<SUBMISSION>
<ACCESSION-NUMBER>0000950116-06-000649
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>4
<PERIOD>20060223
<ITEMS>2.02
<ITEMS>9.01
<FILING-DATE>20060224
<DATE-OF-FILING-DATE-CHANGE>20060223
<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>8-K
<ACT>34
<FILE-NUMBER>001-09106
<FILM-NUMBER>06640855
</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>8-K
<SEQUENCE>1
<FILENAME>eight-k.htm
<DESCRIPTION>EIGHT-K.HTM
<TEXT>

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<title>Prepared and filed by St Ives Financial</title>

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<p align="center"><font size="4" face="TimesNewRoman,Times New Roman,Times,serif">
<b>UNITED STATES<br>
</b></font><font size="4" face="TimesNewRoman,Times New Roman,Times,serif"><b>SECURITIES AND EXCHANGE COMMISSION<br>
</b></font><font size="2" face="TimesNewRoman,Times New Roman,Times,serif"><b>Washington,
D.C. 20549</b></font></p>
<hr width="150" size="2" noshade>
<p align="center"><font size="5" face="TimesNewRoman,Times New Roman,Times,serif"><b>FORM
      8-K</b>
</font></p>
<p align="center"><font face="TimesNewRoman,Times New Roman,Times,serif">
<b><font size=4>CURRENT REPORT<br>
</font><font size=2>Pursuant
  To Section 13 or 15(d) of
  the Securities Exchange Act of 1934
</font></b></font></p>
<p align="center"><font size="2" face="TimesNewRoman,Times New Roman,Times,serif">
Date of Report (Date of earliest event reported): February 23, 2006</font></p>
<p align="center"><font size="5" face="TimesNewRoman,Times New Roman,Times,serif">
<b>BRANDYWINE REALTY TRUST<br>
</b></font><font size="2" face="TimesNewRoman,Times New Roman,Times,serif">(Exact name of issuer as specified in charter)</font></p>
<hr width="150" size="2" noshade>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td><b><font size="2" face="TimesNewRoman,Times New Roman,Times,serif"><u>Maryland</u></font></b></td>
    <td width="33%"><b><font size="2" face="TimesNewRoman,Times New Roman,Times,serif"><u>001-9106</u></font></b></td>
    <td width="33%"><b><font size="2" face="TimesNewRoman,Times New Roman,Times,serif"><u>23-2413352</u></font></b></td>
  </tr>
  <tr align="center" valign="top">
    <td><font size="2" face="TimesNewRoman,Times New Roman,Times,serif">(State or Other Jurisdiction of<br>
      Incorporation
    or Organization)</font></td>
    <td><font size="2" face="TimesNewRoman,Times New Roman,Times,serif">(Commission
    file number)</font></td>
    <td><font size="2" face="TimesNewRoman,Times New Roman,Times,serif">(I.R.S.
    Employer Identification Number)</font></td>
  </tr>
  <tr align="center" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td colspan="3"><font size="2" face="TimesNewRoman,Times New Roman,Times,serif"><b><u>401 Plymouth Road, Suite 500 Plymouth
    Meeting, Pennsylvania 19462</u></b></font></td>
  </tr>
  <tr align="center" valign="top">
    <td colspan="3"><font size="2" face="TimesNewRoman,Times New Roman,Times,serif">(Address of principal executive offices)</font></td>
  </tr>
  <tr align="center" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="TimesNewRoman,Times New Roman,Times,serif"><b><u>(610) 325-5600</u></b></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="TimesNewRoman,Times New Roman,Times,serif">(Registrant&#146;s
    telephone number,<br>
    including area code)</font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<div style="text-indent:3%"><p align="left"><font size="2" face="TimesNewRoman,Times New Roman,Times,serif">Check the appropriate box below if the Form 8-K filing is intended to simultaneously
    satisfy the filing obligation of the registrant under any of the following
    provisions (see General Instruction A.2. below):</font></p></div>
<div style="text-indent:3%">
<p><font size="2" face="TimesNewRoman,Times New Roman,Times,serif"> </font><font size="2"><img src="emptybox.gif" width="12" height="12"></font><font size="2" face="TimesNewRoman,Times New Roman,Times,serif">    Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)</font></p>
</div>
<div style="text-indent:3%">
<p><font size="2" face="TimesNewRoman,Times New Roman,Times,serif"> </font><font size="2"><img src="emptybox.gif" width="12" height="12"></font><font size="2" face="TimesNewRoman,Times New Roman,Times,serif">    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)</font></p>
</div>
<div style="text-indent:3%">
<p><font size="2" face="TimesNewRoman,Times New Roman,Times,serif"> </font><font size="2"><img src="emptybox.gif" width="12" height="12"></font><font size="2" face="TimesNewRoman,Times New Roman,Times,serif">    Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))</font></p>
</div>
<div style="text-indent:3%">
<p><font size="2" face="TimesNewRoman,Times New Roman,Times,serif"> </font><font size="2"><img src="emptybox.gif" width="12" height="12"></font><font size="2" face="TimesNewRoman,Times New Roman,Times,serif">    Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))</font></p>
</div>

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<font size="2" face="TimesNewRoman,Times New Roman,Times,serif"><page>
</font><font face="Times New Roman"><p><font size="2" face="TimesNewRoman,Times New Roman,Times,serif"></font></p>
<p><font size="2" face="TimesNewRoman,Times New Roman,Times,serif">
<b>Item 2.02 	Results of Operations and Financial Condition</b></font></p>
<div style="text-indent:3%"><p><font size="2" face="TimesNewRoman,Times New Roman,Times,serif">The information in this Current Report on Form 8-K is furnished under Item 2.02 &#150; &#147;Results of Operations and Financial Condition.&#148; Such information, including the exhibits attached hereto, shall not be deemed to be &#147;filed&#148; for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;),
    or otherwise subject to the liabilities of that Section. The information
    in this Current Report on Form 8-K shall not be deemed incorporated by reference
    into any filing under the Securities Act of 1933, as amended, or the Exchange
    Act regardless of any general incorporation language in such filing.</font></p></div>
<div style="text-indent:3%"><p><font size="2" face="TimesNewRoman,Times New Roman,Times,serif">On
    February 23, 2006, we issued a press release announcing our financial results
    for the
    fourth quarter of 2005. The text of the press release is attached hereto
    as Exhibit 99.1 and is incorporated by reference herein.</font></p></div>
<div style="text-indent:3%"><p><font size="2" face="TimesNewRoman,Times New Roman,Times,serif">The press
    release includes &#147;non-GAAP financial measures&#148; within the meaning of the Securities and Exchange Commission&#146;s Regulation G. With respect to such non-GAAP financial measures, the Company has disclosed in the press release the most directly comparable financial measure calculated and presented in accordance with generally accepted accounting principles (&#147;GAAP&#148;)
 	and has provided a reconciliation of such non-GAAP financial measures to
    the	most directly comparable GAAP financial measure.</font></p></div>
<p><font size="2" face="TimesNewRoman,Times New Roman,Times,serif"><b>Item 9.01 Financial Statements and Exhibits</b></font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td width="10%"><b><font size="1" face="TimesNewRoman,Times New Roman,Times,serif"><u>Exhibits</u></font></b></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td><font size="2" face="TimesNewRoman,Times New Roman,Times,serif">99.1</font></td>
    <td><font size="2" face="TimesNewRoman,Times New Roman,Times,serif">Press
    Release dated February 23, 2006</font></td>
  </tr>
</table>
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<font size="2" face="TimesNewRoman,Times New Roman,Times,serif"><page></font><font size="2" face="Times New Roman">
<p>
</font>
<p align="center"><font size="2" face="TimesNewRoman,Times New Roman,Times,serif">
<b>SIGNATURES</b></font></p>
<div style="text-indent:3%"><p><font size="2" face="TimesNewRoman,Times New Roman,Times,serif">Pursuant
    to the requirements of the Securities and Exchange Act of 1934, the Registrant
    has
    duly caused this report to be signed on its behalf by the undersigned, hereunto
    duly authorized.</font></p></div>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td width="35%"><font size="2" face="TimesNewRoman,Times New Roman,Times,serif">BRANDYWINE
    REALTY TRUST</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td><font size="2" face="TimesNewRoman,Times New Roman,Times,serif">Date:
    February 23, 2006</font></td>
    <td><font size="2" face="TimesNewRoman,Times New Roman,Times,serif">By: /s/</font></td>
    <td><font size="2" face="TimesNewRoman,Times New Roman,Times,serif"> Gerard
    H. Sweeney</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><hr noshade size=1></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left"><font size="2" face="TimesNewRoman,Times New Roman,Times,serif">Gerard
    H. Sweeney<br>
    President and Chief Executive Officer</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<font size="2" face="TimesNewRoman,Times New Roman,Times,serif"><page>
</font><font face="Times New Roman"><p><font size="2" face="TimesNewRoman,Times New Roman,Times,serif"></font></p>
<p align="center"><font size="2" face="TimesNewRoman,Times New Roman,Times,serif">
<b>EXHIBIT INDEX</b></font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="10%"><b><font size="1" face="TimesNewRoman,Times New Roman,Times,serif"><u>Exhibit
        No.</u></font></b></td>
    <td><b><font size="1" face="TimesNewRoman,Times New Roman,Times,serif"><u>Description</u></font></b></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size="2" face="TimesNewRoman,Times New Roman,Times,serif">99.1</font></td>
    <td><font size="2" face="TimesNewRoman,Times New Roman,Times,serif">Press
    Release dated February 23, 2006</font></td>
  </tr>
</table>
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<title>Prepared and filed by St Ives Financial</title>

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<table width="100%"  border="0" cellspacing="0" cellpadding="0">
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    <td width="50%"><img width="144" height="79" src="brandylogo.jpg"></td>
    <td align="right" valign="bottom"><font size="3" face="serif"><b>FOR IMMEDIATE RELEASE</b></font></td>
  </tr>
</table>
<br>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td align="left"><font size="2" face="serif">Contact:</font></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" width="50%">
<div align="right"></div>
<font size="2" face="serif"><u>Press Contact:</u></font></td>
<td align="left"><font size="2" face="serif"><u>Investor Contact:</u></font></td>
</tr>
<tr valign="top">
<td align="left"><div style="margin-left: 6%"><font size="2" face="serif"> Michael
      Beckerman</font><br>
      <font size="2" face="serif"> Beckerman Public Relations</font><br>
      <font size="2" face="serif"> 908-781-6420</font><br>
    <font size="2" face="serif"> michael@beckermanpr.com</font></div></td>
<td align="left"><div style="margin-left: 6%"><font size="2" face="serif">Gerard
      H. Sweeney</font><br>
      <font size="2" face="serif">Christopher P. Marr</font><br>
      <font size="2" face="serif">Brandywine Realty Trust</font><br>
      <font size="2" face="serif">610-325-5600<u></u></font><br>
    <font size="2" face="serif">info@brandywinerealty.com</font></div></td>
</tr>
</table>
<p align="center"><b><font face="serif" size="4">Brandywine Realty Trust Announces Fourth Quarter and Full Year 2005 Earnings</font></b></p>
<p align="left"><font size="2" face="serif"><br><b>PLYMOUTH MEETING, PA, February 23, 2006</b>&#150; Brandywine Realty Trust (NYSE:BDN) announced today that diluted earnings per share (EPS) was $0.12 for the fourth quarter of 2005, an increase of $0.01 per share as compared to $0.11 for the fourth quarter of 2004.  Net income was $8.6 million for the fourth quarter, an increase of $0.1 million, as compared to $8.5 million for the fourth quarter of 2004.  </font></p>
<p align="left"><font size="2" face="serif">Diluted EPS was $0.62 for the year ended December 31, 2005, a decrease of $0.53 per share as compared to $1.15 per share for the year ended December 31, 2004.  Net income was $42.8 million for the year ended December 31, 2005, a decrease of $17.5 million, as compared to $60.3 million for the year ended December 31, 2004.  Net income in 2004 included a $4.5 million gain on the redemption of preferred shares.  </font></p>
<p align="left"><font size="2" face="serif">Diluted funds from operations (FFO) was $36.0 million or $0.62 per share for the fourth quarter of 2005 compared to $38.9 million or $0.68 per share for the fourth quarter of 2004.  FFO for the fourth quarter of 2005 excludes a previously disclosed $1.9 million or $0.04 per share write-off of deferred financing costs as a result of the termination of a $450 million line of credit upon entering into a new $600 million credit agreement on December 22, 2005.  FFO for the fourth quarter of 2004 excludes a $3.0 million or $0.05 per share write-off of deferred financing costs associated with the repayment of two unsecured term loans.  </font></p>
<p align="left"><font size="2" face="serif">FFO for the year ended December 31, 2005 was $143.7 million or $2.47 per share as compared to $133.9 million or $2.61 per share in 2004.  FFO for 2005 excludes the write-off of $1.9 million in deferred financing costs.  FFO for 2004 excludes the write-off of $3.0 million in deferred financing costs in the fourth quarter and a gain of $4.5 million related to redemptions in February 2004 of preferred units in the Company&#8217;s operating partnership.</font></p>
<p align="left"><font size="2" face="serif">FFO represents a non-generally accepted accounting principle (GAAP) financial measure.  A table reconciling FFO to net income, the GAAP measure that the Company believes to be most directly comparable, is within the consolidated financial statements included in this release.</font></p>
<p align="left"><font size="2" face="serif">Brandywine President and Chief Executive Officer, Gerard H. Sweeney, commented, &#8220;Our strong performance in the fourth quarter is a testament to our operations and leasing team. We did not miss a beat while working through the process of planning for the January 5, 2006 closing of the Prentiss transaction.&#8221; Mr. Sweeney went on to say, &#8220;Our focus on our markets is reflected in both the strong tenant </font><font size="2" face="serif">retention
    and positive absorption in the portfolio during the quarter. We are also
    delighted to have achieved
    our first year Dallas recycling target so soon after closing and we look
forward to assessing reinvestment alternatives.&#8221;</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="p?"></a>
<p>&nbsp;</p>
<p align="left"><font size="2" face="serif"><b>Brandywine Realty Trust Summary Portfolio Performance</b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="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 2005 payout ratio of FFO was 71.2% for the fourth quarter and 71.2% for the full year</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="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">In 2005, rental rate growth on new leases computed on a straight-line basis declined 10.2% for the fourth quarter and 8.0% for the full year</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="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">In 2005, rental rate growth on renewals computed on a straight-line basis declined 2.0% for the fourth quarter and 0.8% for the full year</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="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 2005 retention rate was 80.5% for the fourth quarter and 74.5% for the full year</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="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 portfolio was 90.9% occupied and 92.3% leased as of December 31, 2005</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="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">In the fourth quarter, leases expired or were terminated for approximately 688,000 square feet, leases were renewed for approximately 554,000 square feet and new leases were signed for approximately 270,000 square feet </font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="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">In 2005, leases expired or were terminated for approximately 4,283,000 square feet, leases were renewed for approximately 3,191,000 square feet and new leases were signed for approximately 913,000 square feet</font></td>
</tr>
</table>
<p align="left"><font size="2" face="serif"><b>Distributions</b></font></p>
<p align="left"><font size="2" face="serif">On November 9, 2005, the Board of Trustees declared a regular quarterly dividend distribution of $0.44 per common share that was paid January 17, 2006 to shareholders of record as of November 18, 2005. On December 21, 2005 the Board of Trustees declared a dividend for the period January 1, 2006 through January 4, 2006 of $0.02 per common share that was paid on January 17, 2006.  The Company also declared its dividend for the fourth quarter of $0.46875 per 7.50% Series C Cumulative Redeemable Preferred Share and $0.460938 per 7.375% Series D Cumulative Redeemable Preferred Share that was paid on January 17, 2006 to holders of record of the Series C and Series D Preferred Shares as of December 30, 2005.</font></p>
<p align="left"><font size="2" face="serif"><b>Recent Transactions</b></font></p>
<p align="left"><font size="2" face="serif">On November 30, 2005 Prentiss Properties announced the official groundbreaking for 2100 Franklin, a nine-story 220,000 square feet addition to the company&#8217;s 20-story building at 2101 Webster Street in Oakland, California.&nbsp; The combined office complex, named &#8220;Center 21&#8221; will be one of Oakland&#8217;s largest at 680,000 square feet.&nbsp;</font></p>
<p align="left"><font size="2" face="serif">On January 5, 2006, the Company announced the completion of its merger with Prentiss Properties Trust. As part of this transaction, Brandywine acquired certain Prentiss Properties' assets in Washington, D.C., northern and southern California, all properties in Austin and Dallas, Texas, as well as related land holdings. As a result of this transaction, Brandywine now owns/manages a 46 million square foot portfolio and has a total market capitalization of approximately $6 billion, making it one of the largest office REITs in the industry.</font></p>
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<p align="left"><font size="2" face="serif">On February 10, 2006, the Company announced it closed on the $172 million sale of Burnett Plaza, a 1,024,627 square foot office property located in Fort Worth, Texas. The purchaser will assume the existing $114.2 million mortgage which has a maturity date of April 2015. In the short-term, the net proceeds to Brandywine of approximately $58 million will be used to reduce borrowings under the Company's revolving credit facility.</font></p>
<p align="left"><font size="2" face="serif">On February 10, 2006, the Company announced that it acquired 100 Lenox Drive, a 90,000 square foot office building, in the Princeton Pike Corporate Center in Lawrenceville, New Jersey for $10.15 million.  The acquisition of 100 Lenox completes Brandywine&#8217;s assemblage of the entire office park which totals nearly 800,000 square feet with additional capacity of 400,000 square feet.  The building has served as a single-tenant corporate headquarters since it was originally constructed.  Brandywine intends to reposition the property by completely renovating the building and positioning it for multi-tenant occupancy or a single, large office user.  </font></p>
<p align="left"><font size="2" face="serif">On February 14, 2006, the Company announced that it broke ground on Metroplex I, the first of three buildings planned as part of the Metroplex Corporate Center, located on a 23-acre site in Plymouth Meeting, Pennsylvania. The new Class A office building will span five stories and consist of more than 120,000 square feet of headquarters-quality office space. The anticipated completion is in the first half of 2007.</font></p>
<p align="left"><font size="2" face="serif"><b>Status of Chicago Asset Sales</b></font></p>
<p align="left"><font size="2" face="serif">As of the date of this release the O&#8217;Hare Plaza II asset is the only wholly-owned Prentiss Chicago property remaining in the Company&#8217;s portfolio.  This property is under a non-contingent agreement of sale and is expected to close on or about March 15, 2006.</font></p>
<p align="left"><font size="2" face="serif"><b>Recent Financing Transactions</b></font></p>
<p align="left"><font size="2" face="serif">On December 20, 2005, the Company&#8217;s operating partnership sold $300 million of 5.625% unsecured notes due December 15, 2010.  Net proceeds were used to reduce outstanding borrowings under the Company&#8217;s revolving credit facility.</font></p>
<p align="left"><font size="2" face="serif">On January 5, 2006, the Company entered into a $750 million term loan agreement.  The proceeds of the term loan, along with other sources of funds, were used to fund a portion of the cash consideration payable in the acquisition of Prentiss.  The term loan matures on January 4, 2007 and currently bears interest at Libor plus 1.0%.</font></p>
<p align="left"><font size="2" face="serif"><b>2006 Financial Outlook</b></font></p>
<p align="left"><font size="2" face="serif">The Company is introducing revised 2006 FFO per share guidance reflecting the closing on January 5, 2006 of its merger with Prentiss Properties Trust and the sale on February 10, 2006 of Burnett Plaza.  The FFO per share guidance is based on the 2006 FFO guidance issued by the Company on November 1, 2005 of $2.55 to $2.63 per share adjusted to reflect a larger then forecast December 2005 bond offering and higher than forecast short-term interest rates ($0.02),  higher G&amp;A costs primarily attributed to integration costs not previously forecast as an expense ($0.01) and a fine-tuning of our leasing and operating costs ($0.01). We believe that the contribution from the Prentiss merger, adjusted to reflect approximately $0.01 per share of
additional interest expense on the re-financing of our $750 million acquisition term loan will be $0.04 per share. Therefore, prior to adjusting for the sale of Burnett Plaza, we anticipated combined Company FFO per share of $2.55 to $2.63. We anticipate the sale of Burnett Plaza will be $0.05 dilutive to that range. When taking these facts and adjustments into account, as of the date of this release, the Company expects its 2006 FFO per share to be $2.50 to $2.58 and its full year 2006 EPS to be $0.33 to $0.41.  The Company expects its first quarter 2006 EPS to be $0.02 to $0.04 and FFO per share to be $0.55 to $0.57.</font></p>
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<p align="left"><font size="2" face="serif">The Company&#8217;s guidance continues to be predicated on the following key and variable operating assumptions: </font></p>
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<td width="3%">
<font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">The historic Brandywine same-store portfolio achieves the following percentage changes from 2005 results:</font></td>
</tr>
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<td width="3%"></td>
<td width="3%">
<font size="2" face="serif">&nbsp;</font></td>
<td width="3%">
<font size="2" face="serif">&#150;</font></td>
<td>
<font size="2" face="serif">GAAP rents and reimbursements (not including termination fees) increase 1.25% to 1.75%</font></td>
</tr>
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<td width="3%"></td>
<td width="3%">
<font size="2" face="serif">&nbsp;</font></td>
<td width="3%">
  <font size="2" face="serif">&#150;</font></td>
<td>
<font size="2" face="serif">Net operating income declines 0.5% to 2.0%</font></td>
</tr>
</table>
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<td width="3%"></td>
<td width="3%">
<font size="2" face="serif">&nbsp;</font></td>
<td width="3%">
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<td>
<font size="2" face="serif">Average occupancy ranges from unchanged to an increase of 1.0% </font></td>
</tr>
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<td width="3%"></td>
<td width="3%">
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<td>
<font size="2" face="serif">The Company&#8217;s expected contribution from the Prentiss acquisition is as a result of the following:</font></td>
</tr>
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<td width="3%"></td>
<td width="3%">
<font size="2" face="serif">&nbsp;</font></td>
<td width="3%">
  <font size="2" face="serif">&#150;</font></td>
<td>
<font size="2" face="serif">Property level&nbsp; average occupancy to grow 2.5% to 3.0% from year end 2005 levels and cash rents to decline 3.0% to 7.0% from their previous levels</font></td>
</tr>
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<td width="3%"></td>
<td width="3%">
<font size="2" face="serif">&nbsp;</font></td>
<td width="3%">
  <font size="2" face="serif">&#150;</font></td>
<td>
<font size="2" face="serif">We continue to expect an approximately $9 million addition to rental income resulting from the re-setting of straight line rents at closing of the Prentiss merger and an estimated $4 million reduction in rental income resulting from the mark-to-market adjustment component of the application of FAS 141</font></td>
</tr>
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<font size="2" face="serif">&nbsp;</font></td>
<td width="3%">
  <font size="2" face="serif">&#150;</font></td>
<td>
<font size="2" face="serif">G&amp;A of $10 million, inclusive of synergies in connection with the merger of approximately $5 million</font></td>
</tr>
</table>
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<td width="3%">
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<td>
<font size="2" face="serif">Third party fee income of approximately $2 million </font></td>
</tr>
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<p align="left"><font size="2" face="serif">In addition to these operating assumptions, the Company&#8217;s financial forecast includes the following key and variable development, acquisition and financing assumptions:</font></p>
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<td>
<font size="2" face="serif">Completion of the Brandywine development projects in accordance with the estimates identified in our supplemental disclosure as of December 31, 2005 and continuation of a development in Oakland, California acquired in the Prentiss merger</font></td>
</tr>
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<td>
<font size="2" face="serif">In addition to the previously announced development starts, the commencement of projects in Austin, Texas and Lawrenceville, New Jersey</font></td>
</tr>
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<td>
<font size="2" face="serif">Refinance the $750 million acquisition term loan in the first half of 2006 through long-term unsecured notes</font></td>
</tr>
</table>
<p align="left"><font size="2" face="serif">These estimates may be positively or negatively impacted primarily by the timing and terms of property leases, and actual operating expenses, development costs and interest rates as compared to our forecast. </font></p>
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<p align="left"><font size="2" face="serif">The following table illustrates the above FFO per share guidance:</font></p>
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<tr valign="top">
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="1" face="serif">2006 FFO Per Share Estimate</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td>&nbsp;</td>
<td><hr noshade size="1"></td>
<td></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><font size="2" face="serif">Previous guidance</font></td>
<td align="left" width="2%">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="41%" align="center" valign="bottom"><font size="2" face="serif"> $2.55 </font></td>
<td width="2%" align="left">&nbsp;</td> </tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Adjustment for increased size of December 2005 bond offering and higher than previously forecast interest rates</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">(0.02)</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><font size="2" face="serif">Increased G&amp;A costs, primarily related to integration</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">(0.01)</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Leasing, property operating costs</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">(0.01)</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><font size="2" face="serif">Contribution from Prentiss transaction, including an additional $0.01 of financing costs</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">0.04</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
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<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Revised  guidance- low end sub total</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"> $2.55 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><font size="2" face="serif">Dilution from sale of Burnett Plaza</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">(0.05)</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Revised low-end guidance</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"> $2.50</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><font size="2" face="serif">Revised guidance range</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">$2.50-$2.58</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
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  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="center" valign="bottom"><hr noshade size="1"></td>
  <td align="left">&nbsp;</td>
</tr>
</table>
<p align="left"><font size="2" face="serif">The foregoing estimates reflect management&#8217;s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels and earnings impact of the events referenced in this release.  The estimates do not include possible future gains or losses from property dispositions or the impact on operating results from possible future property acquisitions or dispositions.  EPS estimates may be subject to fluctuations as a result of several factors, including changes in the recognition of depreciation and amortization expense and any gains or losses associated with disposition activity.  The Company is not able to assess at this time the potential impact of these factors on projected EPS.  By definition, FFO
does not include real estate-related depreciation and amortization or gains or losses associated with disposition activities.  There can be no assurance that the Company&#8217;s actual results will not differ materially from the estimates set forth above.</font></p>
<p align="left"><font size="2" face="serif"><b><u>New Accounting Pronouncements</u></b></font></p>
<p align="left"><font size="2" face="serif">The Company is currently evaluating the impact of FIN 47, &#8220;Accounting for Contingent Asset Retirement Obligations,&#8221; which requires us to recognize asset retirement obligations that are conditional on a future event, such as the obligation to safely dispose of asbestos when a building is demolished or under certain circumstances, renovated.  Upon adoption of FIN 47, we will record a cumulative effect of a change in accounting principle.  The impact of this pronouncement is not expected to have a material impact on the Company&#8217;s financial position, results of operations or FFO.  Any adjustments necessary as a result of applying this pronouncement will be reflected in the Company&#8217;s December 31, 2005 report of Form 10-K to be
filed with the SEC by March 16, 2006.</font></p>
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<p align="left"><font size="2" face="serif"><b><u>Forward-Looking Statements</u></b></font></p>
<p align="left"><font size="2" face="serif">Estimates of future earnings per share and FFO per share and certain other statements in this release constitute &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995.  </font></p>
<p align="left"><font size="2" face="serif">Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, achievements or transactions of the Company and its affiliates to be materially different from any future results, performance, achievements or transactions expressed or implied by such forward-looking statements.  Such risks, uncertainties and other factors relate to, among others:  the Company&#8217;s ability to lease vacant space and to renew or relet space under expiring leases at expected levels, competition with other real estate companies for tenants, the potential loss or bankruptcy of major tenants, interest rate levels, the availability of debt and equity financing, competition for real estate
acquisitions and risks of acquisitions, dispositions and developments, including the cost of construction delays and cost overruns, possible impairment charges, the impact of newly adopted accounting principles on the Company&#8217;s accounting policies and on period-to-period comparisons of financial results, unanticipated operating and capital costs, the Company&#8217;s ability to obtain adequate insurance, including coverage for terrorist acts, dependence upon certain geographic markets, and general and local economic and real estate conditions, including the extent and duration of adverse changes that affect the industries in which the Company&#8217;s tenants compete.</font></p>
<p align="left"><font size="2" face="serif">Additional information on factors which could impact the Company and the forward-looking statements contained herein are included in the Company&#8217;s filings with the Securities and Exchange Commission, including the Company&#8217;s Current Report on Form 8-K filed with the SEC on January 10, 2006.  The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.</font></p>
<p align="left"><font size="2" face="serif"><b><u>Non-GAAP Supplemental Financial Measures</u></b></font></p>
<p align="left"><font size="2" face="serif"><i><u>Funds from Operations (FFO)<br>
</u></i></font><font size="2" face="serif">FFO
    is a widely recognized measure of REIT performance. Although FFO is a non-GAAP
    financial measure, the Company believes that information regarding FFO is
    helpful to shareholders and potential investors. The Company computes FFO
    in accordance with standards established by the National Association of Real
    Estate Investment Trusts (NAREIT), which may not be comparable to FFO reported
    by other REITs that do not compute FFO in accordance with the NAREIT definition,
    or that interpret the NAREIT definition differently than the Company. NAREIT
    defines FFO as net income (loss) before minority interest of unit holders
    (preferred and common) and excluding gains (losses) on sales of depreciable
    operating property and extraordinary items (computed in accordance with GAAP);
    plus real estate related depreciation and amortization (excluding amortization
    of deferred financing costs), and after adjustment for unconsolidated joint
    ventures. The GAAP measure that the Company believes to be most directly
    comparable to FFO, net income, includes depreciation and amortization expenses,
    gains or losses on property sales and minority interest. In computing FFO,
    the Company eliminates substantially all of these items because, in the Company&#8217;s view, they are not indicative of the results from the Company&#8217;s property operations.  To facilitate a clear understanding of the Company&#8217;s historical operating results, FFO should be examined in conjunction with net income (determined in accordance with GAAP) as presented in the financial
statements included elsewhere in this release.  FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered to be an alternative to net income (loss) (determined in accordance with GAAP) as an indication of the Company&#8217;s financial performance or to be an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company&#8217;s liquidity, nor is it indicative of funds available for the Company&#8217;s
cash needs, including its ability to make cash distributions to shareholders.</font></p>
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<p align="left"><font size="2" face="serif">Although our FFO as adjusted differs from NAREIT&#8217;s definition of FFO, and may not be comparable to that of other REITs and real estate companies, we believe it provides a meaningful supplemental measure of our operating performance because we believe that, by excluding the effects of the extinguishments of debt and the impact of preferred share redemptions, management and investors are presented with an indicator of our operating performance that more closely achieves the objectives of the real estate industry in presenting FFO.  </font></p>
<p align="left"><font size="2" face="serif"><i><u>Cash Available for Distribution (CAD)<br>
</u></i></font><font size="2" face="serif">Cash
    available for distribution, CAD, is a non-GAAP financial measure that is
    not intended to represent cash flow for the period and is not indicative
    of cash flow provided by operating activities as determined under GAAP. CAD
    is presented solely as a supplemental disclosure with respect to liquidity
    because the Company believes it provides useful information regarding the
    Company&#8217;s ability to fund its dividends.  Because all companies do
    not calculate CAD the same way, the presentation of CAD may not be comparable
to similarly titled measures of other companies.</font></p>
<p align="left"><font size="2" face="serif"><b><u>Fourth Quarter Earnings Call and Supplemental Information Package</u></b></font></p>
<p align="left"><font size="2" face="serif">Brandywine President and CEO, Gerard H. Sweeney, will be hosting a conference call on Friday, February 24, 2006 at 11:00 a.m. ET.  Call 1-888-889-5602.  After the conference, a taped replay of the call can be accessed 24 hours a day through Friday, March 10, 2006 by calling 1-877-519-4471 &#150; access code 6977888.  In addition, the conference call can be accessed via a webcast located on the Company&#8217;s website at <u>www.brandywinerealty.com</u>.</font></p>
<p align="left"><font size="2" face="serif">The Company has prepared a Supplemental Information package that includes financial results and operational statistics to support the announcement of fourth quarter earnings.  The Supplemental Information package is available through the Company&#8217;s website at <u>www.brandywinerealty.com</u>.</font></p>
<p align="left"><font size="2" face="serif">The Supplemental Information package can be found in the &#8220;Investor Relations &#150; Financial Reports&#8221; section of the web page.</font></p>
<p align="left"><font size="2" face="serif"><b>About Brandywine Realty Trust</b></font></p>
<p align="left"><font size="2" face="serif">Brandywine Realty Trust (NYSE: BDN), with headquarters in Plymouth Meeting, Pa., is one of the largest full-service, completely integrated real estate companies in the United States.  Organized as a real estate investment trust (REIT), Brandywine owns, manages or has ownership interest in office and industrial properties aggregating 46 million square feet.</font></p>
<p align="left"><font size="2" face="serif">For more information, visit Brandywine&#8217;s website at <u>www.brandywinerealty.com</u>.</font></p>
<p align="center"><font size="2" face="serif"># # #</font></p>
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<p align="center"><b><font size=2>BRANDYWINE REALTY TRUST<br>
CONSOLIDATED BALANCE SHEETS</font></b><br>
<font size="2"><b><i>(unaudited, in thousands)</i></b> </font></p>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
<tr>
   <td rowspan="2"><font size="1" face="Times New Roman">&nbsp;&nbsp;</font></td>
   <td align="center" colspan=2><font size="1" face="Times New Roman"><b>December
    31,</b></font></td>
   <td rowspan="2"><font size="1" face="Times New Roman">&nbsp;&nbsp;</font></td>
   <td align="center" colspan=2><font size="1" face="Times New Roman"><b>December
    31,</b></font></td>
   <td rowspan="2"><font size="1" face="Times New Roman">&nbsp;&nbsp;</font></td>
</tr>
<tr>
   <td align="center" colspan=2><font size="1" face="Times New Roman"><b>2005</b></font></td>
   <td align="center" colspan=2><font size="1" face="Times New Roman"><b>2004</b></font></td>
  </tr>
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   <td colspan=2><hr noshade size=1></td>
   <td><font size="1" face="Times New Roman">&nbsp;</font></td>
   <td colspan=2><hr noshade size=1></td>
   <td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman"><b>ASSETS</b></font></td>
   <td align="left">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="Times New Roman">Real estate investments:</font></td>
   <td align="left">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font face="Times New Roman">&nbsp;&nbsp;&nbsp;<font size=2>Operating properties</font></font></td>
   <td width=1% align="left"><font size=2 face="Times New Roman">$</font></td>
   <td width=8% align="right"><font size=2 face="Times New Roman">2,560,061</font></td>
   <td width=2%>&nbsp;</td>
   <td width=1% align="left"><font size=2 face="Times New Roman">$</font></td>
   <td width=8% align="right"><font size=2 face="Times New Roman">2,483,134</font></td>
   <td width=2%>&nbsp;</td>
</tr>
<tr>
   <td><font face="Times New Roman">&nbsp;&nbsp;&nbsp;<font size=2>Accumulated depreciation</font></font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">(390,333</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">(325,802</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td align="left"><hr noshade size=1></td>
   <td><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td align="left"><hr noshade size=1></td>
   <td><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr bgcolor="#eeeeee">
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">2,169,728</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">2,157,332</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Construction-in-progress</font></font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">273,240</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">145,016</font></td>
   <td>&nbsp;</td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Land held for development</font></font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">98,518</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">61,517</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td align="left"><hr noshade size=1></td>
   <td><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td align="left"><hr noshade size=1></td>
   <td><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr bgcolor="#eeeeee">
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">2,541,486</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">2,363,865</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="Times New Roman">Cash and cash equivalents</font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">7,174</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">15,346</font></td>
   <td>&nbsp;</td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size=2 face="Times New Roman">Escrowed cash</font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">18,497</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">17,980</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="Times New Roman">Accounts receivable, net</font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">12,874</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">11,999</font></td>
   <td>&nbsp;</td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size=2 face="Times New Roman">Accrued rent receivable, net</font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">47,034</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">32,641</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="Times New Roman">Investment in marketable securities</font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font face="Times New Roman">&#8211;</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">423</font></td>
   <td>&nbsp;</td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size=2 face="Times New Roman">Investment in real estate ventures</font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">13,331</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">12,754</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="Times New Roman">Deferred costs, net</font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">37,602</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">34,449</font></td>
   <td>&nbsp;</td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size=2 face="Times New Roman">Intangible assets, net</font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">78,097</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">101,056</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="Times New Roman">Other assets</font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">49,649</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">43,471</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td align="left"><hr noshade size=1></td>
   <td><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td align="left"><hr noshade size=1></td>
   <td><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Total assets</font></font></td>
   <td align="left"><font size=2 face="Times New Roman">$</font></td>
   <td align="right"><font size=2 face="Times New Roman">2,805,744</font></td>
   <td>&nbsp;</td>
   <td align="left"><font size=2 face="Times New Roman">$</font></td>
   <td align="right"><font size=2 face="Times New Roman">2,633,984</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td align="left"><hr noshade size=2></td>
   <td><hr noshade size=2></td>
   <td>&nbsp;</td>
   <td align="left"><hr noshade size=2></td>
   <td><hr noshade size=2></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman"><b>LIABILITIES AND BENEFICIARIES'
    EQUITY</b></font></td>
   <td align="left">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size=2 face="Times New Roman">Mortgage notes payable</font></td>
   <td align="left"><font size=2 face="Times New Roman">$</font></td>
   <td align="right"><font size=2 face="Times New Roman">494,777</font></td>
   <td>&nbsp;</td>
   <td align="left"><font size=2 face="Times New Roman">$</font></td>
   <td align="right"><font size=2 face="Times New Roman">518,234</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="Times New Roman">Borrowings under credit facilities</font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">90,000</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">152,000</font></td>
   <td>&nbsp;</td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size=2 face="Times New Roman">Unsecured senior notes, net of discounts</font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">936,607</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">636,435</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="Times New Roman">Accounts payable and accrued expenses</font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">52,635</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">49,242</font></td>
   <td>&nbsp;</td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size=2 face="Times New Roman">Distributions payable</font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">28,880</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">27,363</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="Times New Roman">Tenant security deposits and deferred rents</font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">20,953</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">20,046</font></td>
   <td>&nbsp;</td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size=2 face="Times New Roman">Acquired lease intangibles, net</font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">34,704</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">39,271</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="Times New Roman">Other liabilities</font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">4,466</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">1,525</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td align="left"><hr noshade size=1></td>
   <td><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td align="left"><hr noshade size=1></td>
   <td><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Total liabilities</font></font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">1,663,022</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">1,444,116</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="Times New Roman">Minority interest</font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">37,859</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">42,866</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="Times New Roman">Beneficiaries' equity:</font></td>
   <td align="left">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font face="Times New Roman">&nbsp;&nbsp;&nbsp;<font size=2>Preferred shares - Series C</font></font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">20</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">20</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font face="Times New Roman">&nbsp;&nbsp;&nbsp;<font size=2>Preferred shares - Series D</font></font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">23</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">23</font></td>
   <td>&nbsp;</td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font face="Times New Roman">&nbsp;&nbsp;&nbsp;<font size=2>Common shares</font></font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">562</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">553</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font face="Times New Roman">&nbsp;&nbsp;&nbsp;<font size=2>Additional paid-in capital</font></font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">1,369,913</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">1,346,651</font></td>
   <td>&nbsp;</td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font face="Times New Roman">&nbsp;&nbsp;&nbsp;<font size=2>Cumulative earnings</font></font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">413,281</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">370,515</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font face="Times New Roman">&nbsp;&nbsp;&nbsp;<font size=2>Accumulated other comprehensive loss</font></font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">(3,169</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">(3,130</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font face="Times New Roman">&nbsp;&nbsp;&nbsp;<font size=2>Cumulative distributions</font></font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">(675,767</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">(567,630</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td align="left"><hr noshade size=1></td>
   <td><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td align="left"><hr noshade size=1></td>
   <td><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Total beneficiaries' equity</font></font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">1,104,863</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">1,147,002</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td align="left"><hr noshade size=1></td>
   <td><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td align="left"><hr noshade size=1></td>
   <td><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr bgcolor="#eeeeee">
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">1,142,722</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=2 face="Times New Roman">1,189,868</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td align="left"><hr noshade size=1></td>
   <td><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td align="left"><hr noshade size=1></td>
   <td><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Total liabilities and beneficiaries' equity</font></font></td>
   <td align="left"><font size=2 face="Times New Roman">$</font></td>
   <td align="right"><font size=2 face="Times New Roman">2,805,744</font></td>
   <td>&nbsp;</td>
   <td align="left"><font size=2 face="Times New Roman">$</font></td>
   <td align="right"><font size=2 face="Times New Roman">2,633,984</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td><hr noshade size=2></td>
   <td><hr noshade size=2></td>
   <td>&nbsp;</td>
   <td><hr noshade size=2></td>
   <td><hr noshade size=2></td>
   <td>&nbsp;</td>
</tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<font face="Times New Roman"><page>
<p><font size="2" face="Times New Roman"><a href="#contents"></a></font></p>
</font>
<p align="center"><font face="Times New Roman"><b><font size=2>BRANDYWINE REALTY
        TRUST</font></b><br>
  </font><font size="2" face="Times New Roman"><b>CONSOLIDATED STATEMENTS OF
  OPERATIONS<br>
  </b></font><font size="2" face="Times New Roman"><b><i>(unaudited, in thousands,
  except share and per share data)</i></b> </font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td><div align="center"><b><font size="1">&nbsp;</font></b></div>
    </td>
    <td colspan="5"><div align="center"><font size="1"><b>&nbsp;<font face="Times New Roman">Three
              Months Ended</font></b></font></div>
    </td>
    <td><div align="center"><b><font size="1">&nbsp;</font></b></div>
    </td>
    <td colspan="5"><div align="center"><font size="1"><b>&nbsp;<font face="Times New Roman">Twelve
              Months Ended</font></b></font></div>
    </td>
    <td><div align="center"><b><font size="1">&nbsp;</font></b></div>
    </td>
  </tr>
  <tr>
    <td><div align="center"><b><font size="1">&nbsp;</font></b></div>
    </td>
    <td><hr align="center" size=1 noshade>
    </td>
    <td colspan=4><hr align="center" size=1 noshade>
    </td>
    <td><div align="center"><b><font size="1">&nbsp;</font></b></div>
    </td>
    <td><hr align="center" size=1 noshade>
    </td>
    <td colspan=4><hr align="center" size=1 noshade>
    </td>
    <td><div align="center"><b><font size="1">&nbsp;</font></b></div>
    </td>
  </tr>
  <tr>
    <td><div align="center"><b><font size="1">&nbsp;</font></b></div>
    </td>
    <td align="center" colspan=2><div align="center"><b><font size=1 face="Times New Roman">December
            31,</font></b></div>
    </td>
    <td><div align="center"><b><font size="1">&nbsp;</font></b></div>
    </td>
    <td align="center" colspan=2><div align="center"><b><font size=1 face="Times New Roman">December
            31,</font></b></div>
    </td>
    <td><div align="center"><b><font size="1">&nbsp;</font></b></div>
    </td>
    <td align="center" colspan=2><div align="center"><b><font size=1 face="Times New Roman">December
            31,</font></b></div>
    </td>
    <td><div align="center"><b><font size="1">&nbsp;</font></b></div>
    </td>
    <td align="center" colspan=2><div align="center"><b><font size=1 face="Times New Roman">December
            31,</font></b></div>
    </td>
    <td><div align="center"><b><font size="1">&nbsp;</font></b></div>
    </td>
  </tr>
  <tr>
    <td><div align="center"><b><font size="1">&nbsp;</font></b></div>
    </td>
    <td align="center" colspan=2><div align="center"><b><font size=1 face="Times New Roman">2005</font></b></div>
    </td>
    <td><div align="center"><b><font size="1">&nbsp;</font></b></div>
    </td>
    <td align="center" colspan=2><div align="center"><b><font size=1 face="Times New Roman">2004</font></b></div>
    </td>
    <td><div align="center"><b><font size="1">&nbsp;</font></b></div>
    </td>
    <td align="center" colspan=2><div align="center"><b><font size=1 face="Times New Roman">2005</font></b></div>
    </td>
    <td><div align="center"><b><font size="1">&nbsp;</font></b></div>
    </td>
    <td align="center" colspan=2><div align="center"><b><font size=1 face="Times New Roman">2004</font></b></div>
    </td>
    <td><div align="center"><b><font size="1">&nbsp;</font></b></div>
    </td>
  </tr>
  <tr>
    <td><div align="center"><b><font size="1">&nbsp;</font></b></div>
    </td>
    <td colspan=2><hr align="center" size=1 noshade>
    </td>
    <td><div align="center"><b><font size="1">&nbsp;</font></b></div>
    </td>
    <td colspan=2><hr align="center" size=1 noshade>
    </td>
    <td><div align="center"><b><font size="1">&nbsp;</font></b></div>
    </td>
    <td colspan=2><hr align="center" size=1 noshade>
    </td>
    <td><div align="center"><b><font size="1">&nbsp;</font></b></div>
    </td>
    <td colspan=2><hr align="center" size=1 noshade>
    </td>
    <td><div align="center"><b><font size="1">&nbsp;</font></b></div>
    </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman"><b>Revenue</b></font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Rents</font></td>
    <td width=1% align="left"><font size=2 face="Times New Roman">$</font></td>
    <td width=8% align="right"><font size=2 face="Times New Roman">83,840</font></td>
    <td width=2%><font size="2">&nbsp;</font></td>
    <td width=1% align="left"><font size=2 face="Times New Roman">$</font></td>
    <td width=8% align="right"><font size=2 face="Times New Roman">81,107</font></td>
    <td width=2%><font size="2">&nbsp;</font></td>
    <td width=1% align="left"><font size=2 face="Times New Roman">$</font></td>
    <td width=8% align="right"><font size=2 face="Times New Roman">328,072</font></td>
    <td width=2%><font size="2">&nbsp;</font></td>
    <td width=1% align="left"><font size=2 face="Times New Roman">$</font></td>
    <td width=8% align="right"><font size=2 face="Times New Roman">275,631</font></td>
    <td width=2%><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Tenant reimbursements</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">14,587</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">11,909</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">49,509</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">37,572</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Other</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">2,059</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">2,875</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">13,879</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">12,018</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
        revenue</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">100,486</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">95,891</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">391,460</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">325,221</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman"><b>Operating Expenses</b></font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Property operating
        expenses</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">30,224</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">25,763</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">114,876</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">89,857</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Real estate taxes</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">10,290</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">9,687</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">39,411</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">31,062</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Depreciation
        and amortization</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">27,096</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">28,991</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">111,886</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">79,904</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Administrative
        expenses</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">4,366</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">4,123</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">17,982</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">15,100</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
        operating expenses</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">71,976</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">68,564</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">284,155</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">215,923</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size="2" face="Times New Roman"><b>Operating income</b></font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">28,510</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">27,327</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">107,305</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">109,298</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman"><b>Other income (expense)</b></font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Interest income</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">410</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">247</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">1,376</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">840</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Interest expense</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(20,997</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(19,535</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(74,363</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(55,061</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Equity in income
        of real estate ventures</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">876</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">451</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">3,172</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">2,024</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Net gain on sale
        of interests in real estate</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="Times New Roman">&#8211;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">74</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">4,640</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">2,975</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size=2 face="Times New Roman">Income before minority interest</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">8,799</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">8,564</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">42,130</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">60,076</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size=2 face="Times New Roman">Minority interest attributable to
        continuing operations</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(171</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(332</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(1,331</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(2,472</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size=2 face="Times New Roman">Income from continuing operations</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">8,628</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">8,232</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">40,799</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">57,604</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size=2 face="Times New Roman">Discontinued operations:</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;(Loss) income
        from discontinued operations</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="Times New Roman">&#8211;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(95</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(159</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(336</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Net gain on disposition
        of discontinued operations</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="Times New Roman">&#8211;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">401</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">2,196</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">3,136</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Minority interest</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="Times New Roman">&#8211;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(11</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(69</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(101</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="Times New Roman">&#8211;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">295</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">1,968</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">2,699</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size=2 face="Times New Roman">Net income</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">8,628</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">8,527</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">42,767</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">60,303</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size=2 face="Times New Roman">Income allocated to Preferred Shares</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(1,998</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(2,348</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(7,992</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(9,720</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size=2 face="Times New Roman">Preferred Share redemption gain (charge)</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="Times New Roman">&#8211;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="Times New Roman">&#8211;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="Times New Roman">&#8211;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">4,500</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size=2 face="Times New Roman">Income allocated to Common Shares</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">6,630</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">6,179</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">34,775</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">55,083</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman"><b>PER SHARE DATA</b></font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size=2 face="Times New Roman">Basic income per Common Share</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">0.12</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">0.11</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">0.62</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">1.15</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size=2 face="Times New Roman">Basic weighted-average shares outstanding</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">56,179,175</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">54,382,030</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">55,846,268</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">47,781,789</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size=2 face="Times New Roman">Diluted income per Common Share</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">0.12</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">0.11</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">0.62</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">1.15</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size=2 face="Times New Roman">Diluted weighted-average shares outstanding</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">56,357,483</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">54,654,967</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">56,104,588</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">48,018,704</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<font face="Times New Roman"><page>
<p><font size="2" face="Times New Roman"><a href="#contents"></a></font></p>
</font>
<p align="center"><font size="2" face="Times New Roman"><b>BRANDYWINE REALTY
      TRUST<br>
FUNDS FROM OPERATIONS AND CASH AVAILABLE FOR DISTRIBUTION<br>
<i>(unaudited, in thousands, except share and per share data)</i></b> </font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div>
    </td>
    <td colspan="5" align="left"><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;Three
            Months Ended</b></font></div>
    </td>
    <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div>
    </td>
    <td colspan="5" align="left"><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;Twelve
            Months Ended</b></font></div>
    </td>
    <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div>
    </td>
  </tr>
  <tr>
    <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div>
    </td>
    <td align="left"><hr align="center" size=1 noshade>
    </td>
    <td colspan=4><hr align="center" size=1 noshade>
    </td>
    <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div>
    </td>
    <td align="left"><hr align="center" size=1 noshade>
    </td>
    <td colspan=4><hr align="center" size=1 noshade>
    </td>
    <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div>
    </td>
  </tr>
  <tr>
    <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div>
    </td>
    <td colspan="2" align="left"><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;12/31/05</b></font></div>
    </td>
    <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div>
    </td>
    <td colspan="2" align="left"><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;12/31/04</b></font></div>
    </td>
    <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div>
    </td>
    <td colspan="2" align="left"><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;12/31/05</b></font></div>
    </td>
    <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div>
    </td>
    <td colspan="2" align="left"><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;12/31/04</b></font></div>
    </td>
    <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div>
    </td>
  </tr>
  <tr>
    <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div>
    </td>
    <td align="left"><hr align="center" size=1 noshade>
    </td>
    <td><hr align="center" size=1 noshade>
    </td>
    <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div>
    </td>
    <td align="left"><hr align="center" size=1 noshade>
    </td>
    <td><hr align="center" size=1 noshade>
    </td>
    <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div>
    </td>
    <td align="left"><hr align="center" size=1 noshade>
    </td>
    <td><hr align="center" size=1 noshade>
    </td>
    <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div>
    </td>
    <td align="left"><hr align="center" size=1 noshade>
    </td>
    <td><hr align="center" size=1 noshade>
    </td>
    <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div>
    </td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman"><b>Reconciliation of Net Income
          to Funds from Operations (FFO):</b></font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size=2 face="Times New Roman">Net income</font></td>
    <td width=1% align="left"><font size=2 face="Times New Roman">$</font></td>
    <td width=8% align="right"><font size=2 face="Times New Roman">8,628</font></td>
    <td width=2%><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width=1% align="left"><font size=2 face="Times New Roman">$</font></td>
    <td width=8% align="right"><font size=2 face="Times New Roman">8,527</font></td>
    <td width=2%><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width=1% align="left"><font size=2 face="Times New Roman">$</font></td>
    <td width=8% align="right"><font size=2 face="Times New Roman">42,767</font></td>
    <td width=2%><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width=1% align="left"><font size=2 face="Times New Roman">$</font></td>
    <td width=8% align="right"><font size=2 face="Times New Roman">60,303</font></td>
    <td width=2%><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size=2 face="Times New Roman">Add (deduct):</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Minority interest
        attributable to continuing operations</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">171</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">332</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">1,331</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">2,472</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Net gains on
        sale of interests in real estate</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size="2" face="Times New Roman">&#8211;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(74</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(4,640</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(2,975</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Minority interest
        attributable to discontinued operations</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size="2" face="Times New Roman">&#8211;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">11</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">69</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">101</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Net gains on
        disposition of discontinued operations</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size="2" face="Times New Roman">&#8211;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(401</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(2,196</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(3,136</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size=2 face="Times New Roman">Income before net gains on sale of
        interests in real estate and minority interest</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">8,799</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">8,395</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">37,331</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">56,765</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size=2 face="Times New Roman">Add:</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Depreciation:</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real
        property</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">20,890</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">20,468</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">83,353</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">63,192</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real
        estate ventures</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">370</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">782</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">1,798</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">2,389</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Amortization
        of leasing costs (includes acquired intangibles)</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">6,041</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">8,275</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">27,304</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">15,890</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Perpetual Preferred
        Share distributions</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(1,998</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(1,998</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(7,992</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(7,332</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Preferred Share
        redemption gain (charge)</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size="2" face="Times New Roman">&#8211;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size="2" face="Times New Roman">&#8211;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size="2" face="Times New Roman">&#8211;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">4,500</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size=2 face="Times New Roman">Funds from operations (FFO)</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">34,102</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">35,922</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">141,794</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">135,404</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size=2 face="Times New Roman">FFO, excluding non-recurring items
        (1)</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">36,024</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">38,917</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">143,716</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">133,899</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>

  <tr>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size=2 face="Times New Roman">FFO per share - fully diluted</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">0.58</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">0.63</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">2.44</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">2.64</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size=2 face="Times New Roman">FFO per share - fully diluted, excluding
        non-recurring items (1)</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">0.62</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">0.68</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">2.47</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">2.61</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size=2 face="Times New Roman">Weighted-average shares/units outstanding
        - fully diluted</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">58,302,750</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">57,415,913</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">58,111,162</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">51,358,343</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size=2 face="Times New Roman">EPS - diluted</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">0.12</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">0.11</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">0.62</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">1.15</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size=2 face="Times New Roman">Weighted-average shares outstanding
        - fully diluted</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">56,357,483</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">54,654,967</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">56,104,588</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">48,018,704</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size=2 face="Times New Roman">Dividend per Common Share</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">0.44</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">0.44</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">1.76</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">1.76</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size=2 face="Times New Roman">Payout ratio of FFO (Dividend per
        Common Share divided by FFO per Common Share)</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">75.2</font></td>
    <td><font size=2 face="Times New Roman">%</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">70.3</font></td>
    <td><font size=2 face="Times New Roman">%</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">72.1</font></td>
    <td><font size=2 face="Times New Roman">%</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">66.8</font></td>
    <td><font size=2 face="Times New Roman">%</font></td>
  </tr>
  <tr>
    <td><font size=2 face="Times New Roman">Payout ratio of FFO, excluding non
        recurring items (1)</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">71.2</font></td>
    <td><font size=2 face="Times New Roman">%</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">64.9</font></td>
    <td><font size=2 face="Times New Roman">%</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">71.2</font></td>
    <td><font size=2 face="Times New Roman">%</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">67.5</font></td>
    <td><font size=2 face="Times New Roman">%</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman"><b>CASH AVAILABLE FOR DISTRIBUTION
          (CAD)</b></font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size=2 face="Times New Roman">FFO, excluding non-recurring items
        (1)</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">36,024</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">38,917</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">143,716</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">133,899</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size=2 face="Times New Roman">Add (deduct):</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Rental income
        from straight-line rents</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(4,137</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(2,142</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(14,953</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(6,023</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Deferred market
        rental income</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(491</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(526</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(1,542</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(406</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Amortization:</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred
        financing costs</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">394</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">408</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">1,845</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">1,967</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred
        compensation costs</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">692</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">467</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">2,765</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">2,114</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Second generation
        capital expenditures (2):</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Building
        and tenant improvements</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(7,975</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(10,271</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(33,075</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(33,813</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease
        commissions</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(785</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(1,231</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(3,534</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(4,692</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=1>
    </td>
    <td><hr noshade size=1>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size=2 face="Times New Roman">Cash available for distribution</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">23,722</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">25,622</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">95,222</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">93,046</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size=2 face="Times New Roman">Weighted-average shares/units outstanding
        - fully diluted</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">58,302,750</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">57,415,913</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">58,111,162</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">51,358,343</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size=2 face="Times New Roman">Dividend per Common Share</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">0.44</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">0.44</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">1.76</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">1.76</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><hr noshade size=2>
    </td>
    <td><hr noshade size=2>
    </td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size=2 face="Times New Roman">Cash flows from:</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Operating activities</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">21,379</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">52,180</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">125,146</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size=2 face="Times New Roman">$</font></td>
    <td align="right"><font size=2 face="Times New Roman">152,890</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Investing activities</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(46,265</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(47,936</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(252,416</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">(682,652</font></td>
    <td><font size=2 face="Times New Roman">)</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Financing activities</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">8,720</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">1,239</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">119,098</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right"><font size=2 face="Times New Roman">536,556</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
</table>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="3%" valign="top"><font size=1 face="Times New Roman">(1)</font></td>
    <td valign="top"><font size=1 face="Times New Roman">2005 represents FFO
        excluding the write-off of deferred financing costs in the 4th Quarter
        of $1.9 million as a result of terminating the existing line of credit
        upon entering into the amended and restated credit agreement on 12/22/05.
        2004 represents FFO excluding the write-off of deferred financing costs
        in the 4th Quarter of $3.0 million associated with the Company's repayment
        of the 2007 and 2008 Unsecured Term Loans and a gain of $4.5 million
        related to the Series B Preferred Unit redemption in February 2004.</font></td>
  </tr>
  <tr>
    <td valign="top"><font size="1" face="Times New Roman">&nbsp;</font></td>
    <td valign="top"><font size="1" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top"><font size=1 face="Times New Roman">(2)</font></td>
    <td valign="top"><font size=1 face="Times New Roman">Represents expenditures
        incurred during the period (regardless if lease commencement is after
        quarter end). Excludes first generation costs, which consist of capital
        expenditures, tenant improvements and leasing commissions associated
        with development and purchase price adjustments relating to acquisitions
        (including seller escrows, purchase price reduction or costs anticipated
        to initially lease-up acquired properties).</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<font face="Times New Roman"><page>
<p><font size="2" face="Times New Roman"><a href="#contents"></a></font></p>
</font>
<p align="center"><font size="2" face="Times New Roman"> <b>BRANDYWINE REALTY
      TRUST<br>
SAME STORE OPERATIONS - QUARTER</b><br>
<b><i>(unaudited and in thousands)</i></b> </font></p>
<font size="2" face="Times New Roman">
<div style="text-indent:3%">
<p><font face="Times New Roman"> Of the
    251 Properties owned by the Company as of December 31, 2005, a total of 237
    Properties ("Same Store Properties") containing an aggregate of 17.8
  million net rentable square feet were owned for the entire three-month periods
  ended December 31, 2005 and 2004. Average occupancy for the Same Store Properties
  was 90.9% during 2005 and 91.4% during 2004. The following table sets forth
revenue and expense information for the Same Store Properties: </font></p>
</div>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
<tr>
   <td>&nbsp;</td>
   <td colspan="5"><div align="center"><font size="1" face="Times New Roman"><b>Quarter
    Ended December 31,</b></font></div></td>
   <td>&nbsp;</td>
   <td colspan="2"><div align="center"><font size="1" face="Times New Roman"><b>Dollar</b></font></div></td>
   <td>&nbsp;</td>
   <td align="center"><div align="center"><font size="1" face="Times New Roman"><b>Percent</b></font></div></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td colspan="5"><hr align="center" size=1 noshade></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td colspan="2"><div align="center"><font size="1" face="Times New Roman"><b>2005</b></font></div></td>
   <td>&nbsp;</td>
   <td colspan="2"><div align="center"><font size="1" face="Times New Roman"><b>2004</b></font></div></td>
   <td>&nbsp;</td>
   <td colspan="2"><div align="center"><font size="1" face="Times New Roman"><b>Variance</b></font></div></td>
   <td>&nbsp;</td>
   <td align="center"><div align="center"><font size="1" face="Times New Roman"><b>Variance</b></font></div></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td><hr align="center" size=1 noshade>
   </td>
   <td><hr align="center" size=1 noshade></td>
   <td>&nbsp;</td>
   <td><hr align="center" size=1 noshade>
   </td>
   <td><hr align="center" size=1 noshade></td>
   <td>&nbsp;</td>
   <td><hr align="center" size=1 noshade>
   </td>
   <td><hr align="center" size=1 noshade></td>
   <td>&nbsp;</td>
   <td><hr align="center" size=1 noshade></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman"><b>Revenue</b></font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Rents (a)</font></td>
   <td width=1% align="center"><font size=2 face="Times New Roman">$</font></td>
   <td width=8% align="right"><font size=2 face="Times New Roman">76,241</font></td>
   <td width=1%><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td width=1% align="center"><font size=2 face="Times New Roman">$</font></td>
   <td width=8% align="right"><font size=2 face="Times New Roman">79,225</font></td>
   <td width=1%><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td width=1% align="center"><font size=2 face="Times New Roman">$</font></td>
   <td width=8% align="right"><font size=2 face="Times New Roman">(2,984</font></td>
   <td width=1%><font size=2 face="Times New Roman">)</font></td>
   <td width=8% align="right"><font size=2 face="Times New Roman">-3.8</font></td>
   <td width=1%><font size=2 face="Times New Roman">%</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Tenant reimbursements</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">14,655</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">12,577</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">2,078</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">16.5</font></td>
   <td><font size=2 face="Times New Roman">%</font></td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Other (b)</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">817</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">1,071</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">(254</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
   <td align="right"><font size=2 face="Times New Roman">-23.7</font></td>
   <td><font size=2 face="Times New Roman">%</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr align="center" size=1 noshade></td>
   <td><hr noshade size=1></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr align="center" size=1 noshade></td>
   <td><hr noshade size=1></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr align="center" size=1 noshade></td>
   <td><hr noshade size=1></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">91,713</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">92,873</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">(1,160</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
   <td align="right"><font size=2 face="Times New Roman">-1.2</font></td>
   <td><font size=2 face="Times New Roman">%</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman"><b>Operating expenses</b></font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Property operating
    expenses</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">28,910</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">26,144</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">2,766</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">10.6</font></td>
   <td><font size=2 face="Times New Roman">%</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Real estate taxes</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">9,195</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">8,770</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">425</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">4.8</font></td>
   <td><font size=2 face="Times New Roman">%</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr align="center" size=1 noshade></td>
   <td><hr noshade size=1></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr align="center" size=1 noshade></td>
   <td><hr noshade size=1></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr align="center" size=1 noshade></td>
   <td><hr noshade size=1></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">38,105</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">34,914</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">3,191</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">9.1</font></td>
   <td><font size=2 face="Times New Roman">%</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr align="center" size=1 noshade></td>
   <td><hr noshade size=1></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr align="center" size=1 noshade></td>
   <td><hr noshade size=1></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr align="center" size=1 noshade></td>
   <td><hr noshade size=1></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;<b>Net operating income</b></font></td>
   <td align="center"><font size=2 face="Times New Roman">$</font></td>
   <td align="right"><font size=2 face="Times New Roman">53,608</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="center"><font size=2 face="Times New Roman">$</font></td>
   <td align="right"><font size=2 face="Times New Roman">57,959</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="center"><font size=2 face="Times New Roman">$</font></td>
   <td align="right"><font size=2 face="Times New Roman">(4,351</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
   <td align="right"><font size=2 face="Times New Roman">-7.5</font></td>
   <td><font size=2 face="Times New Roman">%</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr noshade size=2></td>
   <td><hr noshade size=2></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr noshade size=2></td>
   <td><hr noshade size=2></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr noshade size=2></td>
   <td><hr noshade size=2></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
</table><table width="100%" border="0" cellpadding="0" cellspacing="0">
<tr>
   <td width="3%" valign="top"><font size=1 face="Times New Roman">(a)</font></td>
   <td valign="top"><font size=1 face="Times New Roman">Includes straight-line rental income of $2,912 for 2005 and $2,015 for 2004</font></td>
</tr>
<tr>
  <td valign="top"><font size="1" face="Times New Roman">&nbsp;</font></td>
  <td valign="top"><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
   <td valign="top"><font size=1 face="Times New Roman">(b)</font></td>
   <td valign="top"><font size=1 face="Times New Roman">Includes net termination fee income of $196 for 2005 and $347 for 2004</font></td>
</tr>
</table>
<div style="text-indent:3%">
<p><font size="2" face="Times New Roman">
The following table is a reconciliation of Net Income to Same Store net operating
income:
</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
<tr>
   <td>&nbsp;</td>
   <td colspan="5"><div align="center"><font size="1" face="Times New Roman"><b>Quarter
    Ended December 31,</b></font></div></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td colspan="5">     <hr align="center" size=1 noshade></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td colspan="2"><div align="center"><font size="1" face="Times New Roman"><b>2005</b></font></div></td>
   <td>&nbsp;</td>
   <td colspan="2"><div align="center"><font size="1" face="Times New Roman"><b>2004</b></font></div></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td colspan="2"><hr align="center" size=1 noshade></td>
   <td>&nbsp;</td>
   <td colspan="2"><hr align="center" size=1 noshade></td>
   <td>&nbsp;</td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size=2 face="Times New Roman">Net Income</font></td>
   <td width=1% align="center"><font size=2 face="Times New Roman">$</font></td>
   <td width=8% align="right"><font size=2 face="Times New Roman">8,628</font></td>
   <td width=1%><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td width=1% align="center"><font size=2 face="Times New Roman">$</font></td>
   <td width=8% align="right"><font size=2 face="Times New Roman">8,527</font></td>
   <td width=1%><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
   <td><font size=2 face="Times New Roman">Add/(deduct):</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Interest income</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">(410</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">(247</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Interest expense</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">20,997</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">19,535</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Administrative
    expenses</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">4,366</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">4,123</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Equity in income
    of real estate ventures</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">(876</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">(451</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Depreciation and
    amortization &#8211; continuing operations</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">27,096</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">28,991</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Depreciation and
    amortization &#8211; discontinued operations</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size="2" face="Times New Roman">&#8211;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">18</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Net gain on sale
    of interests in real estate &#8211; continued operations</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size="2" face="Times New Roman">&#8211;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">(74</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Net gain on sale
    of interests in real estate &#8211; discontinued operations</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size="2" face="Times New Roman">&#8211;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">(401</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Minority interest
    attributable to continuing operations</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">171</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">332</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Minority interest
    attributable to discontinued operations</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size="2" face="Times New Roman">&#8211;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">11</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr noshade size=1></td>
   <td><hr noshade size=1></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr noshade size=1></td>
   <td><hr noshade size=1></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated
    net operating income</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">59,972</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">60,364</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
   <td><font size=2 face="Times New Roman">Less: Net operating income of non same store properties</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">(2,939</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">(525</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size=2 face="Times New Roman">Less: Eliminations and non-property specific net operating income</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">(3,425</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">(1,880</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr noshade size=1></td>
   <td><hr noshade size=1></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr noshade size=1></td>
   <td><hr noshade size=1></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Same
    Store net operating income</font></td>
   <td align="center"><font size=2 face="Times New Roman">$</font></td>
   <td align="right"><font size=2 face="Times New Roman">53,608</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="center"><font size=2 face="Times New Roman">$</font></td>
   <td align="right"><font size=2 face="Times New Roman">57,959</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr noshade size=2></td>
   <td><hr noshade size=2></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr noshade size=2></td>
   <td><hr noshade size=2></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<font face="Times New Roman"><page>
<p><font size="2" face="Times New Roman"><a href="#contents"></a></font></p>
</font>
<p align="center"><font size="2" face="Times New Roman"> <b>BRANDYWINE REALTY
      TRUST<br>
SAME
STORE OPERATIONS - YEAR<br>
</b></font><font size="2" face="Times New Roman"><b><i>(unaudited and in thousands)</i></b>
</font></p>
<font face="Times New Roman">
<div style="text-indent:3%"><p><font size="2" face="Times New Roman">
  Of the 251 Properties owned by the Company as of December 31, 2005, a total
  of 226 Properties ("Same Store Properties") containing an aggregate of 15.0
  million net rentable square feet were owned for the entire years ended December
  31, 2005 and 2004. </font><font size="2" face="Times New Roman">Average occupancy for the Same Store Properties was 91.6% during 2005 and 91.1%
  during 2004. The following table sets forth revenue and expense information
  for the Same Store Properties:
</font></p>
</div>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
<tr>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
   <td colspan="5"><div align="center"><font size="1" face="Times New Roman"><b>Year
    Ended December 31,</b></font></div></td>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
   <td colspan="2"><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;Dollar</b></font></div></td>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
   <td align="center"><div align="center"><font size="1" face="Times New Roman"><b>Percent</b></font></div></td>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
</tr>
<tr>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
   <td colspan="5">   <hr align="center" size=1 noshade>
   </td>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
</tr>
<tr>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
   <td colspan="2"><div align="center"><font size="1" face="Times New Roman"><b>2005</b></font></div></td>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
   <td colspan="2"><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;2004</b></font></div></td>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
   <td colspan="2"><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;Variance</b></font></div></td>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
   <td align="center"><div align="center"><font size="1" face="Times New Roman"><b>Variance</b></font></div></td>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
</tr>
<tr>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
   <td colspan="2">    <hr align="center" size=1 noshade>
   </td>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
   <td colspan="2">  <hr align="center" size=1 noshade>
   </td>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
   <td colspan="2">   <hr align="center" size=1 noshade>
   </td>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
   <td><hr align="center" size=1 noshade></td>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman"><b>Revenue</b></font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Rents (a)</font></td>
   <td width=1% align="center"><font size=2 face="Times New Roman">$</font></td>
   <td width=8% align="right"><font size=2 face="Times New Roman">245,234</font></td>
   <td width=2%><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td width=1% align="center"><font size=2 face="Times New Roman">$</font></td>
   <td width=8% align="right"><font size=2 face="Times New Roman">248,725</font></td>
   <td width=2%><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td width=1% align="center"><font size=2 face="Times New Roman">$</font></td>
   <td width=8% align="right"><font size=2 face="Times New Roman">(3,491</font></td>
   <td width=2%><font size=2 face="Times New Roman">)</font></td>
   <td width=8% align="right"><font size=2 face="Times New Roman">-1.4</font></td>
   <td width=2%><font size=2 face="Times New Roman">%</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Tenant reimbursements</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">37,071</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">34,037</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">3,034</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">8.9</font></td>
   <td><font size=2 face="Times New Roman">%</font></td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Other (b)</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">7,329</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">3,967</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">3,362</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">84.7</font></td>
   <td><font size=2 face="Times New Roman">%</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr noshade size=1></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr noshade size=1></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr noshade size=1></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">289,634</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">286,729</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">2,905</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">1.0</font></td>
   <td><font size=2 face="Times New Roman">%</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman"><b>Operating expenses</b></font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Property operating
    expenses</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">91,423</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">88,266</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">3,157</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">3.6</font></td>
   <td><font size=2 face="Times New Roman">%</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Real estate taxes</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">28,814</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">27,399</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">1,415</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">5.2</font></td>
   <td><font size=2 face="Times New Roman">%</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr noshade size=1></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr noshade size=1></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr noshade size=1></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">120,237</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">115,665</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">4,572</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">4.0</font></td>
   <td><font size=2 face="Times New Roman">%</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr noshade size=1></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr noshade size=1></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr noshade size=1></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;<b>Net operating income</b></font></td>
   <td align="center"><font size=2 face="Times New Roman">$</font></td>
   <td align="right"><font size=2 face="Times New Roman">169,397</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="center"><font size=2 face="Times New Roman">$</font></td>
   <td align="right"><font size=2 face="Times New Roman">171,064</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="center"><font size=2 face="Times New Roman">$</font></td>
   <td align="right"><font size=2 face="Times New Roman">(1,667</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
   <td align="right"><font size=2 face="Times New Roman">-1.0</font></td>
   <td><font size=2 face="Times New Roman">%</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr noshade size=2></td>
   <td><hr noshade size=2></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr noshade size=2></td>
   <td><hr noshade size=2></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr noshade size=2></td>
   <td><hr noshade size=2></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
</table><table width="100%" border="0" cellpadding="0" cellspacing="0">
<tr>
   <td width="3%" valign="top"><font size=1 face="Times New Roman">(a)</font></td>
   <td valign="top"><font size=1 face="Times New Roman">Includes straight-line rental income of $5,345 for 2005 and $4,801 for 2004</font></td>
</tr>
<tr>
  <td valign="top"><font size="1" face="Times New Roman">&nbsp;</font></td>
  <td valign="top"><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
   <td valign="top"><font size=1 face="Times New Roman">(b)</font></td>
   <td valign="top"><font size=1 face="Times New Roman">Includes net termination fee income of $4,803 for 2005 and $1,525 for 2004</font></td>
</tr>
</table>
<div style="text-indent:3%">
<p><font size="2" face="Times New Roman">
The following table is a reconciliation of Net Income to Same Store net operating
income:
</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
<tr>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
   <td colspan="5"><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;Year
    Ended December 31,</b></font></div></td>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
</tr>
<tr>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
   <td><hr align="center" size=1 noshade></td>
   <td colspan=4><hr align="center" size=1 noshade></td>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
</tr>
<tr>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
   <td colspan="2"><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;2005</b></font></div></td>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
   <td colspan="2"><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;2004</b></font></div></td>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
</tr>
<tr>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
   <td><hr align="center" size=1 noshade></td>
   <td><hr align="center" size=1 noshade></td>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
   <td><hr align="center" size=1 noshade></td>
   <td><hr align="center" size=1 noshade></td>
   <td><div align="center"><font size="1" face="Times New Roman"><b>&nbsp;</b></font></div></td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size=2 face="Times New Roman">Net Income</font></td>
   <td width=1% align="center"><font size=2 face="Times New Roman">$</font></td>
   <td width=8% align="right"><font size=2 face="Times New Roman">42,767</font></td>
   <td width=1%><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td width=1% align="center"><font size=2 face="Times New Roman">$</font></td>
   <td width=8% align="right"><font size=2 face="Times New Roman">60,303</font></td>
   <td width=1%><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
   <td><font size=2 face="Times New Roman">Add/(deduct):</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Interest income</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">(1,376</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">(840</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Interest expense</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">74,363</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">55,061</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Administrative
    expenses</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">17,982</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">15,100</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Equity in income
    of real estate ventures</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">(3,172</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">(2,024</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Depreciation and
    amortization &#8211; continuing operations</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">111,886</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">79,904</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Depreciation and
    amortization &#8211; discontinued operations</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">171</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">224</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Net gain on sale
    of interests in real estate &#8211; continuing operations</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">(4,640</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">(2,975</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Net gain on sale
    of interests in real estate &#8211; discontinued operations</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">(2,196</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">(3,136</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Minority interest
    attributable to continuing operations</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">1,331</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">2,472</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Minority interest
    attributable to discontinued operations</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">69</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">101</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr noshade size=1></td>
   <td><hr noshade size=1></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr noshade size=1></td>
   <td><hr noshade size=1></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated
    net operating income</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">237,185</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">204,190</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
   <td><font size=2 face="Times New Roman">Less: Net operating income of non same store properties</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">(50,390</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">(15,178</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size=2 face="Times New Roman">Less: Eliminations and non-property specific net operating income</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">(17,398</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="right"><font size=2 face="Times New Roman">(17,948</font></td>
   <td><font size=2 face="Times New Roman">)</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr noshade size=1></td>
   <td><hr noshade size=1></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr noshade size=1></td>
   <td><hr noshade size=1></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr bgcolor="#eeeeee">
   <td><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Same
    Store net operating income</font></td>
   <td align="center"><font size=2 face="Times New Roman">$</font></td>
   <td align="right"><font size=2 face="Times New Roman">169,397</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td align="center"><font size=2 face="Times New Roman">$</font></td>
   <td align="right"><font size=2 face="Times New Roman">171,064</font></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr noshade size=2></td>
   <td><hr noshade size=2></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
   <td><hr noshade size=2></td>
   <td><hr noshade size=2></td>
   <td><font size="2" face="Times New Roman">&nbsp;</font></td>
</tr>
</table>
<hr noshade align="center" width="100%" size="2">
</body>

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end
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</SUBMISSION>
