any claim or liability to which
      such shareholder may become subject by reason of being or having been a
      shareholder, and that we shall reimburse each shareholder who has been
      successful, on the merits or otherwise, in the defense of a proceeding
      to which the shareholder has been made a party by reason of status as such
      for all reasonable expenses incurred by the shareholder in connection with
      any such claim or liability.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Our Declaration of Trust provides
      that, subject to the provisions of any class or series of preferred shares
      then outstanding and to the mandatory provisions of applicable law, our
      shareholders are entitled to vote only on the following matters: (i) election
      or removal of trustees; (ii) amendment of the Declaration of Trust (other
      than an amendment to increase or decrease the aggregate number of authorized
      Shares of any class); (iii) a determination by the Trust to invest in commodities
      contracts (other than interest rate futures intended to hedge us against
      interest rate risk), engage in securities trading (as compared to investment)
      activities or hold properties primarily for sale to customers in the ordinary
      course of business; and (iv) our merger with another entity. Except with
      respect to these matters, no action taken by our shareholders at any meeting
      shall in any way bind our Board of Trustees.</font></p>
</div>

<p align="center"><font face="serif" size="2">S-6</font></p>
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<p align="left"><font size="2" face="serif"><u>Shares</u></font></p>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="2%"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif"><i>Common Shares of Beneficial Interest</i></font></td>
</tr>
</table>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Each outstanding common share entitles
      the holder to one vote on all matters submitted to a vote of shareholders,
      including the election of trustees. There is no cumulative voting in the
      election of trustees. Subject to (i) the preferential rights of the Series
      A Preferred Shares and Series B Preferred Shares and (ii) such preferential
      rights as may be granted by our Board of Trustees in future issuances of
      additional series of preferred shares, holders of common shares are entitled
      to such distributions as may be authorized and declared from time to time
      by our Board of Trustees out of funds legally available therefor.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Holders of common shares have no
      conversion, exchange or redemption rights or preemptive rights to subscribe
      to any of our securities. All outstanding common shares are fully paid
      and nonassessable. In the event of any liquidation, dissolution or winding-up
      of our affairs, subject to (i) the preferential rights of the Series A
      Preferred Shares and Series B Preferred Shares and (ii) such preferential
      rights as may be granted by our Board of Trustees in connection with the
      future issuances of additional series of preferred shares, holders of common
      shares will be entitled to share ratably in any of our assets remaining
      after provision for payment of liabilities to creditors. All common shares
      have equal dividend, distribution, liquidation and other rights.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The transfer agent and registrar
      for the common shares is currently EquiServe.</font></p>
</div>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="2%"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif"><i>Preferred Shares of Beneficial Interest</i></font></td>
</tr>
</table>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The preferred shares authorized
      by our Declaration of Trust may be issued from time to time in one or more
      series. Prior to the issuance of preferred shares of each such series,
      our Board of Trustees is required by the Maryland REIT Law and our Declaration
      of Trust to set for each series the terms, preferences, conversion or other
      rights, voting powers, restrictions, limitations as to distributions, qualifications
      and terms or conditions of redemption, as are permitted by the Maryland
      REIT Law. These rights, powers, restrictions and limitations could include
      the right to receive specified distributions and payments on liquidation
      prior to any such payments being made to the holders of common shares.
      Under certain circumstances, the issuance of preferred shares could have
      the effect of delaying, deferring or preventing a change of control of
      the Company and may adversely affect the voting and other rights of the
      holders of common shares. See &#147;Provisions of Maryland Law and of Our
      Declaration of Trust and Bylaws &#150; Control Share Acquisitions.&#148;</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Our Declaration of Trust authorizes
      the trustees to classify or reclassify, in one or more series, any unissued
      preferred shares by setting or changing the number of preferred shares
      constituting such series and the designation, preferences, conversion or
      other rights, voting powers, restrictions, limitations as to distributions,
      qualifications or terms or conditions of redemption of such preferred shares.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif"><i>Series A Preferred Shares.</i> We
      currently have 750,000 Series A Preferred Shares issued and outstanding.
      Each Series A Preferred Share has a stated value (the &#147;Stated Value&#148;)
      of $50.00 and is convertible into common shares at the option of the holder
      at a conversion price (the &#147;Conversion Price&#148;) of $28.00. The
      Conversion Price will be reduced to $26.50 if the average closing price
      of the Common Shares during the 60-trading day period ending on December
      31, 2003 is $23.00 or lower. At any time that the average market price
      of the common shares is equal to or greater than 120% of the Conversion
      Price for 60 consecutive trading days, we have the right to redeem all
      or any part of the outstanding Series A Preferred Shares for an amount
      in cash equal to the aggregate Stated Value of the Series A Preferred Shares
      to be redeemed (plus accrued and unpaid distributions) or for a number
      of common shares equal to the aggregate Stated Value of the Series A Preferred
      Shares to be redeemed divided by the Conversion Price (plus accrued and
      unpaid distributions). In addition, at any time on or after January 2,
      2004, we have the right to redeem all or any part of the outstanding Series
      A Preferred Shares for an amount in cash equal to the aggregate Stated
      Value of the Series A Preferred Shares to be redeemed (plus accrued and
      unpaid distributions) or, in the event that the average closing price of
      the common shares is equal to or greater than 110% of the Conversion Price
      for 60 consecutive trading days, for a number of common shares equal to
      the aggregate Stated Value of the Series A Preferred Shares to be redeemed
      divided by the Conversion Price (plus accrued and unpaid distributions).
      Each Series A Preferred Share accrues distributions, payable in cash and
      prior to the payment of any distribution on the common shares, in an amount
      equal to the greater of (i) $0.9063 per quarter (equivalent to $3.625 per
      annum) or (ii) the cash distributions paid or payable for the most recent
      quarter on the number of common shares into which a Series A Preferred
      Share is convertible. The holders of Series A Preferred Shares have no
      voting rights except (i) with respect to actions which would have a material
      and adverse effect on the rights of such holders and (ii) in the event
      quarterly distributions on the Series A Preferred Shares are in arrears
      for six or more quarters. In the event the quarterly distributions are
      so in arrears, the holders of the Series A Preferred Shares have the right,
      voting together as a single class with any other class of our preferred
      shares ranking on a parity with the Series A Preferred Shares, to elect
      two additional members to our Board of Trustees. In the event of any liquidation,
      dissolution or winding-up of our affairs, the holders of the Series A Preferred
      Shares are entitled to receive from our assets remaining after provision
      for payment of liabilities to creditors an amount equal to the aggregate
      Stated Value of the Series A Preferred Shares then outstanding together
      with any accrued and unpaid distributions thereon prior to the distribution
      of any such assets to the holders of the common shares.</font></p>
</div>
<p align="center"><font face="serif" size="2">S-7</font></p>
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<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif"><i>Series B Preferred Shares.</i> We
      currently have 4,375,000 Series B Preferred Shares issued and outstanding.
      Distributions on the Series B Preferred Shares are cumulative from the
      date of issuance and are payable quarterly at the greater of (i) $0.525
      per share and (ii) the amount of the quarterly distribution payable on
      the number of common shares into which a Series B Preferred Share is convertible.
      The Series B Preferred Shares rank pari passu as to distributions with
      the Series A Preferred Shares. We may not pay distributions on the common
      shares, or other shares that rank junior to the Series B Preferred Shares
      as to distributions, until we have paid distributions on the Series B Preferred
      Shares. A holder of a Series B Preferred Share may convert the share into
      one common share at a conversion price of $24.00 per common share. The
      liquidation value of each Series B Preferred Share equals $24.00 plus accrued
      and unpaid distributions. The Series B Preferred Shares rank pari passu
      upon liquidation with the Series A Preferred Shares. At any time on or
      after April 19, 2004, we may require the conversion of the Series B Preferred
      Shares into common shares if the common shares have traded, during any
      consecutive 90-day period following such date, at a price in excess of
      130% of the conversion price and the common shares to be issued are freely
      transferable and listed on the New York Stock Exchange. We may redeem all
      of the outstanding Series B Preferred Shares at any time on or after April&nbsp;19,
      2007 for $24 per share plus accrued and unpaid distributions. If we experience
      a change of control, become closely-held or a pension-held REIT, or fail
      to qualify as a REIT, other than through action of Five Arrows Realty Securities
      III L.L.C., Five Arrows may require us to purchase the outstanding Series
      B Preferred Shares for $24.48 per share plus accrued and unpaid distributions.
      Under certain circumstances, we may, in lieu of making such payment, revise
      the conversion ratio so that, based on the then-current market price of
      the common shares, each Series B Preferred Share will thereafter be convertible
      into that number of common shares having an aggregate market value equal
      to at least $28.80. In certain transactions involving a merger or consolidation
      as to which holders of Series B Preferred Shares have a separate voting
      right, holders who do not vote in favor of the transaction may require
      us to redeem their shares for $24.96 per share plus accrued and unpaid
      distributions. Five Arrows has the right to vote on all matters as a single
      class with holders of common shares, and as a separate class on certain
      matters affecting the rights of the Series B Preferred Shares. So long
      as Five Arrows beneficially owns at least 50% of the outstanding Series
      B Preferred Shares, Five Arrows may appoint one trustee to our Board of
      Trustees. If we (i) fail to pay distributions on common shares equal to
      at least $0.32 for two consecutive quarters, (ii) reduce the annual distribution
      on our common shares to below $1.28 per share, (iii) fail to pay timely
      distributions on the Series B Preferred Shares, (iv) are in material default
      of our credit facility or (v) fail to maintain a debt service coverage
      ratio of at least 1.25 or a debt to market capitalization ratio no higher
      .70, then Five Arrows will have the right to appoint a second trustee to
      our Board.</font></p>
</div>
<p align="center"><font face="serif" size="2">S-8</font></p>
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<p align="left"><font size="2" face="serif"><u>Restrictions on Transfer</u></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">For us to qualify as a REIT under
      the Internal Revenue Code, not more than 50% in value of our outstanding
      Shares may be owned, directly or indirectly, by five or fewer individuals
      (defined in the Internal Revenue Code to include certain entities such
      as qualified pension plans) during the last half of a taxable year and
      Shares must be beneficially owned by 100 or more persons during at least
      335 days of a taxable year of twelve months (or during a proportionate
      part of a shorter taxable year).</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Because our Board of Trustees believes
      it is at present important for us to continue to qualify as a REIT, our
      Declaration of Trust, subject to certain exceptions, contains provisions
      that restrict the number of Shares that a person may own and that are designed
      to safeguard us against an inadvertent loss of REIT status. In order to
      prevent any shareholder from owning Shares in an amount that would cause
      more than 50% in value of the outstanding Shares to be held by five or
      fewer individuals, our Board of Trustees, pursuant to authority granted
      in our Declaration of Trust, has passed a resolution that, subject to certain
      exceptions, provides that no person may own, or be deemed to own by virtue
      of the attribution provisions of the Internal Revenue Code, more than 9.8%
      in value of the outstanding Shares. This limitation is referred to in this
      prospectus as the Ownership Limit. Our Board of Trustees, subject to limitations,
      retains the authority to effect additional increases to, or establish exemptions
      from, the Ownership Limit. Our Board of Trustees, pursuant to authority
      granted in our Declaration of Trust, has passed resolutions that exempt
      the initial holders of the Series A Preferred Shares and Series B Preferred
      Shares and Cohen &amp; Steers Capital Management, Inc. and related persons
      from the Ownership Limit, on the condition that, and for so long as, such
      holders comply with certain representations, warranties and agreements
      intended to ensure that no direct or indirect owner of any of such holders
      owns more than 9.8% in value of the outstanding Shares.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">In addition, pursuant to our Declaration
      of Trust, no purported transfer of Shares may be given effect if it would
      result in ownership of all of the outstanding Shares by fewer than 100
      persons (determined without any reference to the rules of attribution)
      or result in our being &#147;closely held&#148; within the meaning of Section
      856(h) of the Internal Revenue Code. These restrictions are referred to
      in this prospectus as the Ownership Restrictions. In the event of a purported
      transfer or other event that would, if effective, result in the ownership
      of Shares in violation of the Ownership Limit or the Ownership Restrictions,
      such transfer would be deemed void and such Shares automatically would
      be exchanged for &#147;Excess Shares&#148; authorized by our Declaration
      of Trust, according to rules set forth in our Declaration of Trust, to
      the extent necessary to ensure that the purported transfer or other event
      does not result in the ownership of Shares in violation of the Ownership
      Limit or the Ownership Restrictions.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Holders of Excess Shares are not
      entitled to voting rights (except to the extent required by law), dividends
      or distributions. If, after the purported transfer or other event resulting
      in an exchange of Shares for Excess Shares and prior to the discovery by
      us of such exchange, dividends or distributions are paid with respect to
      Shares that were exchanged for Excess Shares, then such dividends or distributions
      would be repayable to us upon demand. While outstanding, Excess Shares
      would be held in trust by us for the benefit of the ultimate transferee
      of an interest in such trust, as described below. While Excess Shares are
      held in trust, an interest in that trust may be transferred by the purported
      transferee or other purported holder with respect to such Excess Shares
      only to a person whose ownership of the Shares would not violate the Ownership
      Limit or the Ownership Restrictions, at which time the Excess Shares would
      be exchanged automatically for Shares of the same type and class as the
      Shares for which the Excess Shares were originally exchanged. Our Declaration
      of Trust contains provisions that are designed to ensure that the purported
      transferee or other purported holder of the Excess Shares may not receive
      in return for such a transfer an amount that reflects any appreciation
      in the Shares for which such Excess Shares were exchanged during the period
      that such Excess Shares were outstanding. Any amount received by a purported
      transferee or other purported holder in excess of the amount permitted
      to be received would be required to be turned over to us.</font></p>
</div>
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<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Our Declaration of Trust also provides
      that Excess Shares shall be deemed to have been offered for sale to us,
      or our designee, which shall have the right to accept such offer for a
      period of 90 days after the later of: (i) the date of the purported transfer
      or event which resulted in an exchange of Shares for such Excess Shares;
      and (ii) the date our Board of Trustees determines that a purported transfer
      or other event resulting in an exchange of Shares for such Excess Shares
      has occurred if we do not receive notice of any such transfer. The price
      at which we may purchase such Excess Shares would be equal to the lesser
      of: (i) in the case of Excess Shares resulting from a purported transfer
      for value, the price per share in the purported transfer that caused the
      automatic exchange for such Excess Shares or, in the case of Excess Shares
      resulting from some other event, the market price of such Shares on the
      date of the automatic exchange for Excess Shares; or (ii) the market price
      of such Shares on the date that we accept the Excess Shares. Any dividend
      or distribution paid to a proposed transferee on Excess Shares prior to
      the discovery by us that such Shares have been transferred in violation
      of the provisions of our Declaration of Trust shall be repaid to us upon
      our demand. If the foregoing restrictions are determined to be void or
      invalid by virtue of any legal decision, statute, rule or regulation, then
      the intended transferee or holder of any Excess Shares may be deemed, at
      our option, to have acted as our agent and on our behalf in acquiring or
      holding such Excess Shares and to hold such Excess Shares on our behalf.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Our trustees may waive the Ownership
      Restrictions if evidence satisfactory to the trustees and our tax counsel
      or tax accountants is presented showing that such waiver will not jeopardize
      our status as a REIT under the Internal Revenue Code. As a condition of
      such waiver, our trustees may require that an intended transferee give
      written notice to us, furnish such undertakings, agreements and information
      as may be required by our trustees and/or an undertaking from the applicant
      with respect to preserving our status. Any transfer of Shares or any security
      convertible into Shares that would create a direct or indirect ownership
      of Shares in excess of the Ownership Limit or result in the violation of
      the Ownership Restrictions will be void with respect to the intended transferee
      and will result in Excess Shares as described above.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Neither the Ownership Restrictions
      nor the Ownership Limit will be removed automatically even if the REIT
      provisions of the Internal Revenue Code are changed so as no longer to
      contain any ownership concentration limitation or if the ownership concentration
      limitation is increased. Except as described above, any change in the Ownership
      Restrictions would require an amendment to our Declaration of the Trust.
      Amendments to our Declaration of Trust generally require the affirmative
      vote of holders owning not less than a majority of the outstanding Shares
      entitled to vote thereon. In addition to preserving our status as a REIT,
      the Ownership Restrictions and the Ownership Limit may have the effect
      of precluding an acquisition of control of us without the approval of our
      Board of Trustees.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">All persons who own, directly or
      by virtue of the applicable attribution provisions of the Internal Revenue
      Code, more than 4.0% of the value of any class of outstanding Shares, must
      file an affidavit with us containing the information specified in our Declaration
      of Trust by January 31 of each year. In addition, each shareholder shall
      upon demand be required to disclose to us in writing such information with
      respect to the direct, indirect and constructive ownership of Shares as
      our trustees deem necessary to comply with the provisions of the Internal
      Revenue Code applicable to REITs, to comply with the requirements of any
      taxing authority or governmental agency or to determine any such compliance.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Ownership Limit could have
      the effect of delaying, deferring or preventing a transaction or a change
      in our control that might involve a premium price for the common shares
      or otherwise be in the best interest of our shareholders.</font></p>
</div>
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<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">All certificates representing Shares
      that are hereafter issued will bear a legend referring to the restrictions
      and limitations described above.</font></p>
</div>

<p align="center"><font size="2" face="serif"><b><a name="#s11a"></a>PROVISIONS OF MARYLAND LAW AND OF<br>OUR DECLARATION OF TRUST AND BYLAWS</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The following paragraphs summarize
      provisions of Maryland law, our Declaration of Trust and our Bylaws. These
      paragraphs are a summary, and do not completely describe Maryland law,
      our Declaration of Trust or our Bylaws. For a complete description, we
      refer you to the Maryland statutes applicable to REITs, our Declaration
      of Trust and our Bylaws. This summary replaces the summary under the caption &#147;Provisions
      of Maryland Law and of the Company&#146;s Declaration of Trust and Bylaws&#148; in
      the accompanying base prospectus.</font></p>
</div>
<p align="left"><font size="2" face="serif"><u>Duration</u></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Under our Declaration of Trust,
      we have a perpetual term of existence and will continue perpetually subject
      to the authority of our Board of Trustees to terminate our existence and
      liquidate our assets and subject to termination pursuant to the Maryland
      REIT Law.</font></p>
</div>
<p align="left"><font size="2" face="serif"><u>Board of Trustees</u></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Our Declaration of Trust provides
      that the number of our trustees shall not be less than three nor more than
      15. Any vacancy, including a vacancy created by an increase in the number
      of trustees, may be filled by a majority of our trustees.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Our trustees generally will each
      serve for a one-year term. In connection with a transaction that included
      issuance of the Series A Preferred Shares, we granted to the initial purchaser
      of Series A Preferred Shares a right to designate an individual for election
      to the Board. We have also granted to the holder of Series B Preferred
      Shares a right to elect a trustee as well as the right to elect an additional
      trustee if we fail to comply with certain agreements. See &#147;Description
      of Shares of Beneficial Interest &#150; Preferred Shares of Beneficial
      Interest &#150; Series B Preferred Shares.&#148;</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Our Declaration of Trust generally
      provides that a trustee may be removed from office only at a meeting of
      shareholders. However, a trustee elected solely by holders of a series
      of Preferred Shares may be removed only by the affirmative vote of a majority
      of the Preferred Shares of that series voting as a single class.</font></p>
</div>
<p align="left"><font size="2" face="serif"><u>Business Combinations</u></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Under Maryland law, as applicable
      to Maryland real estate investment trusts, certain &#147;business combinations&#148; (including
      certain mergers, consolidations, share exchanges, or, in certain circumstances,
      asset transfers or issuances or reclassifications of equity securities)
      between a Maryland real estate investment trust and an &#147;interested
      shareholder&#148; or an affiliate of the interested shareholder are prohibited
      for five years after the most recent date on which the interested shareholder
      becomes an interested shareholder. An interested shareholder includes a
      person who beneficially owns, and an affiliate or associate (as defined
      under Maryland law) of the trust who, at any time during the two-year period
      prior to the date in question, was the beneficial owner of 10% or more
      of the voting power of the trust&#146;s then outstanding voting shares.
      Thereafter, any such business combination must be recommended by the trustees
      of such trust and approved by the affirmative vote of at least:</font></p>
</div>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td align="left">
<font size="2" face="serif"> 80% of the votes entitled to be cast by holders of outstanding voting shares of beneficial interest of the trust, voting together as a single voting group; and</font></td>
</tr>
</table>
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<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td align="left">
<font size="2" face="serif"> two-thirds of the votes entitled to be cast by holders of outstanding voting shares of beneficial interest other than shares held by the interested shareholder with whom or with whose affiliate the business combination is to be effected or by the interested shareholder&#146;s affiliates or associates, voting together as a single voting group.</font></td>
</tr>
</table>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">These super-majority voting requirements
      do not apply if the trust&#146;s common shareholders receive a minimum
      price (as defined under Maryland law) for their shares and the consideration
      is received in cash or in the same form as previously paid by the interested
      shareholder for its shares. These provisions also do not apply to business
      combinations that are approved or exempted by the Board of Trustees of
      the trust prior to the time that the interested shareholder becomes an
      interested shareholder. An amendment to a Maryland REIT&#146;s declaration
      of trust electing not to be subject to the foregoing requirements must
      be approved by the affirmative vote of at least 80% of the votes entitled
      to be cast by holders of outstanding voting shares of beneficial interest
      of the trust, voting together as a single voting group, and two-thirds
      of the votes entitled to be cast by holders of outstanding voting shares
      of beneficial interest other than shares of beneficial interest held by
      interested shareholders. Any such amendment shall not be effective until
      18 months after the vote of shareholders and does not apply to any business
      combination of the trust with an interested shareholder that has such status
      on the date of the shareholder vote. Our Board of Trustees has previously
      exempted any business combinations involving Safeguard Scientifics, Inc.,
      Pennsylvania State Employees&#146; Retirement System, LF&nbsp;Strategic
      Realty Investors L.P., Morgan Stanley Asset Management Inc., Five Arrows
      Realty Securities III L.L.C. and Gerard H. Sweeney and their respective
      affiliates and associates from the business combination provisions summarized
      above and, consequently, the five-year prohibition and the super-majority
      vote requirements will not apply to business combinations between us and
      any of them.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The business combination statute
      could have the effect of delaying, deferring or preventing offers to acquire
      us and of increasing the difficulty of consummating any such transaction.</font></p>
</div>

<p align="left"><font size="2" face="serif"><u>Control Share Acquisitions</u></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Under Maryland law, as applicable
      to Maryland real estate investment trusts, &#147;control shares&#148; of
      a Maryland real estate investment trust acquired in a &#147;control share
      acquisition&#148; have no voting rights except to the extent approved by
      a vote of two-thirds of the votes entitled to be cast on the matter by
      shareholders, excluding shares owned by the acquiror, by officers or by
      trustees who are employees of the trust in question. &#147;Control shares&#148; are
      voting shares of beneficial interest which, if aggregated with all other
      shares previously acquired by such acquiror or in respect of which the
      acquiror is able to exercise or direct the exercise of voting power (except
      solely by virtue of a revocable proxy), would entitle the acquiror to exercise
      the voting power in the election of trustees within one of the following
      ranges of voting power:</font></p>
</div>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%"></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">one-tenth or more but less than one-third,</font></td>
</tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%"></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">one-third or more but less than a majority, or</font></td>
</tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%"></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">a majority or more of all voting power.</font></td>
</tr>
</table>
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<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Control shares do not include shares
      the acquiring person is then entitled to vote as a result of having previously
      obtained shareholder approval. A &#147;control share acquisition&#148; means
      the acquisition of control shares, subject to certain exceptions.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">A person who has made or proposes
      to make a control share acquisition, upon satisfaction of certain conditions
      (including an undertaking to pay expenses), may compel the trust&#146;s
      board of trustees to call a special meeting of shareholders to be held
      within 50 days of demand to consider the voting rights of the shares. If
      no request for a meeting is made, the trust may itself present the question
      at any shareholders meeting.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">If voting rights are not approved
      at the meeting or if the acquiring person does not deliver an acquiring
      person statement as required by the statute, then, subject to certain conditions
      and limitations, the trust may redeem any or all of the control shares,
      except those for which voting rights have previously been approved, for
      fair value determined, without regard to the absence of voting rights for
      the control shares, as of the date of the last control share acquisition
      by the acquiror or of any meeting of shareholders at which the voting rights
      of such shares are considered and not approved. If voting rights for control
      shares are approved at a shareholders meeting and the acquiror becomes
      entitled to vote a majority of the shares entitled to vote, all other shareholders
      may exercise appraisal rights. The fair value of the shares as determined
      for purposes of such appraisal rights may not be less than the highest
      price per share paid by the acquiror in the control share acquisition,
      and certain limitations and restrictions otherwise applicable to the exercise
      of dissenters&#146; rights do not apply in the context of a control share
      acquisition.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Our bylaws contain a provision
      exempting from the control share acquisition statute any and all acquisitions
      by any person of our shares. There can be no assurance that this provision
      will not be amended or eliminated at any time in the future.</font></p>
</div>
<p align="left"><font size="2" face="serif"><u>Amendment to the Declaration of Trust</u></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Our Declaration of Trust may be
      amended only by the affirmative vote of the holders of not less than a
      majority of the Shares then outstanding and entitled to vote thereon, except
      for the provisions of our Declaration of Trust relating to (i) increases
      or decreases in the aggregate number of Shares of any class (other than
      the Series A Preferred Shares and Series B Preferred Shares), which may
      generally be made by our Board of Trustees without shareholder approval
      and (ii)&nbsp;the Maryland General Corporation Law provisions on business
      combinations, amendment of which requires the affirmative vote of the holders
      of not less than 80% of the Shares then outstanding and entitled to vote.
      In addition, if our Board of Trustees determines, with the advice of counsel,
      that any one or more of the provisions of our Declaration of Trust conflict
      with the Maryland REIT Law, the Internal Revenue Code or other applicable
      Federal or state law(s), the conflicting provisions of our Declaration
      of Trust shall be deemed never to have constituted a part of our Declaration
      of Trust, even without any amendment thereof.</font></p>
</div>
<p align="left"><font size="2" face="serif"><u>Termination of the Company and REIT Status</u></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Subject to the rights of any outstanding
      Preferred Shares and to the provisions of the Maryland REIT Law, our Declaration
      of Trust permits our Board of Trustees to terminate our existence and to
      discontinue our election to be taxed as a REIT.</font></p>
</div>
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<p align="left"><font size="2" face="serif"><u>Transactions Between the Company and its Trustee or Officers</u></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Our Declaration of Trust provides
      that any contract or transaction between us and one or more of our trustees,
      officers, employees or agents must be approved by a majority of our trustees
      who have no interest in the contract or transaction.</font></p>
</div>
<p align="left"><font size="2" face="serif"><u>Limitation of Liability and Indemnification</u></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Maryland REIT Law permits a
      Maryland real estate investment trust to include in its Declaration of
      Trust a provision limiting the liability of its trustees and officers to
      the trust and its shareholders for money damages. However, a Maryland real
      estate investment trust may not eliminate liability resulting from actual
      receipt of an improper benefit or profit in money, property or services.
      Also, liability resulting from active and deliberate dishonesty may not
      be eliminated if a final judgment establishes that the dishonesty is material
      to the cause of action. Our Declaration of Trust contains such a provision
      which eliminates such liability to the maximum extent permitted by the
      Maryland REIT Law.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Our Bylaws require us to indemnify,
      without requiring a preliminary determination of the ultimate entitlement
      to indemnification, (a) any present or former trustee, officer or shareholder
      who has been successful, on the merits or otherwise, in the defense of
      a proceeding to which he was made a party by reason of such status, against
      reasonable expenses incurred by him in connection with the proceeding;
      (b) any present or former trustee or officer against any claim or liability
      to which he may become subject by reason of such status unless it is established
      that (i) his act or omission was committed in bad faith or was the result
      of active and deliberate dishonesty, (ii) he actually received an improper
      personal benefit in money, property or services or (iii) in the case of
      a criminal proceeding, he had reasonable cause to believe that his act
      or omission was unlawful; and (c) each shareholder or former shareholder
      against any claim or liability to which he may be subject by reason of
      such status as a shareholder or former shareholder. However, under Maryland
      law, a Maryland corporation may not indemnify for an adverse judgment in
      a suit by or in the right of the corporation or for a judgment of liability
      on the basis that the act or omission was material to the matter and was
      committed in bad faith, the result of active and deliberate dishonesty
      or a personal benefit was improperly received, or, if in a criminal proceeding,
      there was reasonable cause to believe the act or omission was unlawful.
      In addition, our Bylaws require us to pay or reimburse, in advance of final
      disposition of a proceeding, reasonable expenses incurred by a present
      or former trustee, officer or shareholder made a party to a proceeding
      by reason of his status as a trustee, officer or shareholder provided that,
      in the case of a trustee or officer, we shall have received (i) a written
      affirmation by the trustee or officer of his good faith belief that he
      has met the applicable standard of conduct necessary for our indemnification
      as authorized by the Bylaws and (ii) a written undertaking by him or on
      his behalf to repay the amount paid or reimbursed by us if it shall ultimately
      be determined that the applicable standard of conduct was not met. Our
      Bylaws also (i) permit us, with the approval of our trustees, to provide
      indemnification and payment or reimbursement of expenses to a present or
      former trustee, officer or shareholder who served our predecessor in such
      capacity, and to any of our employees or agents or our predecessors, (ii)&nbsp;provide
      that any indemnification or payment or reimbursement of the expenses permitted
      by our Bylaws shall be furnished in accordance with the procedures provided
      for indemnification and payment or reimbursement of expenses under Section
      2-418 of the Maryland General Corporation Law for directors of Maryland
      corporations and (iii) permit us to provide such other and further indemnification
      or payment or reimbursement of expenses as may be permitted by the Maryland
      General Corporation Law for directors of Maryland corporations.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The limited partnership agreement
      of our operating partnership also provides for indemnification by the operating
      partnership of us, as general partner, and our trustees and officers for
      any costs, expenses or liabilities incurred by us or them by reason of
      any act performed by us or them for or on behalf of the operating partnership
      or us; provided that such person&#146;s actions were taken in good faith
      and in the belief that such conduct was in the best interests of the operating
      partnership and that such person was not guilty of fraud, willful misconduct
      or gross negligence.</font></p>
</div>
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<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Insofar as indemnification for
      liabilities arising under the Securities Act may be permitted to our trustees
      and officers pursuant to the foregoing provisions or otherwise, we have
      been advised that, although the validity and scope of the governing statute
      has not been tested in court, in the opinion of the Securities and Exchange
      Commission, such indemnification is against public policy as expressed
      in the Securities Act and is, therefore, unenforceable. In addition, indemnification
      may be limited by state securities laws.</font></p>
</div>

<p align="center"><b><font size="2" face="serif"><a name="#s15a"></a>FEDERAL INCOME TAX CONSIDERATIONS</font></b></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">For a discussion of the taxation
      of us and the tax consequences relevant to shareholders generally, see
      the discussion under the heading &#147;Material Federal Income Tax Consequences&#148; in
      our Current Report on Form 8-K filed with the Securities and Exchange Commission
      on June 12, 2003, which is incorporated by reference into this prospectus
      supplement and the accompanying base prospectus.</font></p>
</div>
<p align="center"><font size="2" face="serif"><b><a name="#s15b"></a>UNDERWRITING</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Subject to the terms and conditions
      stated in the underwriting agreement dated as of the date of this prospectus
      supplement, each underwriter named below has agreed to purchase, and we
      have agreed to sell to each underwriter, the number of our common shares
      set forth opposite that underwriter&#146;s name.</font></p>
</div>
<table width="75%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td align="center" width="71%"><b><font size="2" face="serif">Underwriters</font></b></td>
<td align="center" width="2%">&nbsp;</td>
<td width="12%" align="center"><b><font size="2" face="serif">Number of Shares</font></b></td>
</tr>
<tr valign="top">
<td><hr noshade size="1"></td>
<td width="2%">&nbsp;</td>
<td width="12%" align="center"><hr noshade size="1"></td> </tr>
<tr valign="top">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Legg
    Mason Wood Walker, Incorporated</font></div></td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="center"><font size="2" face="serif">1,125,000</font></td>
</tr>
<tr valign="top">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">McDonald
    Investments Inc., a KeyCorp Company</font></div></td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="center"><font size="2" face="serif">1,125,000</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="center"><hr noshade size="1"></td>
</tr>
<tr valign="top">
<td><font size="2" face="serif">Total</font></td>
<td width="2%"></td>
<td width="12%" align="center"><font size="2" face="serif">2,250,000</font></td>
</tr>
<tr valign="top">
<td align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="center">&nbsp;</td>
</tr>
</table>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The underwriting agreement provides
      that the obligation of the underwriters to purchase the common shares included
      in this offering is subject to approval of legal matters by counsel and
      to other conditions. The underwriters are obligated to purchase all of
      the common shares (other than those covered by the over-allotment option
      described below) if they purchase any of the common shares.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The underwriters propose to offer
      the common shares offered by this prospectus supplement from time to time
      for sale in one or more transactions (which may include block transactions)
      to purchasers directly, through agents or through brokers in brokerage
      transactions on the New York Stock Exchange, in the over-the-counter market
      or to dealers in negotiated transactions or otherwise, or in a combination
      of such methods, at market prices prevailing at the time of the sale, at
      prices related to prevailing market prices or at negotiated prices, subject
      to prior sale when, as and if delivered to and accepted by the underwriters.
      In connection with the sale of the common shares offered by this prospectus
      supplement, the underwriters may be deemed to have received compensation
      from us in the form of underwriting discounts. The underwriters may effect
      these transactions by selling common shares to or through dealers, and
      these dealers may receive compensation in the form of discounts, concessions
      or commissions from the underwriters and/or the purchasers of the common
      shares for whom they may act as agents or to whom they sell as principal.</font></p>
</div>
<p align="center"><font face="serif" size="2">S-15</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="ps16"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">We have granted to the underwriters
      the option, exercisable for 30 days from the date of this prospectus supplement,
      to purchase up to 337,500 additional common shares at the price set
      forth on the cover of this prospectus supplement. The underwriters may
      exercise the option solely for the purpose of covering over-allotments,
      if any, in connection
      with the offering. To the extent the option is exercised, each underwriter
      must purchase a number of additional common shares approximately proportionate
      to that underwriter&#146;s initial purchase commitment. If any additional
      common shares are purchased, the underwriters will offer the additional
      common shares on the same terms as those on which the 2,250,000 common
      shares are being offered.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">We have agreed that, for a period
      of 45 days from the date of this prospectus supplement, we will not, without
      the consent of the underwriters, offer, sell, contract to sell, pledge,
      hedge or otherwise dispose of any common shares or any securities convertible
      into or exchangeable for our common shares other than sales by us pursuant
      to any employee or trustee option or long-term incentive plan, share ownership
      plan or dividend purchase or reinvestment plan.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Additionally, our trustees and
      officers have agreed that, for a period of 45 days from the date of this
      prospectus supplement, they will not, without the consent of the underwriters,
      offer, sell, contract to sell, pledge, hedge or otherwise dispose of any
      common shares or any securities convertible into or exchangeable for common
      shares held directly by them (or publicly announce an intention to effect
      any such transaction) other than common shares disposed of as bona fide
      gifts and approved by the underwriters. The underwriters, in their sole
      discretion, may release any of the securities subject to these lock-up
      agreements at any time without notice.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Our common shares are listed on
      the New York Stock Exchange under the symbol &#147;BDN.&#148;</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">In connection with this offering,
      the underwriters may purchase and sell common shares in the open market.
      These transactions may include short sales, syndicate covering transactions
      and stabilizing transactions. Short sales involve sales of common shares
      in excess of the number of common
      shares to be purchased by the underwriters in this offering, which creates
      a syndicate short position. &#147;Covered&#148; short sales are sales of
      common shares made in an amount up to the number of common shares represented
      by the
      underwriters&#146; over-allotment option. In determining the source of
      common shares to close out the covered short position, the underwriters
      will consider, among other things, the price of common shares available
      for purchase in the open market as compared to the price at which they
      may purchase common shares through the over-allotment option. Transactions
      to close out the covered syndicate short position involve either purchases
      in the open market after the distribution has been completed or the exercise
      of
      the over-allotment option. The underwriters may also make &#147; naked&#148; short
      sales of common shares in excess of the over-allotment option. The underwriters
      must close out any naked short position by purchasing common shares in
      the open market. A naked short position is more likely to be created if
      the underwriters are concerned that there may be downward pressure on the
      price of the common shares in the open market after pricing that could
      adversely affect investors who purchase in the offering. Stabilizing transactions
      consist of bids for, or purchases of, common shares in the open market
      while the offering is in progress.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Any of these activities may have
      the effect of preventing or retarding a decline in the market price of
      common shares. They may also cause the price of the common shares to be
      higher than the price that would otherwise exist on the open market in
      the absence of these transactions. The underwriters may conduct these transactions on the New York Stock Exchange or in the over-the-counter market, or otherwise. If the underwriters
      commence any of these transactions, they may discontinue them at any time.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">We estimate that our portion of
      the total expenses of this offering will be $150,000.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">We have agreed to indemnify the
      underwriters against certain liabilities, including liabilities under the
      Securities Act of 1933, or to contribute to payments the underwriters may
      be required to make because of any of those liabilities.</font></p>
</div>
<p align="center"><font face="serif" size="2">S-16</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="ps17"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The underwriters and their affiliates
      have performed investment banking and advisory services for us from time
      to time for which they have received customary fees and expenses and may,
      in the future, engage in transactions with and perform services for us
      in the ordinary course of their business. KeyCorp, an affiliate of McDonald
      Investments Inc., one of the underwriters, is a participating lender under
      our unsecured revolving credit facility and one of our construction loans.
      A portion of the net proceeds from the sale of common shares may be used
      to reduce borrowings under our revolving credit facility.</font></p>
</div>

<p align="center"><font size="2" face="serif"><b><a name="#s17a"></a>NOTE REGARDING OUR INDEPENDENT AUDITORS</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Arthur Andersen LLP was our previous
      independent auditors. On June 15, 2002, Arthur Andersen LLP was convicted
      of obstruction of justice by a federal jury in Houston, Texas. On September&nbsp;15,
      2002, a federal judge upheld this conviction. Arthur Andersen LLP ceased
      its audit practice before the SEC on August 31, 2002. Effective May 23,
      2002, we terminated the engagement of Arthur Andersen LLP as our independent
      auditors and engaged KPMG to serve as our independent auditors.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Following our engagement of KPMG
      as our independent auditors we engaged KPMG to audit our consolidated financial
      statements for the period ending December 31, 2000 and December 31, 2001.
      KPMG&#146;s report, which is dated February 26, 2003, except as to notes
      9, 12, 13, and 21, which are as of June 30, 2003, is incorporated by reference
      into the registration statement of which this prospectus supplement and
      the accompanying prospectus are a part, which includes our consolidated
      balance sheets as of December 31, 2002 and 2001, and the related consolidated
      statements of operations, beneficiaries&#146; equity and comprehensive
      income and cash flows for each of the years in the three year period ended
      December 31, 2002, and related financial statement schedules.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Effective June 19, 2003, we terminated
      the engagement of KPMG as our independent auditors and engaged PricewaterhouseCoopers
      LLP (&quot;PWC&quot;) to serve as our independent auditors. The audit report
      of KPMG on our consolidated financial statements for the years ended December
      31, 2002 and December 31, 2001, did not contain an adverse opinion or a
      disclaimer of opinion and was not qualified or modified as to uncertainty,
      audit scope or accounting principles, except that effective January 1,
      2002, we adopted Statement of Financial Accounting Standards No. 144, &#147;Accounting
      for the Impairment or Disposal of Long-Lived Assets.&#148; Further, KPMG&#146;s
      report refers to the fact that effective January 1, 2003, we adopted Statement
      of Financial Accounting Standards No. 145, &#147;Rescission of No. 4, 44,
      and 64, Amendment of FASB No. 13, and Technical Corrections.&#148; During
      its audit for the fiscal years ended December 31, 2002 and December 31,
      2001, and for the subsequent interim period through June 19, 2003, (i)
      there were no disagreements with KPMG on any matter of accounting principles
      or practices, financial statement disclosure or auditing scope or procedure,
      which disagreements, if not resolved to KPMG's satisfaction, would have
      caused KPMG to make reference to the subject matter of such disagreements
      in their reports, and (ii) there have been no reportable events as defined
      in Item 304(a)(1)(v) of Regulation S-K. During our two most recent fiscal
      years, and for the subsequent interim period through June 19, 2003, neither
      we nor anyone acting on our behalf engaged PWC regarding any of the items
      described in Item 304(a)(2) of Regulation S-K.</font></p>
</div>
<p align="center"><font size="2" face="serif"><b><a name="#s18a"></a>LEGAL MATTERS</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The validity of the common shares
      offered hereby, as well as certain legal matters relating to us, will be
      passed upon for us by Pepper Hamilton&nbsp;LLP, Philadelphia, Pennsylvania.
      Certain legal matters related to the offering will be passed upon for the
      underwriters by Proskauer Rose LLP.</font></p>
</div>
<p align="center"><font face="serif" size="2">S-17</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="ps18"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font size="2" face="serif"><b><a name="#s18b"></a>WHERE YOU CAN FIND MORE INFORMATION</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">We file annual, quarterly and current
      reports and other information with the SEC. You may read and copy materials
      that we have filed with the SEC, including the registration statement,
      at the following locations:</font></p>
</div>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td align="left" width="33%"><font size="2" face="serif">Public Reference Room<br>450 Fifth Street, N.W.<br>Room 1024<br>Washington, D.C.  20549</font></td>
<td align="left" width="33%"><font size="2" face="serif">New York Regional Office<br>233 Broadway<br>New York, NY  10279</font></td>
<td align="left"><font size="2" face="serif">Chicago Regional Office<br>Citicorp Center<br>500 West Madison Street<br>Suite 1400<br>Chicago, IL  60661-2511</font></td>
</tr>
</table>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">You may obtain information on the
      operation of the SEC&#146;s Public Reference Rooms by calling the SEC at
      1-800-SEC-0330.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The SEC also maintains an Internet
      web site that contains reports, proxy statements and other information
      regarding issuers, including Brandywine Realty Trust, that file electronically
      with the SEC. The address of that site is <u>http://www.sec.gov.</u> Further,
      you may inspect reports, proxy statements and other information concerning
      us at the offices of the New York Stock Exchange, which are located at
      20 Broad Street, New York, New York 10005.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The SEC allows us to &#147;incorporate
      by reference&#148; the information we file with it, which means that we
      can disclose important information to you by referring you to another document
      filed separately with the SEC. The information incorporated by reference
      is considered to be part of this prospectus, and information we file later
      with the SEC will be deemed to automatically update and supersede this
      information. We incorporate by reference the documents listed below, which
      we have previously filed with the SEC and which are considered part of
      this prospectus, and any future filings made with the SEC prior to completion
      of this offering under Sections 13(a), 13(c), 14 or 15(d) of the Securities
      Exchange Act of 1934. These filings contain important information about
      us.</font></p>
</div>
<p align="center"><font face="serif" size="2">S-18</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="ps19"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="75%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td align="center" width="61%"><font size="2" face="serif"><u>Report Filed</u></font></td>
<td width="2%" align="center">&nbsp;</td>
<td align="center"><u><font size="2" face="serif">Date of Filing</font></u></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">File No. 1-9106:</font></td>
<td width="2%" align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="serif">Annual
    Report on Form 10-K for the year ended December 31, 2002</font></div></td>
<td width="2%" align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">Filed on March 27, 2003</font></td>
</tr>
<tr valign="top">
<td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="serif">Annual
    Report on Form 10-K/A-1 for the year ended December 31, 2002</font></div></td>
<td width="2%" align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">Filed on October 14, 2003</font></td>
</tr>
<tr valign="top">
<td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="serif">Quarterly
    Report on Form 10-Q for the quarter ended March 31, 2003</font></div></td>
<td width="2%" align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">Filed on May 14, 2003</font></td>
</tr>
<tr valign="top">
<td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="serif">Quarterly
    Report on Form 10-Q for the quarter ended June 30, 2003</font></div></td>
<td width="2%" align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">Filed on August 13, 2003</font></td>
</tr>
<tr valign="top">
<td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="serif">Current
    Report on Form 8-K</font></div></td>
<td width="2%" align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">Filed on February 28, 2003</font></td>
</tr>
<tr valign="top">
<td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="serif">Current
    Report on Form 8-K</font></div></td>
<td width="2%" align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">Filed on April 25, 2003</font></td>
</tr>
<tr valign="top">
<td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="serif">Current
    Report of Form 8-K </font></div></td>
<td width="2%" align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">Filed on June 12, 2003</font></td>
</tr>
<tr valign="top">
<td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="serif">Current
    Report on Form 8-K</font></div></td>
<td width="2%" align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">Filed on June 13, 2003</font></td>
</tr>
<tr valign="top">
<td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="serif">Current
    Report on Form 8-K</font></div></td>
<td width="2%" align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">Filed on June 25, 2003</font></td>
</tr>
<tr valign="top">
<td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="serif">Current
    Report on Form 8-K</font></div></td>
<td width="2%" align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">Filed on July 25, 2003</font></td>
</tr>
<tr valign="top">
<td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="serif">Current
    Report on Form 8-K</font></div></td>
<td width="2%" align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">Filed on September 18, 2003</font></td>
</tr>
<tr valign="top">
<td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="serif">Current
    Report on Form 8-K</font></div></td>
<td width="2%" align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">Filed on October 14, 2003</font></td>
</tr>
<tr valign="top">
<td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="serif">Form
    8-A</font></div></td>
<td width="2%" align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">Filed on October 14, 1997</font></td>
</tr>
</table>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">You can obtain copies of any of
      the documents incorporated by reference in this prospectus from us or through
      the SEC or the SEC&#146;s web site described above. Documents incorporated
      by reference are available from us, without charge, excluding all exhibits
      unless specifically incorporated by reference as an exhibit to this prospectus.
      You may obtain documents incorporated by reference in this prospectus by
      writing us at the following address or calling us at the telephone number
      listed below:</font></p>
</div>

<p align="center"><font size="2" face="serif">BRANDYWINE REALTY TRUST<br>401 Plymouth Road<br>Suite 500<br>Plymouth Meeting, PA  19462<br>Attention:  General Counsel<br>Telephone:  (610) 325-5600</font></p>
<p align="center"><font face="serif" size="2">S-19</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p1"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<hr noshade size="2">
<p align="center">&nbsp;</p>
<p align="center"><b><font face="serif" size="4">BRANDYWINE REALTY TRUST</font></b></p>
<p align="center"><font size="2" face="serif">$663,129,026</font></p>
<p align="center"><font size="2" face="serif">Preferred Shares, Common Shares, Depositary Shares and Warrants</font></p>
<p align="center">&nbsp;</p>
<hr noshade size="2">
<p align="center"><font size="2" face="serif">We will provide specific terms of these securities in supplements to this prospectus.</font></p>
<p align="center"><font size="2" face="serif">You should read this prospectus and any supplement carefully before you invest.</font></p>
<hr align="center" width="120" size="1" noshade>
<p align="center"><font size="2" face="serif"><b>See &#147;Risk Factors&#148; beginning on page 5 of this prospectus<br>for certain factors relevant to an investment in these securities.</b></font></p>
<hr align="center" width="120" size="1" noshade>
<p align="center"><font size="2" face="serif"><b>Neither the Securities and Exchange
      Commission nor any state securities commission has<br>
  approved or disapproved
      of these securities or passed upon the accuracy or adequacy of<br>
  this prospectus.
      Any representation to the contrary is a criminal offense.</b></font></p>
<p align="center">&nbsp;</p>
<p align="center">&nbsp;</p>
<p align="center"><font size="2" face="serif"><b>The date of this prospectus is February 9, 1999.</b></font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p2"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font size="2" face="serif"><b><a name="#p2a"></a>ABOUT THIS PROSPECTUS</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">This prospectus (this &#147;Prospectus&#148;)
      is part of a registration statement that we filed with the Securities and
      Exchange Commission (the &#147;SEC&#148;) utilizing a &#147;shelf&#148; registration
      process. Under the shelf process, we may sell any combination of certain
      securities in one or more offerings. This Prospectus provides you with
      a general description of the securities we may offer. Each time we sell
      securities, we will provide a prospectus supplement that will contain specific
      information about the terms of that offering. The prospectus supplement
      may also add, update or change information contained in this Prospectus.
      Before you invest, you should read both this Prospectus and any prospectus
      supplement together with the additional information described under the
      next heading.</font></p>
</div>
<p align="center"><font size="2" face="serif"><b><a name="#p2b"></a>WHERE YOU CAN FIND MORE INFORMATION</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Brandywine Realty Trust (collectively
      with its subsidiaries, the &#147;Company&#148;) files annual, quarterly
      and special reports, proxy statements and other information with the SEC.
      Our SEC filings are available to the public over the Internet at the SEC&#146;s
      web site at <u>http://www.sec.gov.</u> You may also photocopy any document
      we file at the SEC&#146;s public reference rooms in Washington, D.C., New
      York, New York and Chicago, Illinois. Please call the SEC at 1-800-SEC-0330
      for further information on the public reference rooms.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The registration statement on Form
      S-3 of which this Prospectus is a part contains important additional information
      not included in this Prospectus. Statements in the registration statement
      summarizing other documents are qualified by reference to such documents
      which have been filed as exhibits to the registration statement or other
      filings made with the SEC. The registration statement is available at the
      SEC&#146;s web site and public reference rooms.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The SEC allows us to &#147;incorporate
      by reference&#148; the information which we file with them, which means
      we can disclose important information to you by referring to those documents.
      The information incorporated by reference is an important part of this
      Prospectus and information which we file later with the SEC will automatically
      update and supersede this information. We incorporate by reference the
      documents listed below and any future filings we make with the SEC under
      Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934
      until we sell all of the securities.</font></p>
</div>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">The Company&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 1997, as amended by a Form 10-K/A No. 1;</font></td>
</tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">The Company&#146;s Quarterly Reports on Form 10-Q for the quarters ended March 31, 1998,  June 30, 1998 and September 30, 1998;</font></td>
</tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">The combined statements of revenues and certain expenses of the Green Hills Properties for the year ended December 31, 1996; the combined statements of revenues and certain expenses of Berwyn Park Properties for the year ended December 31, 1996; and the reports thereon of the Company&#146;s independent public accountants included in the Company&#146;s Quarterly Report on Form 10-Q for the quarter ended June&nbsp;30, 1997;</font></td>
</tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">The Company&#146;s Current Reports on Form 8-K/A No. 1 dated February 13, 1997; Form 8-K/A No. 2 dated February 24, 1997; Form 8-K/A No. 1 dated April 29, 1997; Form 8-K dated June 9, 1997; Form 8-K dated June&nbsp;26, 1997; Form 8-K dated September 10, 1997; Form 8-K dated October 30, 1997; Form 8-K dated December 17, 1997; Form 8-K dated January 9, 1998; Form 8-K dated January&nbsp;27, 1998; Form 8-K dated January 30, 1998; Form 8-K dated February&nbsp;13, 1998; Form 8-K dated February 23, 1998; Form 8-K dated February 25, 1998; Form 8-K dated March 17, 1998; Form 8-K dated April 13, 1998; Form 8-K/A dated April 16, 1998; Form 8-K dated April 17, 1998; Form 8-K dated May 14, 1998; Form 8-K dated June&nbsp;3, 1998; Form 8-K/A No. 1 dated July 30, 1998; Form
8-K dated July 30, 1998; Form 8-K dated October 13, 1998;  Form 8-K/A No. 1 dated October 21, 1998; and Form 8-K dated January 20, 1999; and</font></td>
</tr>
</table>
<p align="center"><font face="serif" size="2">2</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
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<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">The description of the Common Shares contained in the Company&#146;s Registration Statement on Form 8-A dated October&nbsp;14, 1997 and any other reports or amendments filed for the purpose of updating such description.</font></td>
</tr>
</table>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">You may request a copy of these
      filings (not including the exhibits to such filings unless such exhibits
      are specifically incorporated by reference therein) at no cost, by writing
      or telephoning us at the following address:</font></p>
</div>

<p align="center"><font size="2" face="serif">Brandywine Realty Trust<br>14 Campus Boulevard<br>Newtown Square<br>Pennsylvania 19073<br> Attention:  Brad&nbsp;A. Molotsky, Secretary<br>(610) 325-5600</font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">You should rely only on the information
      provided or incorporated by reference in this Prospectus or any prospectus
      supplement. We have not authorized anyone else to provide you with different
      information. We are not making an offer of these securities in any state
      where the offer is not permitted. You should not assume that the information
      in this Prospectus or any prospectus supplement is accurate as of any date
      other than the date on the front of those documents.</font></p>
</div>

<p align="center"><font size="2" face="serif"><b><a name="#p3a"></a>SUMMARY</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The following summary is qualified
      in its entirety by the more detailed descriptions and the financial information
      and statements appearing elsewhere and incorporated by reference in this
      Prospectus.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>The Company</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Company is a self-administered
      and self-managed real estate investment trust (&#147;REIT&#148;) active
      in acquiring, developing, redeveloping, leasing and managing office and
      industrial properties. As of December 1, 1998, the Company&#146;s portfolio
      included 199 office properties, 70 industrial facilities and one mixed
      use property (collectively, the &#147;Properties&#148;) that contained
      an aggregate of approximately 18.5 million net rentable square feet. As
      of December&nbsp;1, 1998, the Company also owned or held options to purchase
      approximately 457.0 acres of land for future development.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">In addition, as of December 1,
      1998, the Company owned economic interests, ranging from 35% to 65%, in
      ten office real estate ventures (the &#147;Real Estate Ventures&#148;).
      Four of the Real Estate Ventures own eight suburban office buildings that
      contain an aggregate of approximately 451,000 net rentable square feet.
      A fifth Real Estate Venture is in the process of redeveloping an existing
      suburban building into an office building that is expected to contain approximately
      72,000 net rentable square feet upon completion in early 1999. As of December
      1, 1998, the Real Estate Ventures also owned or held options to purchase
      approximately 46.8 acres of land for future development.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Company owns its assets and
      conducts its operations through Brandywine Operating Partnership, L.P.
      (the &#147;Operating Partnership&#148;) and subsidiaries of the Operating
      Partnership. The Company is the sole general partner of the Operating Partnership
      and, as of December 1, 1998, held an approximately 88.6% interest in the
      Operating Partnership and was entitled to approximately 94.8% of the Operating
      Partnership&#146;s income after the payment of preferred distributions
      on the Operating Partnership&#146;s Series B Preferred Units.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Company provides real estate
      management services through a management company (the &#147;Management
      Company&#148;). As of December 1, 1998, the Management Company managed
      approximately 16.9 million net rentable square feet, of which 16.7 million
      net rentable square feet related to the Properties. Through its ownership
      of securities of the Management Company, the Operating Partnership is entitled
      to receive 95% of amounts paid as dividends by the Management Company.</font></p>
</div>
<p align="center"><font face="serif" size="2">3</font></p>
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<page>
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<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Company was organized as a
      Maryland real estate investment trust in 1986. The Company&#146;s principal
      executive offices are located at 14 Campus Boulevard, Newtown Square, Pennsylvania
      19073 and its telephone number is (610) 325-5600.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Securities Offered</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Pursuant to this Prospectus, the
      Company may offer any combination of the following securities (the &#147;Securities&#148;)
      with an aggregate public offering price of up to $663,129,026:</font></p>
</div>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
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<td width="3%"></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">common shares of beneficial interest, $0.01 par value per share (&#147;Common Shares&#148;);</font></td>
</tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">one or more series of preferred shares of beneficial interest, $0.01 par value per share (&#147;Preferred Shares&#148;);</font></td>
</tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">one or more series of Preferred Shares represented by depositary shares (&#147;Depositary Shares&#148;); and</font></td>
</tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">warrants to purchase Preferred Shares, Common Shares or Depository Shares (&#147;Warrants&#148;).</font></td>
</tr>
</table>
<p align="center"><font size="2" face="serif"><b><a name="#p4a"></a>RISK FACTORS</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">This Prospectus contains forward-looking
      statements. These statements are identified by words such as &#147;expect,&#148; &#147;anticipate,&#148; &#147;should,&#148; &#147;pro
      forma&#148; and words of similar import. Actual results may differ significantly
      from those expressed or implied by the forward-looking statements. Factors
      that might cause such a difference include the various risks stated below
      that we believe are material to investors who purchase or own our securities.
      Before deciding to purchase the securities offered, prospective investors
      should carefully consider the following information together with the other
      information contained in this Prospectus.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>There can be no assurance that we will effectively manage our rapid growth</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">We have been growing rapidly. Since
      August 1, 1996, we have acquired or developed 266 of the 270 Properties
      owned by us on December 1, 1998. We plan on managing this growth by applying
      our experience to newly acquired properties and expect to be successful
      in that effort. No assurances can be given, however, that we will succeed
      in our integration efforts or that newly acquired properties will perform
      as we expect.</font></p>
</div>

  <p align="left"><strong><font size="2" face="serif">We depend on the performance of
      our primary markets, and changes in such markets may adversely affect our
      financial condition</font></strong></p>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Most of our Properties are currently
      located in suburban markets in Pennsylvania, New Jersey, New York, Virginia
      and Delaware. Like other real estate markets, these commercial real estate
      markets have experienced economic downturns in the past, and future declines
      in any of these real estate markets could adversely affect our operations
      or cash flow and ability to make distributions to shareholders. Our financial
      performance will be particularly sensitive to the economic conditions in
      these markets. Our revenues and the value of our Properties may be adversely
      affected by a number of factors, including the economic climate in these
      markets (which may be adversely impacted by business layoffs, industry
      slowdowns, changing demographics and other factors) and real estate conditions
      in these markets (such as oversupply of or reduced demand for office and
      industrial properties). These factors, when and if they occur in the area
      in which our Properties are located, would adversely affect our cash flow
      and ability to make distributions to shareholders.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Our ability to make distributions is subject to various risks</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">We pay regular distributions to
      our shareholders. Our ability to make distributions in the future will
      depend upon:</font></p>
</div>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">the performance of our Properties;</font></td>
</tr>
</table>
<p align="center"><font face="serif" size="2">4</font></p>
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<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td align="left"><font size="2" face="serif">expenditures with respect to existing and newly acquired properties;</font></td>
</tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td align="left"><font size="2" face="serif">the amount of, and the interest rates on, our debt;</font></td>
</tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td align="left"><font size="2" face="serif">the absence of significant expenditures relating to environmental or other regulatory matters; and</font></td>
</tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td align="left"><font size="2" face="serif">future sales of Common Shares.</font></td>
</tr>
</table>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Certain of these matters are beyond
      our control and any significant difference between our expectations and
      actual results could have a material adverse effect our cash flow and our
      ability to make or sustain distributions.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>We may be unable to renew leases or relet space as leases expire</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">If our tenants fail to renew their
      leases upon expiration, we may be unable to relet the subject space. Even
      if the tenants do renew their leases or we can relet the space, the terms
      of renewal or reletting (including the cost of required renovations) may
      be less favorable than current lease terms. Certain leases grant the tenants
      an early termination right upon payment of a termination penalty. While
      we have estimated the necessary expenditures for new and renewal leases
      for 1999 and 2000, no assurances can be given as to the accuracy of such
      estimates.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Financially distressed tenants may limit our ability to realize the value of our investments</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Following a tenant&#146;s lease
      default, we may experience delays in enforcing our rights as a landlord
      and may incur substantial costs in protecting our investment. In addition,
      a tenant may seek bankruptcy law protection which could relieve the tenant
      from its obligation to make lease payments.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>We face significant competition from other real estate developers</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">We compete with a number of real
      estate developers, operators and institutions for tenants and acquisition
      opportunities. Some of these competitors have significantly greater resources
      than we do. No assurances can be given that this competition will not adversely
      affect our cash flow and ability to make distributions to shareholders.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Because real estate is illiquid, we may not be able to sell properties when appropriate</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Real estate investments generally
      cannot be sold quickly. We may not be able to vary our portfolio promptly
      in response to economic or other conditions. In addition, the Internal
      Revenue Code (the &#147;Code&#148;) limits our ability to sell properties
      held for fewer than four years. Purchase options and rights of first refusal
      held by certain tenants may limit our ability to sell certain properties.
      Any of these factors could adversely affect our cash flow and ability to
      make distributions to shareholders as well as the ability of someone to
      purchase us, even if a purchase were in our shareholders&#146; best interests.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>We have agreed not to sell certain of our properties</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">We have agreed with the sellers
      of certain of our properties not to sell certain properties for varying
      periods of time in any transaction that would trigger taxable income, subject
      to certain exceptions. Some of these agreements are with current trustees
      of our company. In addition, we may enter into similar agreements with
      future sellers of properties. These agreements generally provide that we
      may dispose of the applicable properties in transactions that qualify as
      tax-free exchanges under Section 1031 of the Code. Therefore, without suffering
      adverse tax consequences, we may be precluded from selling certain properties
      other than in transactions that would qualify as tax-free exchanges for
      federal income tax purposes.</font></p>
</div>

<p align="center"><font face="serif" size="2">5</font></p>
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<p align="left"><font size="2" face="serif"><b>Changes in the law may adversely affect our cash flow</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Because increases in income and
      service taxes are generally not passed through to tenants under leases,
      such increases may adversely affect our cash flow and ability to make expected
      distributions to shareholders. The Properties are also subject to various
      regulatory requirements, such as those relating to fire and safety. Our
      failure to comply with these requirements could result in the imposition
      of fines and damage awards. While we believe that the Properties are currently
      in material compliance with all such requirements, there can be no assurance
      that these requirements will not change or that newly imposed requirements
      will not require significant unanticipated expenditures.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>By holding properties through the Operating Partnership and various joint ventures, we are exposed to certain additional risks</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">We own our Properties and our interests
      in the Real Estate Ventures through the Operating Partnership. In the future,
      we expect to continue to participate with other entities in property ownership
      through joint ventures or partnerships. Partnership or joint venture investments
      may, under certain circumstances, involve risks not otherwise present in
      direct investments. Such risks include:</font></p>
</div>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">the potential bankruptcy of our partners or co-venturers;</font></td>
</tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">a conflict between our business goals and those of our partners or co-venturers; and</font></td>
</tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">actions taken by our partners or co-venturers contrary to our instructions or objectives, including our policy of maintaining our REIT qualification.</font></td>
</tr>
</table>
  <p align="left"><font size="2" face="serif">We will, however, seek to maintain
      sufficient control of such partnerships and joint ventures to enable us
      to achieve our business objectives. Investors should be aware that there
      is no limitation under our organizational documents as to the amount of
      funds which we may invest in partnerships or joint ventures.</font></p>
<p align="left"><font size="2" face="serif"><b>Future acquisitions may fail to perform in accordance with our expectations and may require development and renovation costs exceeding our estimates</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">We intend to continue acquiring
      office and industrial properties. Changing market conditions, however,
      including competition from others, may diminish our opportunities for making
      attractive acquisitions. Once made, our investments may fail to perform
      in accordance with our expectations. In addition, the estimated renovation
      and improvement costs incurred in bringing an acquired property up to market
      standards may exceed our estimates. We anticipate financing future acquisitions
      and renovations through a combination of advances under lines of credit
      and other forms of secured or unsecured financing. If new developments
      are financed through construction loans, there is a risk that, upon completion
      of construction, permanent financing for newly developed properties may
      not be available or may be available only on disadvantageous terms.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">In addition to acquisitions, we
      periodically consider developing, redeveloping and constructing office
      buildings and other commercial properties. Risks associated with development,
      redevelopment and construction activities include:</font></p>
</div>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">the unavailability of favorable financing;</font></td>
</tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">the abandonment of such activities prior to completion;</font></td>
</tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">construction costs exceeding original estimates;</font></td>
</tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">construction and lease-up delays resulting in increased debt service expense and construction costs; and</font></td>
</tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">insufficient occupancy rates and rents at a newly completed property causing a property to be unprofitable.</font></td>
</tr>
</table>
  <p align="left"><font size="2" face="serif">Development and redevelopment activities
      are subject to risks relating to our inability to obtain, or delays in
      obtaining, all necessary zoning, land-use, building, occupancy and other
      required governmental and utility company authorizations.</font></p>
<p align="center"><font face="serif" size="2">6</font></p>
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<p align="left"><font size="2" face="serif"><b>Our indebtedness subjects us to additional risks</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif"><i>Debt Financing and Existing
        Debt Maturities.</i> We are subject to risks normally associated with
        debt financing, such as the insufficiency of cash flow to meet required
        payment obligations and the inability to refinance existing indebtedness.
        If our debt cannot be paid, refinanced or extended at maturity, in addition
        to our failure to repay our debt, we may not be able to make distributions
        to shareholders at expected levels or at all. Furthermore, if any refinancing
        is done at higher interest rates, the increased interest expense could
        adversely affect our cash flow and ability to make distributions to shareholders.
        In addition, if we do not meet our mortgage financings obligations, any
        properties securing such indebtedness could be foreclosed on, which would
        have a material adverse effect our cash flow and ability to make distributions
        and, depending on the number of properties foreclosed on, could threaten
        our continued viability.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif"><i>Risk of Rising Interest Rates
        and Variable Rate Debt.</i> Increases in interest rates on variable rate
        indebtedness would increase our interest expense, which could adversely
        affect our cash flow and ability to make distributions to shareholders.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif"><i>No Limitation on Debt.</i> Our
      organizational documents do not contain any limitation on our debt-to-total
      market capitalization ratio. Accordingly, our Board of Trustees could increase
      the Company&#146;s leverage without restriction. The increased debt service
      could adversely affect our cash flow and ability to make distributions
      and could increase the risk of default on our indebtedness.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Our status as a REIT is dependent on compliance with federal income tax requirements</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif"><i>Our failure to qualify as a
        REIT would have serious adverse consequences to our shareholders. </i>We
        believe that, since 1986, we have qualified for taxation as a REIT for
        federal income tax purposes. We plan to continue to meet the requirements
        for taxation as a REIT. Many of these requirements, however, are highly
        technical and complex. The determination that we are a REIT requires
        an analysis of various factual matters and circumstances that may not
        be totally within our control. For example, to qualify as a REIT, at
        least 95% of our gross income must come from certain sources that are
        itemized in the REIT tax laws. We are also required to distribute to
        shareholders at least 95% of our REIT taxable income (excluding capital
        gains). The fact that we hold our assets through the Operating Partnership
        and its subsidiaries further complicates the application of the REIT
        requirements. Even a technical or inadvertent mistake could jeopardize
        our REIT status. Furthermore, Congress and the IRS might change the tax
        laws and regulations, and the courts might issue new rulings that make
        it more difficult, or impossible, for the Company to remain qualified
        as a REIT. We do not believe, however, that any pending or proposed tax
        law changes would jeopardize our REIT status.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">To maintain REIT status, a REIT
      may not own more than 10% of the voting stock of any corporation, except
      for a qualified REIT subsidiary (which must be wholly-owned by the REIT)
      or another REIT. In order to comply with this rule, the Operating Partnership
      owns 5% of the voting common stock and all of the non-voting preferred
      stock of the Management Company. The Internal Revenue Service (&#147;IRS&#148;),
      however, could contend that the Operating Partnership&#146;s ownership
      of all of the non-voting preferred stock of the Management Company should
      be viewed as voting stock because of the Operating Partnership&#146;s substantial
      economic position in the Management Company. If successful in such a contention,
      the Company&#146;s status as a REIT would be lost and the Company would
      be subject to the consequences summarized below.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Arthur Andersen LLP, special tax
      advisor to the Company, has given us an opinion to the effect that, beginning
      with our taxable year ended December 31, 1986, we have been organized and
      have operated in conformity with the requirements for qualification and
      taxation as a REIT under the Code for each of our taxable years and that
      our current method of organization and operation will enable us to continue
      to so qualify. See &#147;Federal Income Tax Considerations &#150; General.&#148; The
      opinion of Arthur Andersen LLP is based on assumptions and factual representations
      made by us regarding our ability to meet the requirements for qualification
      as a REIT and the opinion of Pepper Hamilton LLP that the shares of preferred
      stock issued by the Management Company to the Operating Partnership do
      not constitute voting securities for purposes of the Investment Company
      Act of 1940. Such opinion is not binding on the IRS or any court. Moreover,
      Arthur Andersen LLP does not review or monitor our compliance with the
      requirements for REIT qualification on an ongoing basis. We cannot guarantee
      that we will be qualified and taxed as a REIT, because our qualification
      and taxation as a REIT will depend upon our ability to meet, on an ongoing
      basis, the requirements imposed under the Code.</font></p>
</div>

<p align="center"><font face="serif" size="2">7</font></p>
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<page>
<a name="p8"></a>
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<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">If we fail to qualify as a REIT,
      we would be subject to federal income tax at regular corporate rates. Also,
      unless the IRS granted us relief under certain statutory provisions, we
      would remain disqualified as a REIT for four years following the year we
      first failed to qualify. If we failed to qualify as a REIT, we would have
      to pay significant income taxes and would therefore have less money available
      for investments or for distributions to shareholders. This would likely
      have a significant adverse affect of the value of our securities. In addition,
      we would no longer be required to make any distributions to shareholders.
      See &#147;Federal Income Tax Considerations &#150; Failure to Qualify.&#148;</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif"><i>In order to make the distributions
        required to maintain our REIT status, we may need to borrow funds.</i> To
        obtain the favorable tax treatment associated with REIT qualification,
        we generally will be required to distribute to shareholders at least
        95% of our annual REIT taxable income (excluding net capital gain). In
        addition, we will be subject to tax on our undistributed net taxable
        income and net capital gain and a 4% nondeductible excise tax on the
        amount, if any, by which certain distributions paid by us with respect
        to any calendar year are less than the sum of 85% of our ordinary income
        plus 95% of our capital gain net income for the calendar year, plus certain
        undistributed amounts from prior years.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">We intend to make distributions
      to shareholders to comply with the distribution provisions of the Code
      and to avoid income and other taxes. Our income will consist primarily
      of our share of the income of the Operating Partnership and our cash flow
      will consist primarily of our share of distributions from the Operating
      Partnership. Differences in timing between the receipt of income and the
      payment of expenses in arriving at taxable income (of the Company or the
      Operating Partnership) and the effect of required debt amortization payments
      could require us to borrow funds on a short-term basis or liquidate funds
      on adverse terms to meet the REIT qualification distribution requirements.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The failure of the Operating Partnership
      (or a subsidiary partnership) to be treated as a partnership would have
      serious adverse consequences to our shareholders. If the IRS were to successfully
      challenge the tax status of the Operating Partnership or any of its subsidiary
      partnerships for federal income tax purposes, the Operating Partnership
      or the affected subsidiary partnership would be taxable as a corporation.
      In such event, we would cease to qualify as a REIT and the imposition of
      a corporate tax on the Operating Partnership or a subsidiary partnership
      would reduce the amount of cash available for distribution from such partnership
      to us and our shareholders. See &#147;Federal Income Tax Considerations &#150; Income
      Taxation of the Operating Partnership, the Title Holding Partnerships and
      Their Partners.&#148;</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif"><i>We do pay some taxes</i>. Even
      if we qualify as a REIT, we are required to pay certain federal, state
      and local taxes on our income and property. In addition, the Management
      Company is subject to federal, state and local income tax at regular corporate
      rates on its net taxable income derived from its management, leasing and
      related service business. If we have net income from a prohibited transaction,
      such income will be subject to a 100% tax. See &#147;Federal Income Tax
      Considerations &#150; Taxation of the Company as a REIT.&#148;</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif"><i>We own a subsidiary REIT.</i> One
      of our subsidiaries, Atlantic American Properties Trust (&#147;AAPT&#148;),
      that indirectly holds approximately 35 of the Properties, elected to be
      taxed as a REIT for the tax year ended December 31, 1997. So long as we
      seek to maintain AAPT&#146;s REIT status, AAPT will be subject to all the
      requirements and risks associated with maintaining REIT status summarized
      above, including the limitation on the ownership of more than 10% of the
      voting securities of any corporation (other than a qualified REIT subsidiary
      or another REIT). AAPT indirectly owns non-voting common stock issued by
      a corporation which is neither a qualified REIT subsidiary nor a REIT.</font></p>
</div>

<p align="center"><font face="serif" size="2">8</font></p>
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<p align="left"><font size="2" face="serif"><b>Environmental problems are possible and may be costly</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Federal, state and local laws,
      ordinances and regulations may require a current or previous owner or operator
      of real estate to investigate and clean up hazardous or toxic substances
      or releases at such property. The owner or operator may be forced to pay
      for property damage and for investigation and clean-up costs incurred by
      others in connection with environmental contamination. Such laws typically
      impose clean-up responsibility and liability without regard to whether
      the owner or operator knew of or caused the presence of the contaminants.
      Even if more than one person may have been responsible for the contamination,
      each person covered by the environmental laws may be held responsible for
      all of the clean-up costs incurred. In addition, third parties may sue
      the owner or operator of a site for damages and costs resulting from environmental
      contamination emanating from that site. These costs may be substantial
      and the presence of such substances may adversely affect the owner&#146;s
      ability to sell or rent such property or to borrow using such property
      as collateral.</font></p>
  <p align="left"><font size="2" face="serif">Independent environmental consultants
      have conducted a standard Phase I or similar general environmental site
      assessment (&#147;ESA&#148;) of each of our Properties to identify potential
      sources of environmental contamination and assess environmental regulatory
      compliance. For a number of the Properties, the Phase I ESA either referenced
      a prior Phase II ESA obtained on such Property or prompted us to have a
      Phase II ESA of such Property conducted. A Phase II ESA generally involves
      invasive procedures, such as soil sampling and testing or the installation
      and monitoring of groundwater wells. While the ESAs conducted have identified
      environmental contamination on a few of the Properties, they have not revealed
      any environmental contamination, liability or compliance concern that we
      believe would have a material adverse effect on our cash flow or ability
      to make distributions to shareholders.</font></p>
  <p align="left"><font size="2" face="serif">It is possible that the existing
      ESAs relating to the Properties do not reveal all environmental contaminations,
      liabilities or compliance concerns which currently exist. In addition,
      future properties which we acquire may be subject to environmental conditions.</font></p>
</div>
<p align="left"><font size="2" face="serif"><b>Some potential losses are not covered by insurance</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">We carry comprehensive liability,
      fire, extended coverage and rental loss insurance on all of our Properties.
      We believe the policy specifications and insured limits of these policies
      are adequate and appropriate. There are, however, certain types of losses,
      such as lease and other contract claims, that generally are not insured.
      Should an uninsured loss or a loss in excess of insured limits occur, we
      could lose all or a portion of the capital we have invested in a property,
      as well as the anticipated future revenue from the property. In such an
      event, we might nevertheless remain obligated for any mortgage debt or
      other financial obligations related to the property.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>We do not control the Management Company</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">While we own substantially all
      (95%) of the economic interest in the Management Company, to maintain our
      REIT qualification, certain of the executive officers of the Company indirectly
      hold 95% of the voting common stock of the Management Company. Therefore,
      we do not control the timing or amount of distributions by, or the management
      and operation of, the Management Company. As a result, decisions relating
      to the payment of distributions by, and the business policies and operations
      of, the Management Company could be adverse to our interests.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>The Board of Trustees may change our policies without shareholder approval</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Board of Trustees controls
      our policies concerning investment, financing, borrowing and distribution,
      as well as, our operational and growth activities. The Board of Trustees
      may amend or revise such policies or activities without notice to, or a
      vote of, our shareholders. Such amendments or revisions may not fully serve
      the interests of all shareholders and could adversely affect our distributions,
      financial condition, results of operations or the market price of the Common
      Shares.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>We are dependent upon our key personnel</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">We are dependent upon the efforts
      of our executive officers, particularly Anthony A. Nichols, Sr. and Gerard
      H. Sweeney. The loss of their services could have an adverse affect on
      our operations. Although we have employment agreements with Messrs. Nichols
      and Sweeney, such agreements do not restrict their ability to become employed
      by a competitor following the termination of their employment with us.</font></p>
</div>

<p align="center"><font face="serif" size="2">9</font></p>
<hr noshade align="center" width="100%" size="2">
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<p align="left"><font size="2" face="serif"><b>Certain limitations exist with respect to a third party&#146;s ability to acquire us or effectuate a change in control</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif"><i>Limitations imposed to protect
        our REIT status.</i> In order to protect us against loss of our REIT
        status, our Declaration of Trust limits any shareholder from owning more
        than 9.8% in value of our outstanding shares, subject to certain exceptions.
        If you or anyone else acquires shares in excess of the ownership limit,
        we may:</font></p>
</div>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">consider the transfer to be null and void;</font></td>
</tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">not reflect the transaction on our books;</font></td>
</tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">institute legal action to stop the transaction;</font></td>
</tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">not pay dividends or other distributions with respect to those shares;</font></td>
</tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">not recognize any voting rights for those shares; and</font></td>
</tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%"><font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">consider the shares held in trust for the benefit of a person to whom such shares may be transferred.</font></td>
</tr>
</table>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif"><i>Limitation due to our ability to issue preferred
      shares.</i> Our Declaration of Trust authorizes the Board of Trustees to issue
      Preferred
    Shares. The Board of Trustees may establish the preferences and rights of
    any Preferred Shares issued which could have the effect of delaying or preventing
    someone from taking control of us, even if a change in control were in our
    shareholders&#146; best interests.</font></p>
  <p align="left"><font size="2" face="serif"><i>Limitations imposed by the Business
        Combination Law</i>. The Maryland General Corporation Law (the &#147;MGCL&#148;),
        as applicable to Maryland real estate investment trusts, establishes
        special restrictions against &#147;business combinations&#148; between
        a Maryland real estate investment trust and &#147;interested shareholders&#148; or
        their affiliates unless an exemption is applicable. An interested shareholder
        includes a person who beneficially owns, and an affiliate or associate
        of the trust who, at any time within the two-year period prior to the
        date in question, was the beneficial owner of, ten percent or more of
        the voting power of our then-outstanding voting shares. Among other things,
        the law prohibits (for a period of five years) a merger and certain other
        transactions between the trust and an interested shareholder unless the
        board of trustees approved the transaction before the party became an
        interested shareholder. The five-year period runs from the most recent
        date on which the interested shareholder became an interested shareholder.
        Thereafter, any such business combination must be recommended by the
        board of trustees and approved by two super-majority shareholder votes
        unless, among other conditions, the trust&#146;s common shareholders
        receive a minimum price for their shares and the consideration is received
        in cash or in the same form as previously paid by the interested shareholder
        for its shares or unless the board of trustees approved the transaction
        before the party in question became an interested shareholder. The business
        combination statute could have the effect of discouraging offers to acquire
        us and of increasing the difficulty of consummating any such offers,
        even if our acquisition would be in our shareholders&#146; best interests.</font></p>
  <p align="left"><font size="2" face="serif">We have exempted any business combination
      involving SSI, The Nichols Company (&#147;TNC&#148;), the Commonwealth
      of Pennsylvania State Employees&#146; Retirement System (&#147;SERS&#148;)
      and a voting trust established for its benefit (the &#147;SERS Voting Trust&#148;),
      Morgan Stanley Asset Management Inc. and two funds (the &#147;Morgan Stanley
      Funds&#148;) managed by it, Lazard Freres Real Estate Investors, L.L.C.
      (&#147;Lazard&#148;), Gerard H. Sweeney (the Company&#146;s President and
      Chief Executive Officer) and any of their respective affiliates or associates.
      As a result, these entities and Mr. Sweeney and their affiliates and associates
      (including Anthony A. Nichols, Sr., the Company&#146;s Chairman of the
      Board) may be able to enter into business combinations with the Company
      which may not be in the best interest of the shareholders.</font></p>
  <p align="left"><font size="2" face="serif"><i>Limitations imposed by the Maryland
        Control Share Statute</i>. The Maryland General Corporation Law provides
        that &#147;control shares&#148; of a Maryland real estate investment
        trust acquired in a &#147;control share acquisition&#148; have no voting
        rights except to the extent approved by a vote of two-thirds of the votes
        entitled to be cast on the matter, excluding shares of beneficial interest
        owned by the acquiror, by officers or by trustees who are employees of
        the trust. If voting rights are not approved at a meeting of shareholders
        or if the acquiring person does not deliver an acquiring person statement
        as required by the statute, then, subject to certain conditions and limitations,
        the trust may redeem any or all of the control shares (except those for
        which voting rights have previously been approved) for fair value. If
        voting rights for control shares are approved at a shareholders meeting
        and the acquiror becomes entitled to vote a majority of the shares entitled
        to vote, all other shareholders may exercise appraisal rights. The control
        share statute could have the effect of discouraging offers to acquire
        us and of increasing the difficulty of consummating any such offers,
        even if our acquisition would be in our shareholders&#146; best interests.</font></p>
</div>
<p align="center"><font face="serif" size="2">10</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p11"></a>
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<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">We have exempted acquisitions by
      SSI, TNC, SERS, the SERS Voting Trust, Morgan Stanley Asset Management
      Inc., the Morgan Stanley Funds and any current of future affiliate or associate
      of theirs from the control shares statute. As a result, these entities
      will be able to possess voting power not generally available to other persons.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Sales of a substantial number of Common Shares, or the perception that such sales could occur, could adversely affect prevailing prices for the Common Shares</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">As of December 1, 1998, we had
      reserved: (i) 4,955,107 Common Shares for issuance upon redemption of Operating
      Partnership Units, (ii)&nbsp;3,005,808 Common Shares for issuance upon
      exercise of outstanding options and warrants and (iii) 1,415,094 Common
      Shares for issuance upon the conversion or redemption of the Company&#146;s
      Series A Preferred Shares. Our Declaration of Trust permits the Board of
      Trustees to increase the aggregate number of authorized shares of any class
      without shareholder approval. We cannot predict the effect that future
      sales of Company securities, or the perception that such sales could occur,
      will have on the market price of the Common Shares.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>The Issuance of Preferred Shares may adversely affect the rights of holders of Common Shares</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Because the Board of Trustees has
      the power to establish the preferences and rights of each class or series
      of Preferred Shares, it may afford the holders in any series or class of
      Preferred Shares preferences, distributions, powers and rights, voting
      or otherwise, senior to the rights of holders of Common Shares.</font></p>
</div>

<p align="center"><font size="2" face="serif"><b><a name="#p11a"></a>RATIOS OF EARNINGS TO COMBINED FIXED<br>CHARGES AND PREFERRED SHARE DISTRIBUTIONS</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The following table sets forth
      the ratios of earnings to combined fixed charges and preferred share distributions
      for the Company for each of the five years ended December&nbsp;31, 1997,
      1996, 1995, 1994 and 1993 and for the nine months ended September&nbsp;30,
      1998 and 1997.</font></p>
</div>

<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr align="center" valign="bottom" bgcolor="#FFFFFF">
<td colspan="15"><font size="2" face="serif">Brandywine Realty Trust<br>
  Computation of Ratio of Earnings to Combined Fixed Charges<br>and Preferred Share Distributions<br>(in thousands)</font></td>
</tr>
<tr align="center" valign="top" bgcolor="#FFFFFF">
  <td>&nbsp;</td>
  <td valign="bottom">&nbsp;</td>
  <td colspan="9" align="center" valign="bottom">&nbsp;</td>
  <td valign="bottom">&nbsp;</td>
  <td colspan="3" align="center" valign="bottom">&nbsp;</td>
</tr>
<tr align="center" valign="top" bgcolor="#FFFFFF">
<td><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" valign="bottom">&nbsp;</td>
<td colspan="9" align="center" valign="bottom"><b><font size="1" face="serif">For
    the years ended December 31,</font></b></td>
<td width="2%" valign="bottom">&nbsp;</td>
<td colspan="3" align="center" valign="bottom"><b><font size="1" face="serif">For the nine months ended
    September&nbsp;30,</font></b></td>
</tr>
<tr align="center" valign="top">
<td></td>
<td width="2%" valign="bottom"></td>
<td colspan="9" align="center" valign="bottom"><hr noshade size="1"></td>
<td width="2%" valign="bottom"></td>
<td colspan="3" align="center" valign="bottom"><hr noshade size="1"></td>
</tr>
<tr align="center" valign="top" bgcolor="#ffffff">
<td><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" valign="bottom">&nbsp;</td>
<td width="6%" align="center" valign="bottom"><b><font size="1" face="serif">1993</font></b></td>
<td width="2%" valign="bottom">&nbsp;</td>
<td width="6%" align="center" valign="bottom"><b><font size="1" face="serif">1994</font></b></td>
<td width="2%" valign="bottom">&nbsp;</td>
<td width="6%" align="center" valign="bottom"><b><font size="1" face="serif">1995</font></b></td>
<td width="2%" valign="bottom">&nbsp;</td>
<td width="6%" align="center" valign="bottom"><b><font size="1" face="serif">1996</font></b></td>
<td width="2%" valign="bottom">&nbsp;</td>
<td width="6%" align="center" valign="bottom"><b><font size="1" face="serif">1997</font></b></td>
<td width="2%" valign="bottom">&nbsp;</td>
<td width="6%" align="center" valign="bottom"><b><font size="1" face="serif">1997</font></b></td>
<td width="2%" valign="bottom">&nbsp;</td>
<td width="6%" align="center" valign="bottom"><b><font size="1" face="serif">1998</font></b></td>
</tr>
<tr valign="top">
<td></td>
<td width="2%" valign="bottom"></td>
<td width="6%" align="center" valign="bottom"><hr noshade size="1"></td>
<td width="2%" valign="bottom"></td>
<td width="6%" align="center" valign="bottom"><hr noshade size="1"></td>
<td width="2%" valign="bottom"></td>
<td width="6%" align="center" valign="bottom"><hr noshade size="1"></td>
<td width="2%" valign="bottom"></td>
<td width="6%" align="center" valign="bottom"><hr noshade size="1"></td>
<td width="2%" valign="bottom"></td>
<td width="6%" align="center" valign="bottom"><hr noshade size="1"></td>
<td width="2%" valign="bottom"></td>
<td width="6%" align="center" valign="bottom"><hr noshade size="1"></td>
<td width="2%" valign="bottom"></td>
<td width="6%" align="center" valign="bottom"><hr noshade size="1"></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Fixed Charge Coverage Ratio (1)</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="6%" align="center" valign="bottom"><font size="2" face="serif">N/A(2)</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="6%" align="center" valign="bottom"><font size="2" face="serif">(3)</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="6%" align="center" valign="bottom"><font size="2" face="serif">(3)</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="6%" align="center" valign="bottom"><font size="2" face="serif">(3)</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="6%" align="center" valign="bottom"><font size="2" face="serif">2.71</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="6%" align="center" valign="bottom"><font size="2" face="serif">2.53</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="6%" align="center" valign="bottom"><font size="2" face="serif">2.36</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="6%" align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="6%" align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="6%" align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="6%" align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="6%" align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="6%" align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="6%" align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
</tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"><font size="2" face="serif">(1)</font></td>
<td align="left">
<font size="2" face="serif"> The fixed charge coverage ratio represents the number of times fixed charges were covered by earnings.  The ratio is computed by dividing fixed charges and preferred share distributions into earnings before extraordinary items, plus fixed charges.  Fixed charges include interest expense and amortization of debt issuance costs.</font></td>
</tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"><font size="2" face="serif">(2)</font></td>
<td align="left">
<font size="2" face="serif"> Ratio cannot be computed as there were no fixed charges during fiscal year 1993.</font></td>
</tr>
</table>
<p align="center"><font face="serif" size="2">11</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p12"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="3%"><font size="2" face="serif">(3)</font></td>
<td align="left">
<font size="2" face="serif"> Ratio calculated to be less than one-to-one coverage.  The amount of the deficiency to cover fixed charges is $563,000, $824,000 and $1,841,000 for the years 1996, 1995 and 1994, respectively.</font></td>
</tr>
</table>
<p align="center"><font size="2" face="serif"><b><a name="#p12a"></a>USE OF PROCEEDS</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Unless otherwise indicated in the
      accompanying prospectus supplement, the Company will contribute or otherwise
      transfer the net proceeds of any sale of any of its securities hereunder
      to the Operating Partnership in exchange for additional partnership interests
      in the Operating Partnership, the economic terms of which will be substantially
      identical to the Securities sold. The Operating Partnership will use such
      net proceeds for general business purposes including, without limitation,
      the repayment of certain outstanding debt and the acquisition of office
      and industrial properties.</font></p>
</div>
<p align="center"><font size="2" face="serif"><b><a name="#p12b"></a>DESCRIPTION OF SHARES OF BENEFICIAL INTEREST</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The following summary of the terms
      of the shares of beneficial interest of the Company does not purport to
      be complete and is subject to and qualified in its entirety by reference
      to the Declaration of Trust and Bylaws of the Company, as amended, which
      are incorporated by reference into the Registration Statement of which
      this Prospectus is a part.</font></p>
</div>
<p align="left"><font size="2" face="serif"><b>General</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Declaration of Trust of the
      Company provides that the Company is authorized to issue up to 105,000,000
      shares of beneficial interest of the Company (&#147;Shares&#148;), consisting
      of 100,000,000 Common Shares and 5,000,000 Preferred Shares. Seven hundred
      and fifty thousand of the Preferred Shares are designated as 7.25% Series
      A Cumulative Convertible Preferred Shares and are referred to in this Prospectus
      as the Series A Preferred Shares. The Declaration of Trust may be amended
      by the Board of Trustees, without shareholder approval, to increase or
      decrease the aggregate number of authorized Shares of any class except
      for the Series A Preferred Shares. The authorized Common Shares and undesignated
      Preferred Shares are available for future issuance without further action
      by the Company&#146;s shareholders, unless such action is required by applicable
      law, the rules of any stock exchange or automated quotation system on which
      the Company&#146;s securities may be listed or traded or pursuant to the
      preferential rights of Series A Preferred Shares.</font></p>
  <p align="left"><font size="2" face="serif">Both Maryland statutory law governing
      real estate investment trusts organized under Maryland law (the &#147;Maryland
      REIT Law&#148;) and the Company&#146;s Declaration of Trust provide that
      no shareholder of the Company will be personally liable, by reason of his
      status as a shareholder of the Company, for any obligation of the Company.
      The Company&#146;s Bylaws further provide that the Company shall indemnify
      any shareholder or former shareholder against any claim or liability to
      which such shareholder may become subject by reason of his being or having
      been a shareholder, and that the Company shall reimburse each shareholder
      who has been successful, on the merits or otherwise, in the defense of
      a proceeding to which he has been made a party by reason of his status
      as such for all reasonable expenses incurred by him in connection with
      any such claim or liability. In addition, it is a requirement of the Declaration
      of Trust that all written contracts to which the Company is a party shall
      include a provision to the effect that shareholders shall not be personally
      liable thereon.</font></p>
  <p align="left"><font size="2" face="serif">The Declaration of Trust provides
      that, subject to the provisions of any class or series of preferred shares
      then outstanding (including the Series A Preferred Shares) and to the mandatory
      provisions of applicable law, the shareholders are entitled to vote only
      on the following matters: (i) election or removal of Trustees; (ii) amendment
      of the Declaration of Trust (other than an amendment to increase or decrease
      the aggregate number of authorized Shares of any class); (iii) a determination
      by the Trust to invest in commodities contracts (other than interest rate
      futures intended to hedge the Company against interest rate risk), engage
      in securities trading (as compared to investment) activities or hold properties
      primarily for sale to customers in the ordinary course of business; and
      (iv) a merger of the Company with another entity. Except with respect to
      the foregoing, no action taken by the shareholders of the Company at any
      meeting shall in any way bind the Board of Trustees. For a description
      of the rights and preferences of the Series A Preferred Shares, see &#147;&#150; Classification
      or Reclassification of Preferred Shares &#150; Series A Preferred Shares.&#148;</font></p>
</div>
<p align="center"><font face="serif" size="2">12</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p13"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="left"><font size="2" face="serif"><b>Transfer Agent and Registrar</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The transfer agent and registrar
      for the Common Shares is The Bank of New York.</font></p>
</div>
<p align="left"><font size="2" face="serif"><b>Shares</b></font></p>
<div style="text-indent: 2%">
  <p align="left"><font size="2" face="serif"><i>Common Shares of Beneficial
        Interest</i></font></p>
</div>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Each outstanding Common Share entitles
      the holder thereof to one vote on all matters submitted to a vote of shareholders,
      including the election of Trustees. There is no cumulative voting in the
      election of Trustees, which means that, subject to (i) the voting rights
      of the Series A Preferred Shares and (ii) such voting rights as may be
      granted by the Board of Trustees in connection with the issuances of additional
      classes of Preferred Shares, the holders of a majority of the outstanding
      Common Shares can elect all of the Trustees then standing for election.
      Subject to (i) the preferential rights of the Series A Preferred Shares
      and (ii) such preferential rights as may be granted by the Board of Trustees
      of the Company in connection with the future issuances, of additional classes
      of Preferred Shares, holders of Common Shares are entitled to such distributions
      as may be authorized and declared from time to time by the Board of Trustees
      out of funds legally available therefor.</font></p>
  <p align="left"><font size="2" face="serif">Holders of Common Shares have no
      conversion, exchange, redemption or preemptive rights to subscribe to any
      securities of the Company. All outstanding Common Shares will be fully
      paid and nonassessable. In the event of any liquidation, dissolution or
      winding-up of the affairs of the Company, subject to (i) the preferential
      rights of the Series A Preferred Shares and (ii) such preferential rights
      as may be granted by the Board of Trustees of the Company in connection
      with the future issuances of additional classes of Preferred Shares, holders
      of Common Shares will be entitled to share ratably in the assets of the
      Company remaining after provision for payment of liabilities to creditors.
      All Common Shares have equal dividend, distribution, liquidation and other
      rights.</font></p>
</div>
<div style="text-indent: 2%">
  <p align="left"><font size="2" face="serif"><i>Preferred Shares of Beneficial
        Interest</i></font></p>
</div>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Preferred Shares authorized
      by the Company&#146;s Declaration of Trust may be issued from time to time
      in one or more series. Prior to the issuance of Preferred Shares of each
      such series, the Board of Trustees is required by the Maryland REIT Law
      and the Company&#146;s Declaration of Trust to set for each series the
      terms, preferences, conversion or other rights, voting powers, restrictions,
      limitations as to distributions, qualifications and terms or conditions
      of redemption, as are permitted by the Maryland REIT Law. Such rights,
      powers, restrictions and limitations could include the right to receive
      specified distributions and payments on liquidation prior to any such payments
      being made to the holders of Common Shares. Under certain circumstances,
      the issuance of Preferred Shares could have the effect of delaying, deferring
      or preventing a change of control of the Company and may adversely affect
      the voting and other rights of the holders of the Common Shares.</font></p>
</div>
<div style="text-indent: 2%">
  <p align="left"><font size="2" face="serif"><i>Classification or Reclassification
        of Preferred Shares</i></font></p>
</div>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Declaration of Trust authorizes
      the Trustees to classify or reclassify, in one or more series, any unissued
      Preferred Shares by setting or changing the number of Preferred Shares
      constituting such series and the designation, preferences, conversion or
      other rights, voting powers, restrictions, limitations as to distributions,
      qualifications or terms or conditions of redemption of such Preferred Shares.</font></p>
</div>
<p align="center"><font face="serif" size="2">13</font></p>
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<div style="page-break-before:always"></div>
<page>
<a name="p14"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif"><i>Series A Preferred Shares</i>.
      The Company currently has 750,000 Series A Preferred Shares issued and
      outstanding. Each Series A Preferred Share has a stated value (the &#147;Stated
      Value&#148;) of $50.00 and is convertible into Common Shares at the option
      of the holder at a conversion price (the &#147;Conversion Price&#148;)
      of $28.00. The Conversion Price will be reduced to $26.50 if the average
      closing price of the Common Shares during the 60-trading day period ending
      on December 31, 2003 is $23.00 or lower. At any time that the average market
      price of the Common Shares is equal to or greater than 120% of the Conversion
      Price for 60 consecutive trading days, the Company has the right to redeem
      all or any part of the outstanding Series A Preferred Shares for an amount
      in cash equal to the aggregate Stated Value of the Series A Preferred Shares
      to be redeemed (plus accrued and unpaid distributions) or for a number
      of Common Shares equal to the aggregate Stated Value of the Series A Preferred
      Shares to be redeemed divided by the Conversion Price (plus accrued and
      unpaid distributions). In addition, at any time on or after January 2,
      2004, the Company has the right to redeem all or any part of the outstanding
      Series A Preferred Shares for an amount in cash equal to the aggregate
      Stated Value of the Series A Preferred Shares to be redeemed (plus accrued
      and unpaid distributions) or, in the event that the average closing price
      of the Common Shares is equal to or greater than 110% of the Conversion
      Price for 60 consecutive trading days, for a number of Common Shares equal
      to the aggregate Stated Value of the Series A Preferred Shares to be redeemed
      divided by the Conversion Price (plus accrued and unpaid distributions).
      Each Series A Preferred Share accrues distributions, payable in cash and
      prior to the payment of any distribution on the Common Shares, in an amount
      equal to the greater of (i) $0.9063 per quarter (equivalent to $3.625 per
      annum) or (ii) the cash distributions paid or payable for the most recent
      quarter on the number of Common Shares into which a Series A Preferred
      Share is convertible. The holders of Series A Preferred Shares have no
      voting rights except (i) with respect to actions which would have a material
      and adverse effect on the rights of such holders and (ii) in the event
      quarterly distributions on the Series A Preferred Shares are in arrears
      for six or more quarters. In the event the quarterly distributions are
      so in arrears, the holders of the Series A Preferred Shares have the right,
      voting together as a single class with any other class of the Company&#146;s
      Preferred Shares ranking on a parity with the Series A Preferred Shares,
      to elect two additional members to the Board of Trustees. In the event
      of any liquidation, dissolution or winding-up of the affairs of the Company,
      the holders of the Series A Preferred Shares are entitled to receive from
      the assets remaining after provision for payment of liabilities to creditors
      an amount equal to the aggregate Stated Value of the Series A Preferred
      Shares then outstanding together with any accrued and unpaid distributions
      thereon prior to the distribution of any such assets to the holders of
      the Common Shares.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Preferred Shares</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The prospectus supplement relating
      to any Preferred Shares offered thereby will contain the specific terms
      thereof, including, without limitation:</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
      title and stated value of such Preferred Shares;</font></p>
  <p align="left"><font size="2" face="serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
      number of such Preferred Shares offered, the liquidation preference per
      share and the offering price of such Preferred Shares;</font></p>
  <p align="left"><font size="2" face="serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
      distribution rate(s), period(s) and /or payment date(s) or method(s) of
      calculation thereof applicable to such Preferred Shares;</font></p>
  <p align="left"><font size="2" face="serif">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
      date from which distributions on such Preferred Shares shall accumulate,
      if applicable;</font></p>
  <p align="left"><font size="2" face="serif">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
      procedures for any auction and remarketing, if any, for such Preferred
      Shares;</font></p>
  <p align="left"><font size="2" face="serif">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
      provision for a sinking fund, if any, for such Preferred Shares;</font></p>
  <p align="left"><font size="2" face="serif">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
      provision for redemption, if applicable, of such Preferred Shares;</font></p>
  <p align="left"><font size="2" face="serif">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any
      listing of such Preferred Shares on any securities exchange;</font></p>
  <p align="left"><font size="2" face="serif">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
      terms and conditions, if applicable, upon which such Preferred Shares will
      be convertible into Common Shares of the Company, including the conversion
      price (or manner of calculation thereof);</font></p>
  <p align="left"><font size="2" face="serif">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whether
      interests in such Preferred Shares will be represented by Depositary Shares;</font></p>
  <p align="left"><font size="2" face="serif">(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any
      other specific terms, preferences, rights, limitations or restrictions
      of such Preferred Shares;</font></p>
  <p align="left"><font size="2" face="serif">(12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A
      discussion of all material federal income tax considerations, if any, applicable
      to such Preferred Shares that are not discussed in this Prospectus;</font></p>
  <p align="left"><font size="2" face="serif">(13)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
      relative ranking and preferences of such Preferred Shares as to distribution
      rights and rights upon liquidation, dissolution or winding up of the affairs
      of the Company;</font></p>
</div>
<p align="center"><font size="2" face="serif">14</font></p>
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<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">(14)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any
      limitations on issuance of any series of Preferred Shares ranking senior
      to or on a parity with such series of Preferred Shares as to distribution
      rights and rights upon liquidation, dissolution or winding up of the affairs
      of the Company; and</font></p>
  <p align="left"><font size="2" face="serif">(15)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any
      limitations on direct or beneficial ownership and restrictions on transfer,
      in each case as may be appropriate to preserve the status of the Company
      as a REIT.</font></p>
</div>
<p align="left"><font size="2" face="serif"><b>Restrictions on Transfer</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">For the Company to qualify as a
      REIT under the Code, not more than 50% in value of its outstanding Shares
      may be owned, directly or indirectly, by five or fewer individuals (defined
      in the Code to include certain entities such as qualified pension plans)
      during the last half of a taxable year and Shares must be beneficially
      owned by 100 or more persons during at least 335 days of a taxable year
      of twelve months (or during a proportionate part of a shorter taxable year).</font></p>
  <p align="left"><font size="2" face="serif">Because the Board of Trustees believes
      it is at present essential for the Company to continue to qualify as a
      REIT, the Declaration of Trust, subject to certain exceptions, contains
      provisions that restrict the number of Shares that a person may own and
      that are designed to safeguard the Company against an inadvertent loss
      of REIT status. In order to prevent any shareholder from owning Shares
      in an amount that would cause more than 50% in value of the outstanding
      Shares to be held by five or fewer individuals, the Board, pursuant to
      authority granted in the Declaration of Trust, has passed a resolution
      that, subject to certain exceptions described below, provides that no person
      may own, or be deemed to own by virtue of the attribution provisions of
      the Code, more than 9.8% in value of the outstanding Shares, except for
      Safeguard Scientifics, Inc. (&#147;SSI&#148;) which, pursuant to a separate
      agreement with the Company, may own no more than 14.75% in value of the
      outstanding Shares (the &#147;Ownership Limit&#148;). The Board of Trustees,
      subject to limitations, retains the authority to effect additional increases
      to, or establish exemptions from, the Ownership Limit. The Board of Trustees,
      pursuant to authority granted in the Declaration of Trust, has passed resolutions
      that provide that, (i) for purposes of determining applicable ownership
      limitations (a) the beneficiaries of SERS (in accord with their actuarial
      interests therein), and not SERS or the SERS Voting Trust, shall be deemed
      the direct owners of Shares held by the SERS Voting Trust and, (b) the
      owners of the Morgan Stanley Funds (in proportion to their ownership therein),
      and not such Morgan Stanley Funds nor a related entity, shall be deemed
      the direct owners of Shares held by such Morgan Stanley Funds and (ii)
      exempt Lazard (and their permitted transferees) from the Ownership Limit,
      on the condition that, and for so long as, such holders comply with certain
      representations, warranties and agreements intended to ensure that no direct
      or indirect owner of Lazard owns more than 9.8% in value of the outstanding
      Shares.</font></p>
  <p align="left"><font size="2" face="serif">In addition, pursuant to the Declaration
      of Trust, no purported transfer of Shares may be given effect if it would
      result in ownership of all of the outstanding Shares by fewer than 100
      persons (determined without any reference to the rules of attribution)
      or result in the Company being &#147;closely held&#148; within the meaning
      of Section 856(h) of the Code (the &#147;Ownership Restrictions&#148;).
      In the event of a purported transfer or other event that would, if effective,
      result in the ownership of Shares in violation of the Ownership Limit or
      the Ownership Restrictions, such transfer would be deemed void ab initio
      and such Shares would automatically be exchanged for &#147;Excess Shares&#148; authorized
      by the Declaration of Trust, according to rules set forth in the Declaration
      of Trust, to the extent necessary to ensure that the purported transfer
      or other event does not result in the ownership of Shares in violation
      of the Ownership Limit or the Ownership Restrictions.</font></p>
  <p align="left"><font size="2" face="serif">Holders of Excess Shares are not
      entitled to voting rights (except to the extent required by law), dividends
      or distributions. If, after the purported transfer or other event resulting
      in an exchange of Shares for Excess Shares and prior to the discovery by
      the Company of such exchange, dividends or distributions are paid with
      respect to Shares that were exchanged for Excess Shares, then such dividends
      or distributions would be repayable to the Company upon demand. While outstanding,
      Excess Shares would be held in trust by the Company for the benefit of
      the ultimate transferee of an interest in such trust, as described below.
      While Excess Shares are held in trust, an interest in that trust may be
      transferred by the purported transferee or other purported holder with
      respect to such Excess Shares only to a person whose ownership of the Shares
      would not violate the Ownership Limit or the Ownership Restrictions, at
      which time the Excess Shares would be automatically exchanged for Shares
      of the same type and class as the Shares for which the Excess Shares were
      originally exchanged. The Declaration of Trust contains provisions that
      are designed to ensure that the purported transferee or other purported
      holder of the Excess Shares may not receive in return for such a transfer
      an amount that reflects any appreciation in the Shares for which such Excess
      Shares were exchanged during the period that such Excess Shares were outstanding.
      Any amount received by a purported transferee or other purported holder
      in excess of the amount permitted to be received would be required to be
      turned over to the Company.</font></p>
</div>
<p align="center"><font size="2" face="serif">15</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
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<a name="p16"></a>
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<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Declaration of Trust also provides
      that Excess Shares shall be deemed to have been offered for sale to the
      Company, or its designee, which shall have the right to accept such offer
      for a period of 90 days after the later of: (i) the date of the purported
      transfer or event which resulted in an exchange of Shares for such Excess
      Shares; and (ii) the date the Board of Trustees determines that a purported
      transfer or other event resulting in an exchange of Shares for such Excess
      Shares has occurred if the Company does not receive notice of any such
      transfer. The price at which the Company may purchase such Excess Shares
      would be equal to the lesser of: (i) in the case of Excess Shares resulting
      from a purported transfer for value, the price per share in the purported
      transfer that caused the automatic exchange for such Excess Shares or,
      in the case of Excess Shares resulting from some other event, the market
      price of such Shares on the date of the automatic exchange for Excess Shares;
      or (ii) the market price of such Shares on the date that the Company accepts
      such Excess Shares. Any dividend or distribution paid to a proposed transferee
      on Excess Shares prior to the discovery by the Company that such Shares
      have been transferred in violation of the provisions of the Declaration
      of Trust shall be repaid to the Company upon demand. If the foregoing restrictions
      are determined to be void or invalid by virtue of any legal decision, statute,
      rule or regulation, then the intended transferee or holder of any Excess
      Shares may be deemed, at the option of the Company, to have acted as an
      agent on behalf of the Company in acquiring or holding such Excess Shares
      and to hold such Excess Shares on behalf of the Company.</font></p>
  <p align="left"><font size="2" face="serif">The Trustees may waive the Ownership
      Restrictions if evidence satisfactory to the Trustees and the Company&#146;s
      tax counsel or tax accountants is presented showing that such waiver will
      not jeopardize the Company&#146;s status as a REIT under the Code. As a
      condition of such waiver, the Trustees may require that an intended transferee
      give written notice to the Company, furnish such opinions of counsel, affidavits,
      undertakings, agreements and information as may be required by the Trustees
      and/or an undertaking from the applicant with respect to preserving the
      status of the Company. The Ownership Restrictions will not apply if the
      Company determines that it no longer will attempt to qualify, or continue
      to qualify, as a REIT. Any transfer of Shares, or any security convertible
      into Shares that would: (i) create a direct or indirect ownership of Shares
      in excess of the Ownership Limit; or (ii) result in the violation of the
      Ownership Restrictions will be void with respect to the intended transferee
      and will result in Excess Shares as described above.</font></p>
  <p align="left"><font size="2" face="serif">Neither the Ownership Restrictions
      nor the Ownership Limit will be automatically removed even if the REIT
      provisions of the Code are changed so as no longer to contain any ownership
      concentration limitation or if the ownership concentration limitation is
      increased. Except as otherwise described above, any change in the Ownership
      Restrictions would require an amendment to the Declaration of the Trust.
      Amendments to the Declaration require the affirmative vote of holders owning
      not less than a majority of the outstanding Shares entitled to vote thereon.
      In addition to preserving the Company&#146;s status as a REIT, the Ownership
      Restrictions and the Ownership Limit may have the effect of precluding
      an acquisition of control of the Company without the approval of the Board
      of Trustees.</font></p>
  <p align="left"><font size="2" face="serif">All persons who own, directly or
      by virtue of the applicable attribution provisions of the Code, more than
      4.0% of the value of any class of outstanding Shares, must file an affidavit
      with the Company containing the information specified in the Declaration
      by January 31 of each year. In addition, each shareholder shall upon demand
      be required to disclose to the Company in writing such information with
      respect to the direct, indirect and constructive ownership of Shares as
      the Trustees deem necessary to comply with the provisions of the Code applicable
      to REITs, to comply with the requirements of any taxing authority or governmental
      agency or to determine any such compliance.</font></p>
  <p align="left"><font size="2" face="serif">The Ownership Limit could have
      the effect of delaying, deferring or preventing a transaction or a change
      in control of the Company that might involve a premium price for the Common
      Shares or otherwise be in the best interest of the shareholders of the
      Company.</font></p>
  <p align="left"><font size="2" face="serif">All certificates representing Shares
      that are hereafter issued will bear a legend referring to the restrictions
      and limitations described above.</font></p>
</div>
<p align="center"><font size="2" face="serif">16</font></p>
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<p align="center"><font size="2" face="serif"><b><a name="#p17a"></a>DESCRIPTION OF DEPOSITARY SHARES</b></font></p>
<p align="left"><font size="2" face="serif"><b>General</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Company may issue receipts
      (&#147;Depositary Receipts&#148;) for the Depository Shares, each of which
      will represent a fractional interest of a share of a particular series
      of Preferred Shares, as specified in the applicable prospectus supplement.
      Preferred Shares of each series represented by Depositary Shares will be
      deposited under a separate Deposit Agreement (each, a &#147;Deposit Agreement&#148;)
      among the Company, the depositary named therein (the &#147;Preferred Share
      Depositary&#148;) and the holders from time to time of the Depositary Receipts.
      Subject to the terms of the Deposit Agreement, each owner of a Depositary
      Receipt will be entitled, in proportion to the fractional interest of a
      share of a particular series of Preferred Shares represented by the Depositary
      Shares evidenced by such Depositary Receipt, to all the rights and preferences
      of the Preferred Shares represented by such Depositary Shares (including
      distribution, voting, conversion, redemption and liquidation rights).</font></p>
  <p align="left"><font size="2" face="serif">The Depositary Shares will be evidenced
      by Depositary Receipts issued pursuant to the applicable Deposit Agreement.
      Immediately following the issuance and delivery of the Preferred Shares
      by the Company to the Preferred Share Depositary, the Company will cause
      the Preferred Share Depositary to issue, on behalf of the Company, the
      Depositary Receipts. Copies of the applicable form of Deposit Agreement
      and Depositary Receipt may be obtained from the Company upon request, and
      the following summary of the form thereof filed as an exhibit to the Registration
      Statement of which this Prospectus is a part is qualified in its entirety
      by reference to these documents.</font></p>
</div>
<p align="left"><font size="2" face="serif"><b>Distributions</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Preferred Share Depositary
      will distribute all cash distributions received in respect of the Preferred
      Shares to the record holders of Depositary Receipts evidencing the related
      Depositary Shares in proportion to the number of such Depositary Receipts
      owned by such holders, subject to certain obligations of holders to file
      proofs, certificates and other information and to pay certain charges and
      expenses to the Preferred Share Depositary.</font></p>
  <p align="left"><font size="2" face="serif">In the event of a distribution
      other than in cash, the Preferred Share Depositary will distribute property
      received by it to the record holders of Depositary Receipts entitled to
      such distributions, subject to certain obligations of holders to file proofs,
      certificates and other information and to pay certain charges and expenses
      to the Preferred Share Depositary, unless the Preferred Share Depositary
      determines that it is not feasible to make such distribution, in which
      case the Preferred Share Depositary may, with the approval of the Company,
      sell such property and distribute the net proceeds from such sale to such
      holders.</font></p>
  <p align="left"><font size="2" face="serif">No distribution will be made in
      respect of any Depositary Share to the extent that it represents any Preferred
      Shares converted into Excess Shares.</font></p>
</div>
<p align="left"><font size="2" face="serif"><b>Withdrawal of Shares</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Upon surrender of the Depositary
      Receipts at the corporate trust office of the Preferred Share Depositary
      (unless the related Depositary Shares have previously been called for redemption
      or converted into Excess Shares), the holders thereof will be entitled
      to delivery at such office, to or upon such holder&#146;s order, of the
      number of whole or fractional Preferred Shares and any money or other property
      represented by the Depositary Shares evidenced by such Depositary Receipts.
      Holders of Depositary Receipts will be entitled to receive whole or fractional
      shares of the related Preferred Shares on the basis of the proportion of
      the Preferred Shares represented by each Depositary Share as specified
      in the applicable prospectus supplement, but holders of such Preferred
      Shares will not thereafter be entitled to receive Depositary Shares therefor.
      If the Depositary Receipts delivered by the holder evidence a number of
      Depositary Shares in excess of the number of Depositary Shares representing
      the number of Preferred Shares to be withdrawn, the Preferred Share Depositary
      will deliver to such holder at the same time a new Depositary Receipt evidencing
      such excess number of Depositary Shares.</font></p>
</div>
<p align="center"><font face="serif" size="2">17</font></p>
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<p align="left"><font size="2" face="serif"><b>Redemption of Depositary Shares</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Whenever the Company redeems Preferred
      Shares held by the Preferred Share Depositary, the Preferred Share Depositary
      will redeem as of the same redemption date the number of Depositary Shares
      representing the Preferred Shares so redeemed, provided the Company shall
      have paid in full to the Preferred Share Depositary the redemption price
      of the Preferred Shares to be redeemed plus an amount equal to any accrued
      and unpaid distributions thereon to the date fixed for redemption. The
      redemption price per Depositary Share will be equal to the redemption price
      and any other amounts per share payable with respect to the Preferred Shares.
      If fewer than all the Depositary Shares are to be redeemed, the Depositary
      Shares to be redeemed will be selected pro rata (as nearly as may be practicable
      without creating fractional Depositary Shares) or by any other equitable
      method determined by the Company that will not result in the issuance of
      any Excess Shares.</font></p>
  <p align="left"><font size="2" face="serif">From and after the date fixed for
      redemption, all distributions in respect of the Preferred Shares so called
      for redemption will cease to accrue, the Depositary Shares so called for
      redemption will no longer be deemed to be outstanding and all rights of
      the holders of the Depositary Receipts evidencing the Depositary Shares
      so called for redemption will cease, except the right to receive any monies
      payable upon such redemption and any money or other property to which the
      holders of such Depositary Receipts were entitled upon such redemption
      upon surrender thereof to the Preferred Share Depositary.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Voting of the Preferred Shares</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Upon receipt of notice of any meeting
      at which the holders of the Preferred Shares are entitled to vote, the
      Preferred Share Depositary will mail the information contained in such
      notice of meeting to the record holders of the Depositary Receipts evidencing
      the Depositary Shares which represent such Preferred Shares. Each record
      holder of Depositary Receipts evidencing Depositary Shares on the record
      date (which will be the same date as the record date for the Preferred
      Shares) will be entitled to instruct the Preferred Share Depositary as
      to the exercise of the voting rights pertaining to the amount of Preferred
      Shares represented by such holder&#146;s Depositary Shares. The Preferred
      Share Depositary will vote the amount of Preferred Shares represented by
      such Depositary Shares in accordance with such instructions, and the Company
      will agree to take all reasonable action which may be deemed necessary
      by the Preferred Share Depositary in order to enable the Preferred Share
      Depositary to do so. The Preferred Share Depositary will abstain from voting
      the amount of Preferred Shares represented by such Depositary Shares to
      the extent it does not receive specific instructions from the holders of
      Depositary Receipts evidencing such Depositary Shares. The Preferred Share
      Depositary shall not be responsible for any failure to carry out any instruction
      to vote, or for the manner or effect of any such vote made, as long as
      any such action or non-action is in good faith and does not result from
      negligence or willful misconduct of the Preferred Share Depositary.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Liquidation Preference</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">In the event of the liquidation,
      dissolution or winding up of the Company, whether voluntary or involuntary,
      the holders of each Depositary Receipt will be entitled to the fraction
      of the liquidation preference accorded each Preferred Share represented
      by the Depositary Share evidenced by such Depositary Receipt, as set forth
      in the applicable prospectus supplement.</font></p>
</div>
<p align="left"><font size="2" face="serif"><b>Conversion of Preferred Shares</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Depositary Shares, as such,
      are not convertible into Common Shares or any other securities or property
      of the Company, except in connection with certain conversions in connection
      with the preservation of the Company&#146;s status as a REIT. Nevertheless,
      if so specified in the applicable prospectus supplement relating to an
      offering of Depositary Shares, the Depositary Receipts may be surrendered
      by holders thereof to the Preferred Share Depositary with written instructions
      to the Preferred Share Depositary to instruct the Company to cause conversion
      of the Preferred Shares represented by the Depositary Shares evidenced
      by such Depositary Receipts into whole Common Shares, other Preferred Shares
      (including Excess Shares) of the Company or other shares of beneficial
      interest, and the Company has agreed that upon receipt of such instructions
      and any amounts payable in respect thereof, it will cause the conversion
      thereof utilizing the same procedures as those provided for delivery of
      Preferred Shares to effect such conversion. If the Depositary Shares evidenced
      by a Depositary Receipt are to be converted in part only, a new Depositary
      Receipt or Receipts will be issued for any Depositary Shares not to be
      converted. No fractional Common Shares will be issued upon conversion,
      and if such conversion will result in a fractional share being issued,
      an amount will be paid in cash by the Company equal to the value of the
      fractional interest based upon the closing price of the Common Shares on
      the last business day prior to the conversion.</font></p>
</div>

<p align="center"><font face="serif" size="2">18</font></p>
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<p align="left"><font size="2" face="serif"><b>Amendment and Termination of the Deposit Agreement</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The form of Depositary Receipt
      evidencing the Depositary Shares which represent the Preferred Shares and
      any provision of the Deposit Agreement may at any time be amended by agreement
      between the Company and the Preferred Share Depositary. However, any amendment
      that materially and adversely alters the rights of the holders of Depositary
      Receipts or that would be materially and adversely inconsistent with the
      rights granted to the holders of the related Preferred Shares will not
      be effective unless such amendment has been approved by the existing holders
      of at least a majority of the Depositary Shares evidenced by the Depositary
      Receipts then outstanding. No amendment shall impair the right, subject
      to certain exceptions in the Depositary Agreement, of any holder of Depositary
      Receipts to surrender any Depositary Receipt with instructions to deliver
      to the holder the related Preferred Shares and all money and other property,
      if any, represented thereby, except in order to comply with law. Every
      holder of an outstanding Depositary Receipt at the time any such amendment
      becomes effective shall be deemed, by continuing to hold such Depositary
      Receipt, to consent and agree to such amendment and to be bound by the
      Deposit Agreement as amended thereby.</font></p>
  <p align="left"><font size="2" face="serif">The Deposit Agreement may be terminated
      by the Company upon not less than 30 days&#146; prior written notice to
      the Preferred Share Depositary if: (i) such termination is necessary to
      assist in maintaining the Company&#146;s status as a REIT or (ii) a majority
      of each series of Preferred Shares affected by such termination consents
      to such termination, whereupon the Preferred Share Depositary shall deliver
      or make available to each holder of Depositary Receipts, upon surrender
      of the Depositary Receipts held by such holder, such number of whole or
      fractional Preferred Shares as are represented by the Depositary Shares
      evidenced by such Depositary Receipts together with any other property
      held by the Preferred Share Depositary with respect to such Depositary
      Receipts. The Company has agreed that if the Deposit Agreement is terminated
      to assist in maintaining the Company&#146;s status as a REIT, then, if
      the Depositary Shares are listed on a national securities exchange, the
      Company will use its best efforts to list the Preferred Shares issued upon
      surrender of the related Depositary Shares on a national securities exchange.
      In addition, the Deposit Agreement will automatically terminate if: (i)
      all outstanding Depositary Shares shall have been redeemed, (ii) there
      shall have been a final distribution in respect of the related Preferred
      Shares in connection with any liquidation, dissolution or winding up of
      the Company and such distribution shall have been distributed to the holders
      of Depositary Receipts evidencing the Depositary Shares representing such
      Preferred Shares or (iii) each share of the related Preferred Shares shall
      have been converted into shares of beneficial interest of the Company not
      so represented by Depositary Shares.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Charges of Preferred Share Depositary</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Company will pay all transfer
      and other taxes and governmental charges arising solely from the existence
      of the Deposit Agreement. In addition, the Company will pay the fees and
      expenses of the Preferred Share Depositary in connection with the performance
      of its duties under the Deposit Agreement. However, holders of Depositary
      Receipts will pay certain other transfer and other taxes and governmental
      charges as well as the fees and expenses of the Preferred Share Depositary
      for any duties requested by such holders to be performed which are outside
      of those expressly provided for in the Deposit Agreement.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Resignation and Removal of Depositary</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Preferred Share Depositary
      may resign at any time by delivering to the Company notice of its election
      to do so, and the Company may at any time remove the Preferred Share Depositary,
      any such resignation or removal to take effect upon the appointment of
      a successor Preferred Share Depositary. A successor Preferred Share Depositary
      must be appointed within 60 days after delivery of the notice of resignation
      or removal and must be a bank or trust company having its principal office
      in the United States and having a combined capital and surplus of at least
      $50,000,000.</font></p>
</div>
<p align="center"><font face="serif" size="2">19</font></p>
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<p align="left"><font size="2" face="serif"><b>Miscellaneous</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Preferred Share Depositary
      will forward to holders of Depositary Receipts any reports and communications
      from the Company which are received by the Preferred Share Depositary with
      respect to the related Preferred Shares.</font></p>
  <p align="left"><font size="2" face="serif">Neither the Preferred Share Depositary
      nor the Company will be liable if it is prevented from or delayed in, by
      law or any circumstances beyond its control, performing its obligations
      under the Deposit Agreement. The obligations of the Company and the Preferred
      Share Depositary under the Deposit Agreement will be limited to performing
      their duties thereunder in good faith and without negligence (in the case
      of any action or inaction in the voting of Preferred Shares represented
      by the Depositary Shares), gross negligence or willful misconduct, and
      the Company and the Preferred Share Depositary will not be obligated to
      prosecute or defend any legal proceeding in respect of any Depositary Receipts,
      Depositary Shares or Preferred Shares represented thereby unless satisfactory
      indemnity is furnished. The Company and the Preferred Share Depositary
      may rely on written advice of counsel or accountants, or information provided
      by persons presenting Preferred Shares represented thereby for deposit,
      holders of Depositary Receipts or other persons believed in good faith
      to be competent to give such information, and on documents believed in
      good faith to be genuine and signed by a proper party.</font></p>
  <p align="left"><font size="2" face="serif">In the event the Preferred Share
      Depositary shall receive conflicting claims, requests or instructions from
      any holders of Depositary Receipts, on the one hand, and the Company, on
      the other hand, the Preferred Share Depositary shall be entitled to act
      on such claims, requests or instructions received from the Company.</font></p>
</div>

<p align="center"><font size="2" face="serif"><b><a name="#p20a"></a>DESCRIPTION OF WARRANTS</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Company may issue Warrants
      to purchase of Preferred Shares, Depositary Shares or Common Shares. Warrants
      may be issued independently or together with any Securities and may be
      attached to or separate from such securities. Each series of Warrants will
      be issued under a separate warrant agreement (each, a &#147;Warrant Agreement&#148;)
      to be entered into between the Company and a specified warrant agent (&#147;Warrant
      Agent&#148;). The Warrant Agent will act solely as an agent of the Company
      in connection with the Warrants of such series and will not assume any
      obligation or relationship of agency or trust for or with any holders or
      beneficial owners of Warrants.</font></p>
  <p align="left"><font size="2" face="serif">The applicable prospectus supplement
      will describe the following terms, where applicable, of the Warrants in
      respect of which this Prospectus is being delivered: (i) the title of such
      Warrants; (ii) the aggregate number of such Warrants; (iii) the price or
      prices at which such Warrants will be issued; (iv) the currencies in which
      the price or prices of such Warrants may be payable; (v) the designation,
      amount and terms of the Securities purchasable upon exercise of such Warrants;
      (vi) the designation and terms of the other Securities with which such
      Warrants are issued and the number of such Warrants issued with each such
      security; (vii) if applicable, the date on and after which such Warrants
      and the Securities purchasable upon exercise of such Warrants will be separately
      transferable; (viii) the price or prices at which and currency or currencies
      in which the Securities purchasable upon exercise of such Warrants may
      be purchased; (ix) the date on which the right to exercise such Warrants
      shall commence and the date on which such right shall expire; (x) the minimum
      or maximum amount of such Warrants which may be exercised at any one time;
      (xi) information with respect to book-entry procedures, if any; (xii) a
      discussion of certain Federal income tax considerations; and (xiii) any
      other material terms of such Warrants, including terms, procedures and
      limitations relating to the exchange and exercise of such Warrants.</font></p>
</div>

<p align="center"><font size="2" face="serif"><b><a name="#p20b"></a>CERTAIN PROVISIONS OF MARYLAND LAW AND OF<br>THE COMPANY&#146;S DECLARATION OF TRUST AND BYLAWS</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The following summary of certain
      provisions of Maryland law and of the Declaration of Trust and Bylaws does
      not purport to be complete and is subject to and qualified in its entirety
      by reference to Maryland law and to the Declaration of Trust and Bylaws
      of the Company, as amended, which are incorporated by reference into this
      Registration Statement.</font></p>
</div>
<p align="center"><font face="serif" size="2">20</font></p>
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<p align="left"><font size="2" face="serif"><b>Duration</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Under the Company&#146;s Declaration
      of Trust, the Company has a perpetual term and will continue perpetually
      subject to the authority of the Board of Trustees to terminate the Company&#146;s
      existence and liquidate its assets and subject to termination pursuant
      to the Maryland REIT Law.</font></p>
</div>
<p align="left"><font size="2" face="serif"><b>Board of Trustees</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Company&#146;s Declaration
      of Trust provides that the number of Trustees of the Company shall not
      be less than three nor more than 15. Any vacancy (including a vacancy created
      by an increase in the number of Trustees) will be filled, at any regular
      meeting or at any special meeting called for that purpose, by a majority
      of the Trustees (although less than a quorum). The Trustees will each serve
      for a term of one year (except that an individual who has been elected
      to fill a vacancy will hold office only until the next annual meeting of
      shareholders and until his successor has been duly elected and qualified).</font></p>
  <p align="left"><font size="2" face="serif">The Declaration of Trust provides
      that a Trustee may be removed from office only at a meeting of the shareholders
      called for that purpose, by the affirmative vote of the holders of not
      less than a majority of the Shares entitled to vote in the election of
      Trustees; provided, however, that in the case of any Trustees elected solely
      by holders of a series of Preferred Shares, such Trustees may be removed
      by the affirmative vote of a majority of the Preferred Shares of that series
      then outstanding and entitled to vote in the election of Trustees, voting
      together as a single class.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Meetings of Shareholders</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Declaration of Trust requires
      the Company to hold an annual meeting of shareholders for the election
      of Trustees and the transaction of any other proper business. Special meetings
      of shareholders may be called upon the written request of shareholders
      holding at least 10% of the Common Shares. Special meetings of shareholders
      may also be called by the holders of Preferred Shares to the extent, if
      any, determined by the Board of Trustees in connection with the establishment
      of a class or series of Preferred Shares. Any action required or permitted
      to be taken by shareholders must be taken at a duly called annual or special
      meeting of shareholders and may not be effected by any consent in writing
      of shareholders.</font></p>
</div>
<p align="left"><font size="2" face="serif"><b>Business Combinations</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Under the MGCL, as applicable to
      Maryland real estate investment trusts, certain &#147;business combinations&#148; (including
      certain mergers, consolidations, share exchanges, or, in certain circumstances,
      asset transfers or issuances or reclassifications of equity securities)
      between a Maryland real estate investment trust and an &#147;interested
      shareholder&#148; or an affiliate of the interested shareholder are prohibited
      for five (5) years after the most recent date on which the interested shareholder
      becomes an interested shareholder. An interested shareholder includes a
      person who beneficially owns, and an affiliate or associate of the trust
      who, at any time within the two-year period prior to the date in question,
      was the beneficial owner of, ten percent or more of the voting power of
      our then-outstanding voting shares. Thereafter, any such business combination
      must be: (a)&nbsp;recommended by the trustees of such trust and (b) approved
      by the affirmative vote of at least: (i) 80% of the votes entitled to be
      cast by holders of outstanding voting shares of beneficial interest of
      the trust; and (ii) two-thirds of the votes entitled to be cast by holders
      of outstanding voting shares of beneficial interest other than shares held
      by the interested shareholder with whom (or with whose affiliate or associate)
      the business combination is to be effected, unless, among other conditions,
      the trust&#146;s common shareholders receive a minimum price (as defined
      in the MGCL) for their shares and the consideration is received in cash
      or in the same form as previously paid by the interested shareholder for
      its shares. These provisions of the MGCL do not apply, however, to business
      combinations that are approved or exempted by the board of trustees of
      the trust prior to the time that the interested shareholder becomes an
      interested shareholder. An amendment to a Maryland REIT&#146;s declaration
      of trust electing not to be subject to the foregoing requirements must
      be approved by the affirmative vote of at least 80% of the votes entitled
      to be cast by holders of outstanding voting shares of beneficial interest
      of the trust, voting together as a single voting group, and two-thirds
      of the votes entitled to be cast by holders of outstanding voting shares
      of beneficial interest other than shares of beneficial interest held by
      interested shareholders. Any such amendment shall not be effective until
      18 months after the vote of shareholders and does not apply to any business
      combination of the trust with an interested shareholder on the date of
      the shareholder vote. The Board of Trustees has exempted any business combinations
      involving SSI, TNC, SERS, the SERS Voting Trust, Morgan Stanley Asset Management
      Inc., the Morgan Stanley Funds, Lazard, Gerard H. Sweeney and their respective
      affiliates and associates from the business combination provisions of the
      MGCL and, consequently, the five-year prohibition and the super-majority
      vote requirements will not apply to business combinations between any of
      them and the Company. As a result, they may be able to enter into business
      combinations that may not be in the best interest of the shareholders without
      compliance by the Company with the super-majority vote requirements and
      the other provisions of the statute.</font></p>
</div>
<p align="center"><font face="serif" size="2">21</font></p>
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<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The business combination statute
      could have the effect of delaying, deferring or preventing offers to acquire
      the Company and of increasing the difficulty of consummating any such offer.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Control Share Acquisitions</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The MGCL, as applicable to Maryland
      real estate investment trusts, provides that &#147;control shares&#148; of
      a Maryland real estate investment trust acquired in a &#147;control share
      acquisition&#148; have no voting rights except to the extent approved by
      a vote of two-thirds of the votes entitled to be cast on the matter by
      shareholders, excluding shares owned by the acquiror, by officers or by
      trustees who are employees of the trust in question. &#147;Control shares&#148; are
      voting shares of beneficial interest which, if aggregated with all other
      shares previously acquired by such acquiror or in respect of which the
      acquiror is able to exercise or direct the exercise of voting power (except
      solely by virtue of a revocable proxy), would entitle the acquiror to exercise
      the voting power in the election of trustees within one of the following
      ranges of voting power: (a) one-fifth or more but less than one-third,
      (b) one-third or more but less than a majority, or (c) a majority or more
      of all voting power. Control shares do not include shares the acquiring
      person is then entitled to vote as a result of having previously obtained
      shareholder approval. A &#147;control share acquisition&#148; means the
      acquisition of control shares, subject to certain exceptions.</font></p>
  <p align="left"><font size="2" face="serif">A person who has made or proposes
      to make a control share acquisition, upon satisfaction of certain conditions
      (including an undertaking to pay expenses), may compel the trust&#146;s
      board of trustees to call a special meeting of shareholders to be held
      within 50 days of demand to consider the voting rights of the shares. If
      no request for a meeting is made, the trust may itself present the question
      at any shareholders meeting.</font></p>
  <p align="left"><font size="2" face="serif">If voting rights are not approved
      at the meeting or if the acquiring person does not deliver an acquiring
      person statement as required by the statute, then, subject to certain conditions
      and limitations, the trust may redeem any or all of the control shares,
      except those for which voting rights have previously been approved, for
      fair value determined, without regard to the absence of voting rights for
      the control shares, as of the date of the last control share acquisition
      by the acquiror or of any meeting of shareholders at which the voting rights
      of such shares are considered and not approved. If voting rights for control
      shares are approved at a shareholders meeting and the acquiror becomes
      entitled to vote a majority of the shares entitled to vote, all other shareholders
      may exercise appraisal rights. The fair value of the shares as determined
      for purposes of such appraisal rights may not be less than the highest
      price per share paid by the acquiror in the control share acquisition,
      and certain limitations and restrictions otherwise applicable to the exercise
      of dissenters&#146; rights do not apply in the context of a control share
      acquisition.</font></p>
  <p align="left"><font size="2" face="serif">The control share acquisition statute
      does not apply to shares acquired in a merger, consolidation or share exchange
      if the trust is a party to the transaction, or to acquisitions approved
      or exempted by the declaration of trust or bylaws of the trust. Pursuant
      to the statute, the Company has exempted any and all acquisitions of Shares
      by SSI, TNC, SERS, SERS Voting Trust, Morgan Stanley Asset Management,
      Inc., the Morgan Stanley Funds and any current or future affiliate or associate
      of theirs from the control share provisions of the MGCL. As a result, they
      will be able to possess voting power not generally available to other persons
      and the effect may be to further enhance their ability to control the Company.</font></p>
  <p align="left"><font size="2" face="serif">The control share acquisition statute
      could have the effect of delaying, deferring or preventing offers to acquire
      the Company and of increasing the difficulty of consummating any such offer.</font></p>
</div>
<p align="center"><font size="2" face="serif">22</font></p>
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<p align="left"><font size="2" face="serif"><b>Amendment to the Declaration of Trust</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Company&#146;s Declaration
      of Trust may be amended only by the affirmative vote of the holders of
      not less than a majority of the Shares then outstanding and entitled to
      vote thereon, except for the provisions of the Declaration of Trust relating
      to (i) increases or decreases in the aggregate number of Shares of any
      class (other than the Series A Preferred Shares,) which may be made by
      the Board of Trustees without shareholder approval and (ii)&nbsp;the MGCL
      provisions on business combinations, amendment of which requires the affirmative
      vote of the holders of not less than 80% of the Shares then outstanding
      and entitled to vote. In addition, in the event that the Board of Trustees
      shall have determined, with the advice of counsel, that any one or more
      of the provisions of the Company&#146;s Declaration of Trust (the &#147;Conflicting
      Provisions&#148;) are in conflict with the Maryland REIT Law, the Code
      or other applicable Federal or state law(s), the Conflicting Provisions
      shall be deemed never to have constituted a part of the Declaration of
      Trust, even without any amendment thereof.</font></p>
</div>
<p align="left"><font size="2" face="serif"><b>Termination of the Company and REIT Status</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Subject to the rights of any outstanding
      Preferred Shares and to the provisions of the Maryland REIT Law, the Company&#146;s
      Declaration of Trust permits the Board of Trustees to terminate the Company
      and to discontinue the election of the Company to be taxed as a REIT.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Transactions Between the Company and its Trustees or Officers</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Company&#146;s Declaration
      of Trust provides that any contract or transaction between the Company
      and one or more Trustees, officers, employees or agents of the Company
      must be approved by a majority of the Trustees who have no interest in
      the contract or transaction.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Limitation of Liability and Indemnification</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Maryland REIT Law permits a
      Maryland real estate investment trust to include in its Declaration of
      Trust a provision limiting the liability of its trustees and officers to
      the trust and its shareholders for money damages except for liability resulting
      from (a) actual receipt of an improper benefit or profit in money, property
      or services or (b) active and deliberate dishonesty established by a final
      judgment as being material to the cause of action. The Declaration of Trust
      of the Company contains such a provision which eliminates such liability
      to the maximum extent permitted by the Maryland REIT Law.</font></p>
  <p align="left"><font size="2" face="serif">The Company&#146;s Bylaws require
      it to indemnify, without requiring a preliminary determination of the ultimate
      entitlement to indemnification, (a) any present or former Trustee, officer
      or shareholder who has been successful, on the merits or otherwise, in
      the defense of a proceeding to which he was made a party by reason of such
      status, against reasonable expenses incurred by him in connection with
      the proceeding; (b) any present or former Trustee or officer against any
      claim or liability to which he may become subject by reason of such status
      unless it is established that (i) his act or omission was committed in
      bad faith or was the result of active and deliberate dishonesty, (ii) he
      actually received an improper personal benefit in money, property or services
      or (iii) in the case of a criminal proceeding, he had reasonable cause
      to believe that his act or omission was unlawful; and (c) each shareholder
      or former shareholder against any claim or liability to which he may be
      subject by reason of such status as a shareholder or former shareholder.
      However, under the MGCL, a Maryland corporation may not indemnify for an
      adverse judgment in a suit by or in the right of the corporation or for
      a judgment of liability on the basis that personal benefit was improperly
      received, unless in either case a court orders indemnification and then
      only for expenses. In addition, the Company&#146;s Bylaws require it to
      pay or reimburse, in advance of final disposition of a proceeding, reasonable
      expenses incurred by a present or former Trustee, officer or shareholder
      made a party to a proceeding by reason of his status as a Trustee, officer
      or shareholder provided that, in the case of a Trustee or officer, the
      Company shall have received (i) a written affirmation by the Trustee or
      officer of his good faith belief that he has met the applicable standard
      of conduct necessary for indemnification by the Company as authorized by
      the Bylaws and (ii) a written undertaking by him or on his behalf to repay
      the amount paid or reimbursed by the Company if it shall ultimately be
      determined that the applicable standard of conduct was not met. The Company&#146;s
      Bylaws also (i) permit the Company, with the approval of its Trustees,
      to provide indemnification and payment or reimbursement of expenses to
      a present or former Trustee, officer or shareholder who served a predecessor
      of the Company in such capacity, and to any employee or agent of the Company
      or a predecessor of the Company, (ii)&nbsp;provide that any indemnification
      or payment or reimbursement of the expenses permitted by the Bylaws shall
      be furnished in accordance with the procedures provided for indemnification
      and payment or reimbursement of expenses under Section 2-418 of the MGCL
      for directors of Maryland corporations and (iii) permit the Company to
      provide such other and further indemnification or payment or reimbursement
      of expenses as may be permitted by the MGCL for directors of Maryland corporations.</font></p>
</div>
<p align="center"><font size="2" face="serif">23</font></p>
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<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The limited partnership agreement
      of the Operating Partnership also provides for indemnification by the Operating
      Partnership of the Company, as general partner, and its Trustees and officers
      for any costs, expenses or liabilities incurred by them by reason of any
      act performed by them for or on behalf of the Operating Partnership or
      the Company; provided that such person&#146;s actions were taken in good
      faith and in the belief that such conduct was in the best interests of
      the Operating Partnership and that such person was not guilty of fraud,
      willful misconduct or gross negligence.</font></p>
  <p align="left"><font size="2" face="serif">Insofar as indemnification for
      liabilities arising under the Securities Act may be permitted to Trustees
      and officers of the Company pursuant to the foregoing provisions or otherwise,
      the Company has been advised that, although the validity and scope of the
      governing statute has not been tested in court, in the opinion of the Securities
      and Exchange Commission, such indemnification is against public policy
      as expressed in the Securities Act and is, therefore, unenforceable. In
      addition, indemnification may be limited by state securities laws.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Maryland Asset Requirements</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">To maintain its qualification as
      a Maryland real estate investment trust, the Maryland REIT Law requires
      that the Company hold, either directly or indirectly, at least 75% of the
      value of its assets in real estate assets, mortgages or mortgage related
      securities, government securities, cash and cash equivalent items, including
      high-grade short-term securities and receivables. The Maryland REIT Law
      also prohibits using or applying land for farming, agricultural, horticultural
      or similar purposes.</font></p>
</div>

<p align="center"><font size="2" face="serif"><b><a name="#p24a"></a>POLICIES WITH RESPECT TO CERTAIN ACTIVITIES</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The following is a discussion of
      certain investment, financing and other policies of the Company. These
      policies have been determined by the Company&#146;s Board of Trustees and
      may be amended or revised from time to time by the Board of Trustees without
      a vote of shareholders. No assurance can be given that the Company&#146;s
      investment objectives will be attained or that the value of the Company
      will not decrease.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Investment Policies</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif"><i>Investments in Real Estate or
        Interests in Real Estate.</i> The Company&#146;s business objective is
        to increase cash available for distribution and to maximize shareholder
        value by: (i) maximizing cash flow through leasing strategies designed
        to capture potential rental growth as rental rates increase and as below-market
        leases are renewed; (ii) ensuring a high tenant retention rate through
        an aggressive tenant services program responsive to the varying needs
        of the Company&#146;s diverse base of tenants; (iii) broadening its geographic
        and economic diversification while maximizing economies of scale; (iv)
        acquiring high-quality office and industrial properties and portfolios
        of such properties at attractive yields in selected submarkets within
        the Mid-Atlantic region (including Delaware, Maryland, New Jersey, New
        York, Pennsylvania, Virginia and the District of Columbia), which management
        expects will experience economic growth; (v) capitalizing on management&#146;s
        redevelopment expertise to selectively acquire, redevelop and reposition
        underperforming properties in desirable locations; (vi) acquiring land
        in anticipation of developing office or industrial properties on a build-to-suit
        basis, under circumstances where significant pre-leasing can be arranged
        or as otherwise warranted by market conditions; (vii) enhancing the Company&#146;s
        investment strategy through the pursuit of joint venture opportunities
        with high quality partners having attractive real estate holdings or
        significant financial resources; and (viii) optimizing the use of debt
        and equity financing to create a flexible and conservative capital structure
        that will enable the Company to continue its aggressive growth strategy.</font></p>
</div>
<p align="center"><font face="serif" size="2">24</font></p>
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<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">In pursuit of its business objective
      of increasing cash available for distribution and maximizing shareholder
      value, the Company has recently experienced rapid growth. Between January
      1, 1997 and December 1, 1998 the Company has acquired 163 office properties
      containing approximately 12.5 million net rentable square feet, 66 industrial
      facilities containing approximately 3.7 million net rentable square feet
      and one mixed use property containing approximately 167,760 net rentable
      square feet and, together with the Real Estate Ventures, has acquired ownership
      of, or rights to acquire, approximately 503.8 acres of undeveloped land.
      The aggregate purchase price for the 230 Properties acquired by the Company
      between January 1, 1997 and December 1, 1998 was approximately $1.7 billion.
      During such period, the Company also completed the development of two office
      properties and one industrial facility containing an aggregate of approximately
      288,177 net rentable square feet for aggregate development costs of approximately
      $19.2 million. The Company believes that, through the expertise and extensive
      relationships of its management, it will continue to identify and capitalize
      on substantial opportunities for additional real estate investments from
      a variety of sources, including institutional and private holders of real
      estate seeking liquidity or reduction in their holdings or tax-deferred
      dispositions.</font></p>
  <p align="left"><font size="2" face="serif">The Company expects to continue
      to concentrate its real estate activities in submarkets within the Mid-Atlantic
      region where it believes that: (i) barriers to entry (such as zoning restrictions,
      utility availability, infrastructure limitations, development moratoriums,
      and limited developable land) are likely to create supply constraints on
      office and industrial space; (ii) current market rents do not justify new
      construction; (iii) it can maximize market penetration by accumulating
      a critical mass of properties and thereby enhance operating efficiencies;
      and (iv) there is potential for economic growth.</font></p>
  <p align="left"><font size="2" face="serif">The Company may develop, purchase
      or lease income-producing properties for long-term investment, expand and
      improve the Properties presently owned or other properties purchased, or
      sell such properties, in whole or in part, when circumstances warrant.
      Although there is no limitation on the types of development activities
      that the Company may undertake, the Company expects that its development
      activities will generally be on a build-to-suit basis for particular tenants,
      or where a significant portion of the building is pre-leased before construction
      begins. The Company may also participate with other entities in property
      ownership and development through joint ventures, such as the Real Estate
      Ventures, or other types of co-ownership. Equity investments may be subject
      to existing or future mortgage financing and other indebtedness that will
      have priority over the equity interests in the Company.</font></p>
  <p align="left"><font size="2" face="serif"><i>Securities of or Interests in
        Entities Primarily Engaged in Real Estate Activities and Other Issuers.</i> Subject
        to the percentage of ownership limitations and gross income tests necessary
        for REIT qualification, the Company also may invest in securities of
        other REITS, other entities engaged in real estate activities or securities
        of other issuers. The Company may enter into additional joint ventures
        or partnerships for the purpose of obtaining an equity interest in a
        particular property in accordance with the Company&#146;s investment
        policies.</font></p>
  <p align="left"><font size="2" face="serif"><i>Investments in Real Estate Mortgages.</i> While
      the Company&#146;s current portfolio consists of, and the Company&#146;s
      business objectives emphasize, equity investments in commercial real estate,
      the Company may, in the discretion of the Board of Trustees, invest in
      other types of equity real estate investments, mortgages and other real
      estate interests. The Company may also invest in participating or convertible
      mortgages if the Company concludes that it may benefit from the cash flow
      or any appreciation in the value of the property.</font></p>
  <p align="left"><font size="2" face="serif"><i>Investment through the Operating
        Partnership.</i> The Company has made no determination to conduct all
        of its activities through the Operating Partnership. As of the date of
        this Prospectus, the Company owns all of the Properties or the economic
        interest therein indirectly through the Operating Partnership. Although
        the Partnership Agreement of the Operating Partnership contains no provision
        restricting the Company&#146;s ability to acquire additional properties
        outside the Operating Partnership, the Partnership Agreement provides
        that if the Company acquires additional properties outside the Operating
        Partnership, the percentage of administrative fees of the Company allocated
        to the Operating Partnership will be reduced to an amount that is fair
        and equitable under the circumstances.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Dispositions</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Company may sell properties
      in its portfolio if, based upon management&#146;s periodic review of the
      Company&#146;s portfolio, the Board of Trustees determines that such action
      would be in the best interests of the Company.</font></p>
</div>

<p align="center"><font face="serif" size="2">25</font></p>
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<p align="left"><font size="2" face="serif"><b>Financing Policies</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Company has adopted a policy
      to operate with a long-term average debt-to-total market capitalization
      ratio (i.e., the total consolidated debt of the Company as a percentage
      of the market value of issued and outstanding Shares and Units plus total
      consolidated debt) of not more than 50%. As of December 1, 1998, the Company&#146;s
      debt-to-market capitalization ratio was approximately 54.5%. The Company&#146;s
      Declaration of Trust and Bylaws do not, however, limit the amount or percentage
      of indebtedness that the Company may incur. In addition, the Company may,
      from time to time, modify its debt policy in light of current economic
      conditions, relative costs of debt and equity capital, market values of
      its properties, general conditions in the market for debt and equity securities,
      fluctuations in the market price of its Common Shares, growth opportunities
      and other factors. Accordingly, the Company may increase or decrease its
      debt-to-market capitalization ratio beyond the limit described above. To
      the extent that the Board of Trustees decides to obtain additional capital,
      the Company may raise such capital through additional equity offerings
      (including offerings of senior or convertible securities), debt financings
      or retention of cash flow (subject to provisions in the Code concerning
      taxability of undistributed REIT income), or a combination of these methods.
      Borrowing may be unsecured or secured by any or all of the assets of the
      Company, the Operating Partnership or any existing or new property-owning
      partnership and may have full or limited recourse to all or any portion
      of the assets of the Company, the Operating Partnership or any existing
      or new property-owning partnership. Indebtedness incurred by the Company
      may be in the form of bank borrowing, purchase money obligations to sellers
      of the properties, publicly or privately placed debt instruments or financing
      from institutional investors or other lenders. The proceeds from any borrowing
      by the Company may be used for working capital, to refinance existing indebtedness,
      to finance acquisition, expansion or development of new properties and
      for the payment of distributions. The Company has not established any limit
      on the number or amount of mortgages that may be placed on any single property
      or on its portfolio as a whole. In making decisions regarding the incurrence
      of indebtedness, the Company considers such factors as the ability of particular
      properties and the Company as a whole to generate cash flow to cover expected
      debt service, the purchase price of properties to be acquired with debt
      financing, the estimated market value of properties upon refinancing and
      the impact of the debt financing on the Company&#146;s ability to pay dividends.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Working Capital Reserves</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Company will maintain working
      capital reserves (and when not sufficient, access to borrowings) in amounts
      that the Board of Trustees determines to be adequate to meet normal contingencies
      in connection with the Company&#146;s business and investments.</font></p>
</div>
<p align="left"><font size="2" face="serif"><b>Conflict of Interests Policies</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Company has not adopted any
      formal or informal policies intended to eliminate the influence of conflicts
      of interest. Under the Company&#146;s Declaration of Trust, a transaction
      effected by the Company or any entity controlled by the Company in which
      a Trustee or officer has a financial interest may only be consummated if
      the transaction is first approved by a majority of the Trustees who have
      no interest in the transaction.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Policies with Respect to Other Activities</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Company has authority to offer
      Common Shares, Preferred Shares, senior securities or options to purchase
      shares in exchange for property and, to the extent permitted by applicable
      law, to repurchase or otherwise acquire its Common Shares or other securities
      in the open market or otherwise and may engage in such activities in the
      future. The Board of Trustees periodically evaluates authorizing the Company
      to repurchase Common Shares and, as of the date of this Prospectus, has
      authorized the Company to repurchase up to 2.0 million Common Shares (net
      of approximately 87,000 shares previously purchased). The Company expects
      (but is not obligated) to issue Common Shares to holders of Units in the
      Operating Partnership upon exercise of their redemption rights. The Company
      may issue Preferred Shares from time to time, in one or more series, as
      authorized by the Board of Trustees without the need for shareholder approval.
      The Company has not engaged in trading, underwriting or agency distribution
      or sale of securities of issuers, nor has the Company invested in the securities
      of issuers (other than the Operating Partnership and its subsidiaries and
      the Real Estate Ventures) for the purposes of exercising control, and does
      not intend to do so. The Company intends to operate in a manner that will
      not subject it to regulation as an investment company under the Investment
      Company Act. At all times, the Company intends to make investments in such
      a manner as to qualify as a REIT, unless because of circumstances or changes
      in the Code (or the Treasury Regulations), the Board of Trustees determines
      that it is no longer in the best interest of the Company to qualify as
      a REIT. The Company may make loans to third parties, including, without
      limitation, to joint ventures in which it participates. The Company&#146;s
      policies with respect to such activities may be reviewed and modified or
      amended from time to time by the Company&#146;s Board of Trustees without
      a vote of the shareholders.</font></p>
</div>

<p align="center"><font face="serif" size="2">26</font></p>
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<p align="center"><font size="2" face="serif"><b><a name="#p27a"></a>FEDERAL INCOME TAX CONSIDERATIONS</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The following discussion of material
      Federal income tax considerations is for general information only and is
      not tax advice. The following discussion summarizes all material federal
      income tax considerations to a holder of Common Shares. The applicable
      prospectus supplement will contain information about additional federal
      income tax considerations, if any, relating to Securities other than Common
      Shares. In the opinion of Arthur Andersen LLP, tax advisor to the Company
      (the &#147;Tax Advisor&#148;) the discussion below, insofar as it relates
      to Federal income tax matters, is correct in all material respects, and
      fairly summarizes the federal income tax considerations that are material
      to a shareholder. This discussion does not purport to deal with all aspects
      of taxation that may be relevant to particular shareholders in light of
      their personal investment or tax circumstances, or to certain types of
      shareholders (including insurance companies, tax-exempt organizations,
      financial institutions or broker dealers, foreign corporations and persons
      who are not citizens or residents of the United States, except to the extent
      discussed under &#147;Taxation of Foreign Shareholders&#148; below) subject
      to special treatment under the Federal income tax laws. The information
      in this section is based on the Code, current, temporary and proposed Treasury
      Regulations thereunder, the legislative history of the Code, current administrative
      interpretations and practices of the IRS (including its practices and policies
      as endorsed in private letter rulings, which are not binding on the IRS
      except with respect to a taxpayer that receives such a ruling), and court
      decisions, all as of the date hereof. The Taxpayer Relief Act of 1997 (the &#147;1997
      Act&#148;) was enacted on August 5, 1997. The 1997 Act contains many provisions
      which generally make it easier to operate and to continue to qualify as
      a REIT for taxable years beginning after the date of enactment (which,
      for the Company, would be applicable commencing with its taxable year beginning
      January 1, 1998).</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">EACH PROSPECTIVE PURCHASER IS ADVISED
      TO CONSULT HIS OWN TAX ADVISOR REGARDING THE SPECIFIC TAX CONSEQUENCES
      TO HIM OF THE PURCHASE, OWNERSHIP AND SALE OF SECURITIES AND OF THE COMPANY&#146;S
      ELECTION TO BE TAXED AS A REAL ESTATE INVESTMENT TRUST, INCLUDING THE FEDERAL,
      STATE, LOCAL, FOREIGN AND OTHER TAX CONSEQUENCES OF SUCH PURCHASE, OWNERSHIP,
      SALE AND ELECTION AND OF POTENTIAL CHANGES IN APPLICABLE TAX LAWS.</font></p>
</div>
<p align="left"><font size="2" face="serif"><b>General</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Company first elected to be
      taxed as a REIT for its taxable year ended December 31, 1986, and has operated
      and expects to continue to operate in such a manner so as to remain qualified
      as a REIT for Federal income tax purposes. In the opinion of the Tax Advisor,
      and based on certain factual representations made by the Company relating
      to the organization and operation of the Company, the Operating Partnership
      and AAPT, the Company will continue to qualify as a REIT under the Code.
      However, the opinion of the Tax Advisor is not binding upon the IRS and
      no absolute assurance can be given that the Company will continue to operate
      in a manner so as to remain qualified as a REIT.</font></p>
  <p align="left"><font size="2" face="serif">The following is a general summary
      of the Code sections that govern the Federal income tax treatment of a
      REIT and its shareholders. These sections of the Code are highly technical
      and complex. This summary is qualified in its entirety by the applicable
      Code provisions, rules and regulations promulgated thereunder (&#147;Treasury
      Regulations&#148;), and administrative and judicial interpretations thereof
      as currently in effect. There is no assurance that there will not be future
      changes in the Code or administrative or judicial interpretation thereof
      which could adversely affect the Company&#146;s ability to continue to
      qualify as a REIT or adversely affect the taxation of holders of Common
      Shares or which could further limit the amount of income the Company may
      derive from the management, construction, development, leasing or sale
      of properties owned by the Operating Partnership or by third parties or
      in partnerships with third parties.</font></p>
</div>
<p align="center"><font size="2" face="serif">27</font></p>
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<p align="left"><font size="2" face="serif"><b>Taxation of the Company as a REIT</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">An entity that qualifies for taxation
      as a REIT and distributes to its shareholders at least 95% of its REIT
      taxable income is generally not subject to Federal corporate income taxes
      on net income that it currently distributes to shareholders. This treatment
      substantially eliminates the &#147;double taxation&#148; (at the corporate
      and shareholder levels) that generally results from investment in a corporation.
      However, the Company will be subject to Federal income tax as follows:</font></p>
  <p align="left"><font size="2" face="serif">The Company will be taxed at regular
      corporate rates on any undistributed REIT taxable income, including undistributed
      net capital gains.</font></p>
</div>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Under
      certain circumstances, the Company may be subject to the &#147;alternative
      minimum tax&#148; on its items of tax preference, if any.</font></p>
  <p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If
      the Company has net income from prohibited transactions (which are, in
      general, certain sales or other dispositions of property other than foreclosure
      property held primarily for sale to customers in the ordinary course of
      business) such income will be subject to a 100% tax. See &#147;&#150; Sale of
      Partnership Property.&#148;</font></p>
  <p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If
      the Company should fail to satisfy the 75% gross income test or the 95%
      gross income test (as discussed below), and has nonetheless maintained
      its qualification as a REIT because certain other requirements have been
      met, it will be subject to a 100% tax on the net income attributable to
      the greater of the amount by which the Company fails the 75% or 95% test,
      multiplied by a fraction intended to reflect the Company&#146;s profitability.</font></p>
  <p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If
      the Company should fail to distribute during each calendar year at least
      the sum of (1) 85% of its REIT ordinary income for such year, (2) 95% of
      its REIT capital gain net income for such year, and (3) any undistributed
      taxable income from prior years, it would be subject to a 4% excise tax
      on the excess of such required distribution over the amounts actually distributed.</font></p>
  <p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If
      the Company has (1) net income from the sale or other disposition of &#147;foreclosure
      property&#148; (which is, in general, property acquired by the Company
      by foreclosure or otherwise or default on a loan secured by the property)
      which is held primarily for sale to customers in the ordinary course of
      business or (2) other nonqualifying income from foreclosure property, it
      will be subject to tax on such income at the highest corporate rate.</font></p>
  <p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If
      the Company acquires any asset from a C corporation (i.e., generally a
      corporation subject to tax at the corporate level) in a transaction in
      which the basis of the asset in the Company&#146;s hands is determined
      by reference to the basis of the asset (or any other property) in the hands
      of the C corporation, and the Company recognizes gain on the disposition
      of such asset during the 10-year period (the &#147;Restriction Period&#148;)
      beginning on the date on which such asset was acquired by the Company then,
      pursuant to guidelines issued by the IRS, the excess of the fair market
      value of such property at the beginning of the applicable Restriction Period
      over the Company&#146;s adjusted basis in such asset as of the beginning
      of such Restriction Period will be subject to a tax at the highest regular
      corporate rate. The results described above with respect to the recognition
      of built-in gain assume that the Company will make an election pursuant
      to IRS Notice 88-19 or applicable future administrative rules or Treasury
      Regulations to avail itself of the benefits of the Restriction Period.</font></p>
</div>
<p align="left"><font size="2" face="serif"><b>Qualification of the Company as a REIT</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Code defines a REIT as a corporation,
      trust or association:</font></p>
</div>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; which
      is managed by one or more trustees or directors;</font></p>
  <p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the
      beneficial ownership of which is evidenced by transferable shares or by
      transferable certificates of beneficial interest;</font></p>
</div>
<p align="center"><font face="serif" size="2">28</font></p>
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<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; which
      would be taxable as a domestic corporation but for Sections 856 through
      859 of the Code;</font></p>
  <p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; which
      is neither a financial institution nor an insurance company subject to
      certain provisions of the Code;</font></p>
  <p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; which
      has the calendar year as its taxable year;</font></p>
  <p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the
      beneficial ownership of which is held by 100 or more persons;</font></p>
  <p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; during
      the last half of each taxable year not more than 50% in value of the outstanding
      stock of which is owned, directly or indirectly, by five or fewer individuals
      (as defined in the Code to include certain exempt organizations); and</font></p>
  <p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; which
      meets certain income, asset and distribution tests, described below.</font></p>
</div>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conditions
      (1) through (5), inclusive, must be satisfied during the entire taxable
      year, and condition (6) must be satisfied during at least 335 days of a
      taxable year of 12 months, or during a proportionate part of a taxable
      year of less than 12 months. The Company has previously issued Common Shares
      in sufficient proportions to allow it to satisfy requirements (6) and (7)
      (the &#147;100 Shareholder&#148; and &#147;five-or-fewer&#148; requirements),
      respectively. In addition, the Company&#146;s Declaration of Trust provides
      restrictions regarding the transfer of its Shares that are intended to
      assist the Company in continuing to satisfy the share ownership requirements
      described in (6) and (7) above. See &#147;Description of Shares of Beneficial
      Interest &#150; Restrictions on Transfer.&#148; However, these restrictions
      may not ensure that the Company will, in all cases, be able to satisfy
      the share ownership requirements described in (6) and (7) above. If the
      Company fails to satisfy such share ownership requirements, the Company&#146;s
      status as a REIT will terminate. Pursuant to the 1997 Act, for the Company&#146;s
      taxable years commencing on and after January 1, 1998, if the Company complies
      with regulatory rules pursuant to which it is required to send annual letters
      to certain of its shareholders requesting information regarding the actual
      ownership of its shares, but does not know, or exercising reasonable diligence
      would not have known, whether it failed to meet the requirement that it
      not be closely held, the Company will be treated as having met the &#147;five
      or fewer&#148; requirement. If the Company were to fail to comply with
      these regulatory rules for any year, it would be subject to a $25,000 penalty.
      If the Company&#146;s failure to comply was due to intentional disregard
      of the requirements, the penalty would be increased to $50,000. However,
      if the Company&#146;s failure to comply was due to reasonable cause and
      not willful neglect, no penalty would be imposed. See &#147;&#150; Failure to
      Qualify.&#148;</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">A REIT is permitted to have a wholly-owned
      subsidiary (also referred to as a &#147;qualified REIT subsidiary&#148;).
      A qualified REIT subsidiary is not treated as a separate entity for Federal
      income tax purposes. Rather, all of the assets and items of income, deductions
      and credit of a qualified REIT subsidiary are treated as if they were those
      of the REIT. The Company has formed several qualified REIT subsidiaries
      and may in the future form one or more qualified REIT subsidiaries. For
      the Company&#146;s 1997 taxable year, all of the stock of such subsidiaries
      must be owned by the Company from the commencement of each such subsidiary&#146;s
      existence. For taxable years of the Company beginning on and after January
      1, 1998, the Company must own all of the stock of each such subsidiary,
      although it will not be required to own such stock of such subsidiary from
      the commencement of such subsidiary&#146;s existence.</font></p>
  <p align="left"><font size="2" face="serif">A REIT is deemed to own its proportionate
      share of the assets of a partnership in which it is a partner and is deemed
      to receive its proportionate share of the income of the partnership. Thus,
      the Company&#146;s proportionate share of the assets and items of income
      of the Operating Partnership and each of the Title Holding Partnerships
      will be treated as assets and items of income of the Company for purposes
      of applying the requirements described herein, provided that the Operating
      Partnership and its subsidiary partnerships are treated as partnerships
      for Federal income tax purposes. In addition, the character of the assets
      and gross income of such partnerships shall retain the same character in
      the hands of the REIT for purposes of the requirements applicable to REITs
      under the Code including satisfying the income tests and the asset tests.
      See &#147;Income Taxation of the Operating Partnership, the Title Holding
      Partnerships and Their Partners.&#148;</font></p>
</div>

<p align="center"><font face="serif" size="2">29</font></p>
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<p align="left"><font size="2" face="serif"><b>Income Tests</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">To maintain qualification as a
      REIT, there are three gross income requirements that must be satisfied
      annually. First, at least 75% of the Company&#146;s gross income (excluding
      gross income from prohibited transactions) for each taxable year must be
      derived directly or indirectly from investments relating to real property
      or mortgages on real property (including &#147;rents from real property&#148; and
      interest on obligations secured by a mortgage on real property) or from &#147;qualified
      temporary investment income&#148; (described below). Second, at least 95%
      of the Company&#146;s gross income (excluding gross income from prohibited
      transactions) for each taxable year must be derived from investments qualifying
      under the 75% test above, and from dividends, interest, and gain from the
      sale or disposition of stock or securities or from any combination of the
      foregoing. Third, for taxable years beginning on or before August&nbsp;5,
      1997, short-term gain from the sale or other disposition of stock or securities,
      gain from prohibited transactions, and gain on the sale or other disposition
      of real property held for less than four years (apart from involuntary
      conversions and sales of foreclosure property) must represent less than
      30% of the Company&#146;s gross income (including gross income from prohibited
      transactions) for each taxable year. In applying these tests, the Company
      will be treated as realizing its share of any income and bearing its share
      of any loss of the Operating Partnership and the character of such income
      or loss, as well as other partnership items, will be determined at the
      partnership level.</font></p>
  <p align="left"><font size="2" face="serif">Rents received by the Company will
      qualify as &#147;rents from real property&#148; for purposes of satisfying
      the 75% and 95% gross income tests only if several conditions are met.
      First the amount of rent must not be based in whole or in part on the income
      or profits of any person. However, an amount received or accrued generally
      will not be excluded from the term &#147;rents from real property&#148; solely
      by reason of being based on a fixed percentage or percentages of receipts
      or sales. Second, the Code provides that rents received from a tenant will
      not qualify as &#147;rents from real property&#148; if the REIT, or an
      owner of 10% or more of the REIT, directly or constructively owns 10% or
      more of such tenant (a &#147;Related Party Tenant&#148;). For the Company&#146;s
      taxable year which begins on January 1, 1998 and for all taxable years
      thereafter, only partners who own 25% or more of the capital or profits
      interest in a partnership are included in the determination of whether
      a tenant is a &#147;Related Party Tenant.&#148; Third, if rent attributable
      to personal property, leased in connection with a lease of real property,
      is greater than 15% of the total rent received under the lease, then the
      portion of rent attributable to such personal property will not qualify
      as &#147;rents from real property.&#148; Finally, for rents received to
      qualify as &#147;rents from real property,&#148; the REIT generally must
      not operate or manage the property or furnish or render services to the
      tenants of such property, other than through an &#147;independent contractor&#148; who
      is adequately compensated and from whom the REIT does not derive any income;
      provided, however, that the Company may directly perform certain customary
      services (e.g., furnishing water, heat, light and air conditioning, and
      cleaning windows, public entrances and lobbies) other than services which
      are considered rendered to the occupant of the property (e.g., renting
      parking spaces on a reserved basis to tenants).</font></p>
  <p align="left"><font size="2" face="serif">For taxable years of the Company
      beginning after August 5, 1997, if the Company provides services to a tenant
      that are other than those usually or customarily provided in connection
      with the rental of space for occupancy only, amounts received or accrued
      by the Company for any such services will not be treated as &#147;rents
      from real property&#148; for purposes of the REIT gross income tests but
      will not cause other amounts received with respect to the property to fail
      to be treated as &#147;rents from real property&#148; if the amounts received
      in respect of such services, together with amounts received for certain
      management services, do not exceed 1% of all amounts received or accrued
      by the Company during the taxable year with respect to such property. If
      the 1% threshold is exceeded, then all amounts received or accrued by the
      Company with respect to the property will not qualify as &#147;rents from
      real property,&#148; even if the impermissible services are provided to
      some, but not all, of the tenants of the property.</font></p>
  <p align="left"><font size="2" face="serif">The Company has represented that
      the Company&#146;s real estate investments, which include its allocable
      share of income from the Operating Partnership, will give rise to income
      that qualifies as &#147;rents from real property&#148; for purposes of
      the 75 percent and 95 percent gross income tests, other than rents received
      from a Related Party Tenant. In addition, the Company has represented that
      the rents received from Related Party Tenants, in addition to all other
      income which is not qualifying income for the 75 percent and 95 percent
      gross income tests, does not exceed five percent of the Company&#146;s
      gross income, and therefore, the Company&#146;s status as a REIT should
      not be jeopardized.</font></p>
  <p align="left"><font size="2" face="serif">The Company has represented that
      it does not and will not (i) charge rent for any property that is based
      in whole or in part on the income or profits of any person (other than
      being based on a percentage of receipts or sales); (ii) receive rents in
      excess of a de minimis amount from Related Party Tenants; (iii) derive
      rents attributable to personal property which constitute greater than 15%
      of the total rents received under the lease; or (iv) perform services considered
      to be rendered to the occupant of property, other than through an independent
      contractor from whom the Company derives no income.</font></p>
</div>
<p align="center"><font size="2" face="serif">30</font></p>
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<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Operating Partnership owns
      5% of the voting common stock, and all of the preferred stock of the Management
      Company, a corporation that is taxable as a regular corporation. The Management
      Company performs management, development and leasing services for the Operating
      Partnership and other real properties owned in whole or in part by third
      parties. The income earned by and taxed to the Management Company would
      be nonqualifying income if earned directly by the Company. As a result
      of the corporate structure, the income will be earned by and taxed to the
      Management Company and will be received by the Company only indirectly
      as dividends. Although interest and dividends are generally qualifying
      income under the 95% test, the IRS has announced a no-ruling policy on
      this issue when the dividends and interest are earned in this manner.</font></p>
  <p align="left"><font size="2" face="serif">If the Company fails to satisfy
      one or both of the 75% of 95% gross income tests for any taxable year,
      it may nevertheless qualify as a REIT for such year if it is entitled to
      relief under certain provisions of the Code. These relief provisions will
      be generally available if (i) the Company&#146;s failure to meet such tests
      was due to reasonable cause and not due to willful neglect, (ii) the Company
      attaches a schedule of the sources of its income to its return, and (iii)
      any incorrect information on the schedule was not due to fraud with intent
      to evade tax. It is not possible, however, to state whether in all circumstances
      the Company would be entitled to the benefit of these relief provisions.
      As discussed above in &#147;Taxation of the Company as a REIT,&#148; even
      if these relief provisions apply, a tax would be imposed with respect to
      the excess net income. No similar mitigation provision applies to provide
      relief if the 30% income test is failed, and if such test is not met for
      the taxable years of the Company beginning before January&nbsp;1, 1998,
      the Company would cease to qualify as a REIT. See &#147;&#150; Failure
      to Qualify.&#148;</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Asset Tests</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">In order for the Company to maintain
      its qualification as a REIT, at the close of each quarter of its taxable
      year it must also satisfy three tests relating to the nature of its assets.
      First, at least 75% of the value of the Company&#146;s total assets must
      be represented by real estate assets (which for this purpose include (i)
      its allocable share of real estate assets held by partnerships in which
      the Company or a &#147;qualified REIT subsidiary&#148; of the Company owns
      an interest and (ii) stock or debt instruments purchased with the proceeds
      of a stock offering or a long-term (at least five years) debt offering
      of the Company and held for not more than one year from the date the Company
      receives such proceeds), cash, cash items, and government securities. Second,
      not more than 25% of the Company&#146;s total assets may be represented
      by securities other than those described above in the 75% asset class.
      Third, of the investments included in the 25% asset class, the value of
      any one issuer&#146;s securities owned by the Company may not exceed 5%
      of the value of the Company&#146;s total assets, and the Company may not
      own more than 10% of any one issuer&#146;s outstanding voting securities
      (excluding securities of a qualified REIT subsidiary, of which the REIT
      is required to own all of such stock, or another REIT).</font></p>
  <p align="left"><font size="2" face="serif">The Company anticipates that it
      will be able to comply with these asset tests. The Company is deemed to
      hold directly its proportionate share of all real estate and other assets
      of the Operating Partnership and should be considered to hold its proportionate
      share of all assets deemed owned by the Operating Partnership through its
      ownership of partnership interests in other partnerships. As a result,
      the Company plans to hold more than 75% of its assets as real estate assets.
      In addition, the Company does not plan to hold any securities representing
      more than 10% of any one issuer&#146;s voting securities, other than any
      qualified REIT subsidiary of the Company or another REIT, nor securities
      of any one issuer exceeding 5% of the value of the Company&#146;s gross
      assets (determined in accordance with generally accepted accounting principles).
      As previously discussed, the Company is deemed to own its proportionate
      share of the assets of a partnership in which it is a partner so that the
      partnership interest, itself, is not a security for purposes of this asset
      test.</font></p>
  <p align="left"><font size="2" face="serif">After initially meeting the asset
      tests at the close of any quarter, the Company will not lose its status
      as a REIT for failure to satisfy the asset tests at the end of a later
      quarter solely by reason of changes in asset values. If the failure to
      satisfy the asset tests results from an acquisition of securities or other
      property during a quarter, the failure can be cured by disposition of sufficient
      nonqualifying assets within 30 days after the close of that quarter. The
      Company intends to maintain adequate records of the value of its assets
      to ensure compliance with the asset tests, and to take such other action
      within 30 days after the close of any quarter as may be required to cure
      any noncompliance. However, there can be no assurance that such other action
      will always be successful. If the Company fails to cure any noncompliance
      with the asset test within such time period, its status as a REIT would
      be lost.</font></p>
</div>
<p align="center"><font size="2" face="serif">31</font></p>
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<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">As noted above, one of the requirements
      for qualification as a REIT is that a REIT not own more than 10 percent
      of the voting stock of a corporation other than the stock of a qualified
      REIT subsidiary (of which the REIT is required to own all of such stock)
      and stock in another REIT. The Operating Partnership will own only approximately
      5 percent of the voting stock and all of the non-voting preferred stock
      of the Management Company and therefore will comply with this rule. However,
      the IRS could contend that the Company&#146;s ownership, through its interest
      in the Operating Partnership, of all of the non-voting preferred stock
      in the Management Company should be viewed as voting stock because of its
      substantial economic position in the Management Company. If the IRS were
      to be successful in such a contention, the Company&#146;s status as a REIT
      would be lost and the Company would become subject to federal corporate
      income tax on its net income, which would have a material adverse affect
      on the Company&#146;s cash available for distribution. The Company does
      not have the ability to designate a seat on the Board of Directors of the
      Management Company. The Company does not believe that it will be viewed
      as owning in excess of 10 percent of the voting stock of the Management
      Company.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Administration&#146;s Proposed Changes to REIT Asset Tests</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">On February 2, 1998, the Clinton
      Administration released a summary of its proposed budget plan, which contained
      provisions that, if enacted, would affect REITs, including the Company
      (the &#147;REIT Proposals&#148;). One such provision would prohibit REITs
      from owning more than ten percent of the vote or value of all classes of
      stock of any corporation (other than a &#147;qualified REIT subsidiary&#148; or
      another REIT). This provision would be effective with respect to stock
      acquired on or after the date of the first committee action. However, under
      the proposal, existing ownership arrangements such as the Company&#146;s
      ownership of shares of the Management Company would be grandfathered, provided
      that the subsidiary does not enter into a new trade or business or acquire
      substantial new assets after the effective date of the change in the law.
      Because the Company owns more than 10% of the value of the Management Company,
      the REIT Proposals could adversely affect the manner in which the Company
      structures its ownership of the Management Company and the magnitude of
      the property management activities conducted by the Company in the future.
      It is important to note that the REIT Proposals are only precursors to
      the first stage in the lengthy legislative process that may or may not
      culminate in the passage of legislation affecting REITs. Therefore, the
      Company is unable to determine whether the REIT Proposals will be enacted
      into legislation and, if enacted, the impact any final legislation may
      have on the Company.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Annual Distribution Requirements</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Company, in order to maintain
      its qualification as a REIT, is required to distribute dividends (other
      than capital gain dividends) to its shareholders in an amount at least
      equal to (A) the sum of (i) 95% of the Company&#146;s &#147;REIT taxable
      income&#148; (computed without regard to the dividends paid deduction and
      the REIT&#146;s net capital gain) and (ii) 95% of the net income (after
      tax), if any, from foreclosure property, minus (B) the excess of the sum
      of certain items of non-cash income (income attributable to leveled stepped
      rents, original issue discount on purchase money debt, or a like-kind exchange
      that is later determined to be taxable (plus, for the Company&#146;s 1998
      taxable year and thereafter, income from cancellation of indebtedness,
      original issue discount, and coupon interest) over 5% of the amount determined
      under clause (i) above). Such distributions must be paid in the taxable
      year to which they relate, or in the following taxable year if declared
      before the Company timely files its tax return for such year and if paid
      on or before the first regular dividend payment after such declaration.
      To the extent that the Company does not distribute all of its net capital
      gain or distributes at least 95%, but less than 100%, of its &#147;REIT
      taxable income,&#148; as adjusted, it will be subject to tax on the undistributed
      amount at regular capital gains and ordinary corporate tax rates. Furthermore,
      if the Company should fail to distribute during each calendar year at least
      the sum of (i) 85% of its REIT ordinary income for such year, (ii)&nbsp;95%
      of its REIT net capital gain income for such year, and (iii) any undistributed
      taxable income from prior periods, the Company would be subject to a 4%
      excise tax on the excess of such required distribution over the amounts
      actually distributed.</font></p>
  <p align="left"><font size="2" face="serif">For the Company&#146;s taxable
      year beginning on January 1, 1998 and for all taxable years thereafter,
      undistributed capital gains may be so designated by the Company and are
      includable in the income of the holders of Common Shares. Such holders
      are treated as having paid the capital gains tax imposed on the Company
      on the designated amounts included in their income as long-term capital
      gains. Such shareholders would receive an increase in their basis for income
      recognized and a decrease in their basis for taxes paid by the Company.
      See &#147;&#150;&nbsp;Taxation of Taxable Domestic Shareholders.&#148;</font></p>
</div>
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<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Company intends to make timely
      distributions sufficient to satisfy the annual distribution requirements.
      In this regard, the limited partnership agreement of the Operating Partnership
      authorizes the Company, as general partner, to take such steps as may be
      necessary to cause the Operating Partnership to distribute to its partners
      an amount sufficient to permit the Company to meet these distribution requirements.
      It is possible that the Company, from time to time, may not have sufficient
      cash or other liquid assets to meet the 95% distribution requirement due
      primarily to the expenditure of cash for nondeductible items such as principal
      amortization or capital expenditures. In order to meet the 95% distribution
      requirement, the Company may borrow or may cause the Operating Partnership
      to arrange for short-term or other borrowing to permit the payment of required
      distributions or attempt to declare a consent dividend, which is a hypothetical
      distribution to holders of Common Shares out of the earnings and profits
      of the Company. The effect of such a consent dividend (which, in conjunction
      with distributions actually paid, must not be preferential to those holders
      who agree to such treatment) would be that such holders would be treated
      for federal income tax purposes as if they had received such amount in
      cash, and they then had immediately contributed such amount back to the
      Company as additional paid-in capital. This would result in taxable income
      to those holders without the receipt of any actual cash distribution but
      would also increase their tax basis in their Common Shares by the amount
      of the taxable income recognized.</font></p>
  <p align="left"><font size="2" face="serif">Under certain circumstances, the
      Company may be able to rectify a failure to meet the distribution requirement
      for a certain year by paying &#147;deficiency dividends&#148; to shareholders
      in a later year that may be included in the Company&#146;s deduction for
      distributions paid for the earlier year. Thus, the Company may be able
      to avoid being taxed on amounts distributed as deficiency dividends; however,
      the Company will be required to pay to the IRS interest based upon the
      amount of any deduction taken for deficiency dividends.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Failure to Qualify</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">If the Company fails to qualify
      for taxation as a REIT in any taxable year and the relief provisions do
      not apply, the Company will be subject to tax (including any applicable
      corporate alternative minimum tax) on its taxable income at regular corporate
      rates. Distributions to shareholders in any year in which the Company fails
      to qualify will not be deductible by the Company, nor will they be required
      to be made. In such event, to the extent of current and accumulated earnings
      and profits, all distributions to shareholders will be taxable to them
      as ordinary income, and, subject to certain limitations of the Code, corporate
      distributees may be eligible for the dividends received deduction. Unless
      entitled to relief under specific statutory provisions, the Company also
      will be disqualified from taxation as a REIT for the four taxable years
      following the year during which qualification was lost. It is not possible
      to state whether in all circumstances the Company would be entitled to
      such statutory relief.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Income Taxation of the Operating Partnership, the Title Holding Partnerships and Their Partners</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The following discussion summarizes
      certain Federal income tax considerations applicable to the Company&#146;s
      investment in the Operating Partnership and its subsidiary partnerships
      (referred to herein as the &#147;Title Holding Partnerships&#148;) .</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Classification of the Operating Partnership and Title Holding Partnerships as Partnerships</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">As of the date of this Prospectus,
      the Company owns all of the Properties or the economic interests therein
      through the Operating Partnership. The Company will be entitled to include
      in its income its distributive share of the income and to deduct its distributive
      share of the losses of the Operating Partnership (including the Operating
      Partnership&#146;s share of the income or losses of the Title Holding Partnerships)
      only if the Operating Partnership and the Title Holding Partnerships (collectively,
      the &#147;Partnerships&#148;) are classified for Federal income tax purposes
      as partnerships rather than as associations taxable as corporations. For
      taxable periods prior to January 1, 1997, an organization formed as a partnership
      was treated as a partnership for Federal income tax purposes rather than
      as a corporation only if it had no more than two of the four corporate
      characteristics that the Treasury Regulations used to distinguish a partnership
      from a corporation for tax purposes. These four characteristics were continuity
      of life, centralization of management, limited liability, and free transferability
      of interests.</font></p>
</div>
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<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Neither the Operating Partnership
      nor any of the Title Holding Partnerships requested a ruling from the IRS
      that they would be treated as partnerships for Federal income tax purposes.
      The Company received an opinion of the Tax Advisor, which is not binding
      on the IRS, that the Operating Partnership and the Title Holding Partnerships
      will each be treated as partnerships for Federal income tax purposes and
      not as an association or publicly traded partnership taxable as a corporation.
      The opinion of the Tax Advisor is based on the provisions of the limited
      partnership agreement of the Operating Partnership and the limited partnership
      agreements of the Title Holding Partnerships, respectively, and certain
      factual assumptions and representations described in the opinion.</font></p>
  <p align="left"><font size="2" face="serif">Effective January 1, 1997, newly
      promulgated Treasury Regulations eliminated the four-factor test described
      above and, instead, permit partnerships and other non-corporate entities
      to be taxed as partnerships for federal income tax purposes without regard
      to the number of corporate characteristics possessed by such entity. Under
      those Regulations, both the Operating Partnership and each of the Title
      Holding Partnerships will be classified as partnerships for federal income
      tax purposes unless an affirmative election is made by the entity to be
      taxed as a corporation. The Company has represented that no such election
      has been made, or is anticipated to be made, on behalf of the Operating
      Partnership or any of the Title Holding Partnerships. Under a special transitional
      rule in the Treasury Regulations, the IRS will not challenge the classification
      of an existing entity such as the Operating Partnership or a Title Holding
      Partnership for periods prior to January 1, 1997 if: (i) the entity has
      a &#147;reasonable basis&#148; for its classification; (ii) the entity
      and each of its members recognized the federal income tax consequences
      of any change in classification of the entity made within the 60 months
      prior to January 1, 1997; and (iii) neither the entity nor any of its members
      had been notified in writing on or before May 8, 1996 that its classification
      was under examination by the IRS. Neither the Operating Partnership nor
      any of the Title Holding Partnerships changed their classification within
      the 60 month period preceding May 8, 1996, nor was any one of them notified
      that their classification as a partnership for federal income tax purposes
      was under examination by the IRS.</font></p>
  <p align="left"><font size="2" face="serif">If for any reason the Operating
      Partnership or a Title Holding Partnership was classified as an association
      taxable as a corporation rather than as a partnership for Federal income
      tax purposes, the Company would not be able to satisfy the income and asset
      requirements for REIT status. See &#147;&#150; Income Tests&#148; and &#147;&#150; Asset
      Tests.&#148; In addition, any change in any such Partnership&#146;s status
      for tax purposes might be treated as a taxable event, in which case the
      Company might incur a tax liability without any related cash distribution.
      See &#147;&#150; Annual Distribution Requirements.&#148; Further, items
      of income and deduction of any such Partnership would not pass through
      to its partner (e.g., the Company), and its partners would be treated as
      shareholders for tax purposes. Any such Partnership would be required to
      pay income tax at corporate tax rates on its net income and distributions
      to its partners would constitute dividends that would not be deductible
      in computing such Partnership&#146;s taxable income.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Partnership Allocations</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Although a partnership agreement
      will generally determine the allocation of income and losses among partners,
      such allocations will be disregarded for tax purposes if they do not comply
      with the provisions of Section 704(b) and the Treasury Regulations promulgated
      thereunder, which require that partnership allocations respect the economic
      arrangement of the partners.</font></p>
  <p align="left"><font size="2" face="serif">If an allocation is not recognized
      for Federal income tax purposes, the item subject to the allocation will
      be reallocated in accordance with the partners&#146; interests in the partnership,
      which will be determined by taking into account all of the facts and circumstances
      relating to the economic arrangement of the partners with respect to such
      item. The Operating Partnership&#146;s allocations of taxable income and
      loss are intended to comply with the requirements of Section 704(b) of
      the Code and the Treasury Regulations promulgated thereunder.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Tax Allocations With Respect to Contributed Properties</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Company has represented that
      the fair market values of 98 of the Properties contributed directly or
      indirectly to the Operating Partnership in various transactions were different
      than the tax basis of such Properties. Pursuant to Section 704(c) of the
      Code, items of income, gain, loss, and deduction attributable to appreciated
      or depreciated property that is contributed to a partnership in exchange
      for an interest in the partnership must be allocated for Federal income
      tax purposes in a manner such that the contributor is charged with or benefits
      from the unrealized gain or unrealized loss associated with the property
      at the time of the contribution. The amount of such unrealized gain or
      unrealized loss is generally equal to the difference between the fair market
      value of the contributed property at the time of contribution and the adjusted
      tax basis of such property at the time of contribution (the &#147;Pre-Contribution
      Gain or Loss&#148;). The partnership agreement of the Operating Partnership
      requires allocations of income, gain, loss and deduction attributable to
      such contributed property to be made in a manner that is consistent with
      Section 704(c) of the Code. Thus, if the Operating Partnership sells contributed
      property at a gain or loss, such gain or loss will be allocated to the
      contributing partners, and away from the Company, generally to the extent
      of the Pre-Contribution Gain or Loss.</font></p>
</div>
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<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Treasury Department has issued
      final regulations under Section 704(c) of the Code (the &#147;Regulations&#148;)
      which give partnerships great flexibility in ensuring that a partner contributing
      property to a partnership receives the tax benefits and burdens of any
      Pre-Contribution Gain or Loss attributable to the contributed property.
      The Regulations permit partnerships to use any &#147;reasonable method&#148; of
      accounting for Pre-Contribution Gain or Loss. The Regulations specifically
      describe three reasonable methods, including (i) the &#147;traditional
      method&#148; under current law, (ii) the traditional method with the use
      of &#147;curative allocations&#148; which would permit distortions caused
      by Pre-Contribution Gain or Loss to be rectified on an annual basis, and
      (iii) the &#147;remedial allocation method&#148; which is similar to the
      traditional method with &#147;curative allocations.&#148; The Partnership
      Agreement permits the Company, as a general partner, to select one of these
      methods to account for Pre-Contribution Gain or Loss.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Depreciation</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Operating Partnership&#146;s
      assets other than cash consist largely of appreciated property contributed
      by its partners. Assets contributed to a partnership in a tax-free transaction
      generally retain the same depreciation method and recovery period as they
      had in the hands of the partner who contributed them to the partnership.
      Accordingly, the Operating Partnership&#146;s depreciation deductions for
      its real property are based largely on the historic tax depreciation schedules
      for the Properties prior to their contribution to the Operating Partnership.
      The Properties are being depreciated over a range of 15 to 40 years using
      various methods of depreciation which were determined at the time that
      each item of depreciable property was placed in service. Any real property
      purchased by the Partnerships will be depreciated over 40 years. In certain
      instances where a partnership interest rather than real property is contributed
      to the Partnership, the real property may not carry over its recovery period
      but rather may, similarly, be subject to the lengthier recovery period.</font></p>
  <p align="left"><font size="2" face="serif">Section 704(c) of the Code requires
      that depreciation as well as gain and loss be allocated in a manner so
      as to take into account the variation between the fair market value and
      tax basis of the property contributed. Thus, because most of the property
      contributed to the Operating Partnerships is appreciated, the Company will
      generally receive allocations of tax depreciation in excess of its percentage
      interest in the Operating Partnership. Depreciation with respect to any
      property purchased by the Operating Partnership subsequent to the admission
      of its partners, however, will be allocated among the partners in accordance
      with their respective percentage interests in the Partnerships.</font></p>
  <p align="left"><font size="2" face="serif">As described above (see &#147;&#150; Tax
      Allocations with Respect to Contributed Properties&#148;), the Treasury
      Department&#146;s Regulations give partnerships flexibility in ensuring
      that a partner contributing property to a partnership receives the tax
      benefits and burdens of any Pre-Contribution Gain or Loss attributable
      to the contributed property.</font></p>
  <p align="left"><font size="2" face="serif">As described previously, the Company,
      as a general partner, may select any permissible method to account for
      Pre-Contribution Gain or Loss. The use of certain of these methods may
      result in the Company being allocated lower depreciation deductions than
      if a different method were used. The resulting higher taxable income and
      earnings and profits of the Company, as determined for federal income tax
      purposes, should decrease the portion of distributions by the Company which
      may be treated as a return of capital. See &#147;&#150; Annual Distribution
      Requirements.&#148;</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Basis in Operating Partnership Interest</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Company&#146;s adjusted tax
      basis in each of the partnerships in which it has an interest generally
      (i) will be equal to the amount of cash and the basis of any other property
      contributed to such partnership by the Company, (ii) will be increased
      by (a) its allocable share of such partnership&#146;s income and (b) its
      allocable share of any indebtedness of such partnership, and (iii) will
      be reduced, but not below zero, by the Company&#146;s allocable share of
      (a) such partnership&#146;s loss and (b) the amount of cash and the tax
      basis of any property distributed to the Company and by constructive distributions
      resulting from a reduction in the Company&#146;s share of indebtedness
      of such partnership.</font></p>
</div>
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<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">If the Company&#146;s allocable
      share of the loss (or portion thereof) of any partnership in which it has
      an interest would reduce the adjusted tax basis of the Company&#146;s partnership
      interest in such partnership below zero, the recognition of such loss will
      be deferred until such time as the recognition of such loss (or portion
      thereof) would not reduce the Company&#146;s adjusted tax basis below zero.
      To the extent that distributions from a partnership to the Company, or
      any decrease in the Company&#146;s share of the nonrecourse indebtedness
      of a partnership (each such decrease being considered a constructive cash
      distribution to the partners), would reduce the Company&#146;s adjusted
      tax basis below zero, such distributions (including such constructive distributions)
      would constitute taxable income to the Company. Such distributions and
      constructive distributions normally would be characterized as long-term
      capital gain if the Company&#146;s interest in such partnership has been
      held for longer than the long-term capital gain holding period (currently
      12 months).</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Sale of Partnership Property</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Generally, any gain realized by
      a partnership on the sale of property held by the partnership for more
      than 12 months will be long-term capital gain, except for any portion of
      such gain that is treated as depreciation or cost recovery recapture. However,
      under the requirements applicable to REITS under the Code, the Company&#146;s
      share as a partner of any gain realized by the Operating Partnership on
      the sale of any property held as inventory or other property held primarily
      for sale to customers in the ordinary course of a trade or business will
      be treated as income from a prohibited transaction that is subject to a
      100% penalty tax. See &#147;&#150; Taxation of the Company as a REIT.&#148; Such
      prohibited transaction income will also have an adverse effect upon the
      Company&#146;s ability to satisfy the income tests for REIT status. See &#147;&#150; Income
      Tests.&#148; Under existing law, whether property is held as inventory
      or primarily for sale to customers in the ordinary course of a trade or
      business is a question of fact that depends on all the facts and circumstances
      with respect to the particular transaction. A safe harbor to avoid classification
      as a prohibited transaction exists as to real estate assets held for the
      production of rental income by a REIT for at least four years where in
      any taxable year the REIT has made no more than seven sales of property
      or, in the alternative, the aggregate of the adjusted bases of all properties
      sold does not exceed 10% of the adjusted bases of all of the REIT&#146;s
      properties during the year and the expenditures includable in a property&#146;s
      net sales price. The Company, as general partner of the Operating Partnership,
      has represented that the Operating Partnership and the Title Holding Partnerships
      intend to hold the Properties for investment with a view to long-term appreciation,
      to engage in the business of acquiring, developing, owning, and operating
      and leasing properties and to make such occasional sales of the properties
      as are consistent with the Company&#146;s and the Operating Partnership&#146;s
      investment objectives. No assurance can be given, however, that every property
      sale by the Partnerships will constitute a sale of property held for investment.</font></p>
</div>
<p align="left"><font size="2" face="serif"><b>Taxation of Taxable Domestic Shareholders</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">As long as the Company qualifies
      as a REIT, distributions made to the Company&#146;s taxable U.S. shareholders
      out of current or accumulated earnings and profits (and not designated
      as capital gain dividends) will be dividends taxable to such U.S. shareholders
      as ordinary income and will not be eligible for the dividends received
      deduction for corporations. Distributions that are designated as long-term
      capital gain dividends will be taxed as long-term capital gains (to the
      extent they do not exceed the Company&#146;s actual net capital gain for
      the taxable year) without regard to the period for which the shareholder
      has held its shares of beneficial interest. However, corporate shareholders
      may be required to treat up to 20% of certain capital gain dividends as
      ordinary income. Distributions in excess of current and accumulated earnings
      and profits will not be taxable to a shareholder to the extent that they
      do not exceed the adjusted basis of the shareholder&#146;s shares, but
      rather will reduce the adjusted basis of such shares. To the extent that
      distributions in excess of current and accumulated earnings and profits
      exceed the adjusted basis of a shareholder&#146;s shares, such distributions
      will be included in income as long-term capital gain (or short-term capital
      gain if the shares have been held for 12 months or less) assuming the shares
      are a capital asset in the hands of the shareholder. In addition, any distribution
      declared by the Company in October, November or December of any year payable
      to a shareholder of record on a specified date in any such month shall
      be treated as both paid by the Company and received by the shareholder
      on December 31 of such year, provided that the distribution is actually
      paid by the Company during January of the following calendar year. Shareholders
      may not include in their individual income tax returns any losses of the
      Company.</font></p>
</div>
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<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">For taxable years of the Company
      beginning after August 5, 1997, U.S. shareholders holding Shares at the
      close of the Company&#146;s taxable year will be required to include, in
      computing their long-term capital gains for the taxable year in which the
      last day of the Company&#146;s taxable year falls, such amount as the Company
      may designate in a written notice mailed to its shareholders. The Company
      may not designate amounts in excess of the Company&#146;s undistributed
      net capital gain for the taxable year. Each U.S. shareholder required to
      include such a designated amount in determining such shareholder&#146;s
      long-term capital gains will be deemed to have paid, in the taxable year
      of the inclusion, the tax paid by the Company in respect of such undistributed
      net capital gains. U.S. shareholders subject to these rules will be allowed
      a credit or a refund, as the case may be, for the tax deemed to have been
      paid by such shareholders. U.S. shareholders will increase their basis
      in their Shares by the difference between the amount of such includable
      gains and the tax deemed paid by the shareholder in respect of such gains.</font></p>
  <p align="left"><font size="2" face="serif">In general, any loss upon a sale
      or exchange of shares by a shareholder who has held such shares for six
      months or less (after applying certain holding period rules) will be treated
      as a long-term capital loss to the extent such shareholder has received
      distributions from the Company required to be treated as long-term capital
      gain.</font></p>
  <p align="left"><font size="2" face="serif">Distributions from the Company
      and gain from the disposition of Common Shares will not be treated as passive
      activity income and, therefore, shareholders may not be able to apply any &#147;passive
      losses&#148; against such income. Dividends from the Company (to the extent
      they do not constitute a return of capital or capital gain dividends) and,
      on an elective basis, capital gain dividends and gain from the disposition
      of Common Shares will generally be treated as investment income for purposes
      of the investment income limitation.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Backup Withholding</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Company will report to its
      U.S. shareholders and the IRS the amount of distributions paid during each
      calendar year, and the amount of tax withheld, if any. Under the backup
      withholding rules, a shareholder may be subject to backup withholding at
      the rate of 31% with respect to distributions paid unless such holder (a)
      is a corporation or comes within certain other exempt categories and, when
      required, demonstrates this fact, or (b) provides a taxpayer identification
      number, certifies as to no loss of exemption from backup withholding and
      otherwise complies with applicable requirements of the backup withholding
      rules. A shareholder that does not provide the Company with his correct
      taxpayer identification number may also be subject to penalties imposed
      by the IRS. Any amount paid as backup withholding will be creditable against
      the shareholder&#146;s income tax liability. In addition, the Company may
      be required to withhold a portion of capital gain distributions to any
      shareholders who fail to certify their non-foreign status to the Company.
      See &#147;&#150; Taxation of Foreign Shareholders.&#148;</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Taxation of Tax-Exempt Shareholders</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Distributions by the Company to
      a shareholder that is a tax-exempt entity should not constitute &#147;unrelated
      business taxable income&#148; (&#147;UBTI&#148;), as defined in Section
      512(a) of the Code provided that the tax-exempt entity has not financed
      the acquisition of its shares with &#147;acquisition indebtedness&#148; within
      the meaning of the Code and the shares are not otherwise used in an unrelated
      trade or business of the tax-exempt entity.</font></p>
  <p align="left"><font size="2" face="serif">In the case of a &#147;qualified
      trust&#148; (generally, a pension or profit-sharing trust) holding shares
      in a REIT, the beneficiaries of such a trust are treated as holding shares
      in the REIT in proportion to their actuarial interests in the qualified
      trust, instead of treating the qualified trust as a single individual (the &#147;look-through
      exception&#148;). A qualified trust that holds more than 10 percent of
      the shares of a REIT is required to treat a percentage of REIT dividends
      as UBTI if the REIT incurs debt to acquire or improve real property. This
      rule applies, however, only if (i) the qualification of the REIT depends
      upon the application of the &#147;look through&#148; exception (described
      above) to the restriction on REIT shareholdings by five or fewer individuals,
      including qualified trusts (see &#147;Description of Shares of Beneficial
      Interest &#150; Restrictions on Transfer&#148;) and (ii) the REIT is &#147;predominantly
      held&#148; by qualified trusts, i.e., if either (x) a single qualified
      trust holds more than 25 percent by value of the interests in the REIT
      or (y) one or more qualified trusts, each owning more than 10 percent by
      value, holds in the aggregate more than 50 percent of the interests in
      the REIT. The percentage of any dividend paid (or treated as paid) to such
      a qualified trust that is treated as UBTI is equal to the amount of modified
      gross income (gross income less directly connected expenses) from the unrelated
      trade or business of the REIT (treating the REIT as if it were a qualified
      trust), divided by the total modified gross income of the REIT. A de minimis
      exception applies where the percentage is less than 5 percent.</font></p>
</div>
<p align="center"><font size="2" face="serif">37</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p38"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="left"><font size="2" face="serif"><b>Taxation of Foreign Shareholders</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The rules governing United States
      Federal income taxation of nonresident alien individuals, foreign corporations,
      foreign partnerships and other foreign shareholders (collectively, &#147;Non-U.S.
      Shareholders&#148;) are complex and no attempt will be made herein to provide
      more than a summary of such rules. Prospective Non-U.S. Shareholders should
      consult with their own tax advisors to determine the impact of Federal,
      state and local income tax laws with regard to an investment in Common
      Shares, including any reporting requirements.</font></p>
  <p align="left"><font size="2" face="serif">Distributions that are not attributable
      to gain from sales or exchanges by the Company of United States real property
      interests and not designated by the Company as capital gains dividends
      will be treated as dividends of ordinary income to the extent that they
      are made out of current or accumulated earnings and profits of the Company.
      Such distributions will ordinarily be subject to a withholding tax equal
      to 30% of the gross amount of the distribution unless an applicable tax
      treaty reduces or eliminates that tax. However, if income from the investment
      in the Common Shares is treated as effectively connected with the Non-U.S.
      Shareholder&#146;s conduct of a United States trade or business, the Non-U.S.
      Shareholder generally will be subject to a tax at graduated rates, in the
      same manner as U.S. shareholders are taxed with respect to such distributions
      (and may also be subject to the 30% branch profits tax in the case of a
      shareholder that is a foreign corporation). The Company expects to withhold
      United States income tax at the rate of 30% on the gross amount of any
      such distributions made to a Non-U.S. Shareholder unless (i) a lower treaty
      rate applies or (ii) the Non-U.S. Shareholder files an IRS Form 4224 with
      the Company claiming that the distribution is effectively connected income.
      Distributions in excess of current and accumulated earnings and profits
      of the Company will not be taxable to a shareholder to the extent that
      such distributions do not exceed the adjusted basis of the shareholder&#146;s
      shares, but rather will reduce the adjusted basis of such shares. To the
      extent that distributions in excess of current and accumulated earnings
      and profits exceed the adjusted basis of a Non-Shareholder&#146;s shares,
      such distributions will give rise to tax liability if the Non-U.S. Shareholder
      would otherwise be subject to tax on any gain from the sale or disposition
      of his shares in the Company, as described below. If it cannot be determined
      at the time a distribution is made whether or not such distribution will
      be in excess of current and accumulated earnings and profits, the distributions
      will be subject to withholding at the same rate as dividends. However,
      amounts thus withheld are refundable if it is subsequently determined that
      such distribution was, in fact, in excess of current and accumulated earnings
      and profits of the Company.</font></p>
  <p align="left"><font size="2" face="serif">For any year in which the Company
      qualifies as a REIT, distributions that are attributable to gain from sales
      or exchanges by the Company of United States real property interests will
      be taxed to a Non-U.S. Shareholder under the provisions of the Foreign
      Investment in Real Property Tax Act of 1980 (&#147;FIRPTA&#148;). Under
      FIRPTA, distributions attributable to gain from sales of United States
      real property interests are taxed to a Non-U.S. Shareholder as if such
      gain were effectively connected with a United States business. Non-U.S.
      Shareholders would thus be taxed at the normal capital gain rates applicable
      to U.S. shareholders (subject to applicable alternative minimum tax and
      a special alternative minimum tax in the case of nonresident alien individuals).
      Also, distributions subject to FIRPTA may be subject to a 30% branch profits
      tax in the hands of a foreign corporate shareholder not entitled to treaty
      exemption. The Company is required by applicable Treasury Regulations to
      withhold 35% of any distribution that could be designated by the Company
      as a capital gains dividend. The amount is creditable against the Non-U.S.
      Shareholder FIRPTA tax liability.</font></p>
  <p align="left"><font size="2" face="serif">Gain recognized by a Non-U.S. Shareholder
      upon a sale of Shares generally will not be taxed under FIRPTA if the Company
      is a &#147;domestically controlled REIT,&#148; defined generally as a REIT
      in which at all times during a specified testing period less than 50% in
      value of the shares of beneficial interest was held directly or indirectly
      by foreign persons. It is currently anticipated that the Company will be
      a &#147;domestically controlled REIT,&#148; and therefore the sale of Shares
      will not be subject to taxation under FIRPTA. However, because the Common
      Shares will be publicly traded, no assurance can be given that the Company
      will continue to be a &#147;domestically controlled REIT.&#148; Gain not
      subject to FIRPTA will be taxable to a Non-U.S. Shareholder if (i) investment
      in the shares is effectively connected with the Non-U.S. Shareholder&#146;s
      United States trade or business, in which case the Non-U.S. Shareholder
      will be subject to the same treatment as U.S. shareholders with respect
      to such gain or (ii) the Non-U.S. Shareholder is a nonresident alien individual
      who was present in the United States for 183 days or more during the taxable
      year, in which case the nonresident alien individual will be subject to
      a 30% tax on the individual&#146;s capital gains. If the gain on the sale
      of Shares were to be subject to taxation under FIRPTA, the Non-U.S. Shareholder
      would be subject to the same treatment as U.S. shareholders with respect
      to such gain (subject to applicable alternative minimum tax and a special
      alternative minimum tax in the case of nonresident alien individuals).</font></p>
</div>
<p align="center"><font size="2" face="serif">38</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p39"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="left"><font size="2" face="serif"><b>Statement of Share Ownership</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Company is required to demand
      annual written statements from the record holders of designated percentages
      of its Shares disclosing the actual owners of the Shares. The Company must
      also maintain, within the Internal Revenue District in which it is required
      to file its federal income tax return, permanent records showing the information
      it has received as to the actual ownership of such Shares and a list of
      those persons failing or refusing to comply with such demand.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Other Tax Consequences</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Company, the Operating Partnership,
      the Title Holding Partnerships and the Company&#146;s shareholders may
      be subject to state or local taxation in various state or local jurisdictions,
      including those in which it or they transact business or reside. The state
      and local tax treatment of the Company, the Operating Partnership, the
      Title Holding Partnerships and the Company&#146;s shareholders may not
      conform to the Federal income tax consequences discussed above. Consequently,
      prospective shareholders should consult their own tax advisors regarding
      the effect of state and local tax laws on an investment in the Company.</font></p>
</div>

<p align="left"><font size="2" face="serif"><b>Possible Federal Tax Developments</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The rules dealing with Federal
      income taxation are constantly under review by the IRS, the Treasury Department
      and Congress. New Federal tax legislation or other provisions may be enacted
      into law or new interpretations, rulings, Treasury Regulations or court
      decisions could be adopted, all of which could adversely affect the taxation
      of the Company or of its shareholders. No prediction can be made as to
      the likelihood of passage of any new tax legislation or other provisions
      or court decisions either directly or indirectly affecting the Company
      or its shareholders. Consequently, the tax treatment described herein may
      be modified prospectively or retroactively by legislative, judicial or
      administrative action.</font></p>
</div>

<p align="center"><font size="2" face="serif"><b><a name="#p39a"></a>PLAN OF DISTRIBUTION</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The Company may sell the Securities
      to one or more underwriters for public offering and sale by them or may
      sell the Securities directly to one or more investors or through agents
      or through a combination of any of such methods. Any such underwriter or
      agent involved in the offer and sale of the Securities will be named in
      the applicable prospectus supplement.</font></p>
  <p align="left"><font size="2" face="serif">The Company or underwriters may
      offer and sell the Securities at a fixed price or prices, which may be
      changed, at prices related to the prevailing market prices at the time
      of sale or at negotiated prices for cash or assets. The Company also may,
      from time to time, authorize underwriters acting as their agents to offer
      and sell the Securities upon the terms and conditions as are set forth
      in the applicable prospectus supplement. In connection with the sale of
      the Securities, underwriters may be deemed to have received compensation
      from the Company in the form of underwriting discounts or commissions and
      may also receive commissions from purchasers of the Securities for whom
      they may act as agent. Underwriters may sell Securities to or through dealers,
      and such dealers may receive compensation in the form of discounts, concessions
      or commissions from the underwriters and/or commissions from the purchasers
      for whom they may act as agent.</font></p>
  <p align="left"><font size="2" face="serif">Any underwriting compensation paid
      by the Company to underwriters or agents in connection with the offering
      of the Securities, and any discounts, concessions or commissions allowed
      by underwriters to participating dealers, will be set forth or described
      in the applicable prospectus supplement. Underwriters, dealers and agents
      participating in the distribution of the Securities may be deemed to be
      underwriters, and any discounts and commissions received by them and any
      profit realized by them on resale of the Securities may be deemed to be
      underwriting discounts and commissions under the Securities Act.</font></p>
</div>
<p align="center"><font size="2" face="serif">39</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p40"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Underwriters, dealers and agents
      may be entitled, under agreements entered into with the Company, to indemnification
      against and contribution toward certain civil liabilities, including liabilities
      under the Securities Act. In the opinion of the Commission, such indemnification
      is against public policy as expressed in the Securities Act and is, therefore,
      unenforceable.</font></p>
</div>

<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Unless otherwise specified in the
      related prospectus supplement, each series of Securities will be a new
      issue with no established trading market, other than the Common Shares
      which are listed on the NYSE. Any Common Shares sold pursuant to a prospectus
      supplement will be listed on the NYSE, subject to official notice of issuance.
      The Company may elect to list any series of Preferred Shares or American
      Depository Receipts representing Depository Shares on an exchange, but
      is not obligated to do so. It is possible that one or more underwriters
      may make a market in a series of Securities, but will not be obligated
      to do so and may discontinue any market making at any time without notice.
      Therefore, no assurance can be given as to the liquidity of, or the trading
      market for, the Securities.</font></p>
  <p align="left"><font size="2" face="serif">If so indicated in the applicable
      prospectus supplement, the Company will authorize underwriters or other
      persons acting as the Company&#146;s agents to solicit offers by certain
      institutions to purchase Securities from the Company at the public offering
      price set forth in such prospectus supplement pursuant to Delayed Delivery
      Contracts (&#147;Contracts&#148;) providing for payment and delivery on
      the date or dates stated in such prospectus supplement. Institutions with
      whom Contracts, when authorized, may be made include commercial and savings
      banks, insurance companies, pension funds, investment companies, educational
      and charitable institutions, and other institutions but will in all cases
      be subject to the approval of the Company. Contracts will not be subject
      to any conditions except: (i) the purchase by an institution of the Securities
      covered by its Contracts shall not at the time of delivery be prohibited
      under the laws of any jurisdiction in the United States to which such institution
      is subject, and (ii) if the Securities are being sold to underwriters,
      the Company shall have sold to such underwriters the total principal amount
      of the Securities less the principal amount thereof covered by Contracts.</font></p>
  <p align="left"><font size="2" face="serif">Underwriters, dealers and agents
      and their affiliates may engage in transactions with, or perform services
      for, or be tenants of, the Company and its subsidiaries in the ordinary
      course of business.</font></p>
</div>

<p align="center"><font size="2" face="serif"><b><a name="#p40a"></a>EXPERTS</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The audited financial statements
      and schedules (other than financial statements identified in the next sentence)
      incorporated by reference in this Prospectus and elsewhere in the Registration
      Statement to the extent and for the periods indicated in their reports
      have been audited by Arthur Andersen LLP, independent public accountants,
      and are included herein in reliance upon the authority of said firm as
      experts in giving said reports.</font></p>
  <p align="left"><font size="2" face="serif">The financial statements with respect
      to 1000/2000 West Lincoln Drive, 3000 West Lincoln Drive and 4000/5000
      West Lincoln Drive incorporated by reference in this Prospectus from the
      Current Report on Form 8-K of the Company, dated June&nbsp;27, 1997, have
      been audited by Zelenkofske, Axelrod &amp; Co., Ltd., independent public
      accountants, as indicated in their report and are included herein in reliance
      upon the authority of said firm as experts in giving said report.</font></p>
  <p align="left"><font size="2" face="serif">Future financial statements of
      the Company and the reports thereon of the Company&#146;s independent public
      accountants also will be incorporated by reference in this Prospectus in
      reliance upon the authority of that firm as experts in giving those reports
      to the extent said firm has audited those financial statements and consented
      to the use of their reports thereon.</font></p>
</div>
<p align="center"><font size="2" face="serif"><b><a name="#p40b"></a>LEGAL MATTERS</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">Unless otherwise set forth in a
      prospectus supplement, the validity of the Securities offered will be passed
      upon for the Company by Pepper Hamilton&nbsp;LLP, Philadelphia, Pennsylvania.
      Unless otherwise set forth in a prospectus supplement, Pepper Hamilton&nbsp;LLP
      will rely on Ballard Spahr Andrews &amp; Ingersoll, LLP, Baltimore, Maryland,
      as to certain matters of Maryland law.</font></p>
</div>
<p align="center"><font face="serif" size="2">40</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p41"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font size="2" face="serif"><b><a name="#p41a"></a>TAX MATTERS</b></font></p>
<div style="text-indent: 3%">
  <p align="left"><font size="2" face="serif">The opinion regarding the statements
      in this Prospectus under the caption &#147;Federal Income Tax Considerations&#148; has
      been rendered by Arthur Andersen LLP, independent public accountants, and
      has been referred to in reliance upon the authority of such firm as experts.</font></p>
</div>
<p align="center"><font face="serif" size="2">41</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="pbcov"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td height="4" valign="bottom" bgcolor="#000000"></td>
  </tr>
  <tr>
    <td height="2" valign="top"></td>
  </tr>
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    <td height="1" valign="top" bgcolor="#000000"></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
<p align="center"><font face="serif" size="4"><b>2,250,000 Shares</b></font><p align="center"><img src="logo_justtype.jpg" width="234" height="21"><br>
<br>
<font face="serif" size="3"><b><font size="4">Common Shares of Beneficial Interest</font></b></font><font face="serif" size="4"><br>
<br>
<br>
<br>
</font></p>
<p align="center"><img src="brandywine_logo.jpg"></p>
<p align="center"><font face="serif" size="3"><b><font size="4"><br>
  <br>
  <br>
  <br>
  <br>
  <br>
</font></b><br>
<br>
<br>
<br>
<br>
<br>
</font></p>
<p align="left"><font face="serif" size="2"><hr size="1" width="133" noshade></font><p></p>
<p align="center"><font face="serif" size="2"><b>PROSPECTUS  SUPPLEMENT</b></font></p>
<p align="center"><font face="serif" size="2">October 14, 2003<br>
</font></p>
<p align="left"><font face="serif" size="2"><hr size="1" width="133" noshade>
<br>
<br>
</font><p></p>
<p>&nbsp;</p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
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    <td align="center"><img src="legg_mason.jpg"></td>
  </tr>
  <tr valign="top">
    <td align="center" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="49%" align="center" valign="bottom"><img src="mcdonald.jpg"></td>
  </tr>
</table>
<p align="center">&nbsp;</p>
<p>&nbsp;</p>
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<p>&nbsp;</p>




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</SUBMISSION>
