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<SEC-DOCUMENT>0001125282-06-004396.txt : 20060728
<SEC-HEADER>0001125282-06-004396.hdr.sgml : 20060728
<ACCEPTANCE-DATETIME>20060728150109
ACCESSION NUMBER:		0001125282-06-004396
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20060727
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060728
DATE AS OF CHANGE:		20060728

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BRANDYWINE REALTY TRUST
		CENTRAL INDEX KEY:			0000790816
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				232413352
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09106
		FILM NUMBER:		06987746

	BUSINESS ADDRESS:	
		STREET 1:		14 CAMPUS BLVD
		STREET 2:		STE 100
		CITY:			NEWTOWN SQUARE
		STATE:			PA
		ZIP:			19073
		BUSINESS PHONE:		6103255600

	MAIL ADDRESS:	
		STREET 1:		TWO GREENTREE CENTRE
		STREET 2:		SUITE 100
		CITY:			MARLTON
		STATE:			NJ
		ZIP:			08053

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LINPRO SPECIFIED PROPERTIES
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>p414223_8-k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Prepared and Filed by St Ives Financial</TITLE>
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<body bgcolor="#ffffff">



<div style="border:none;border-bottom:solid .05em;padding:0in 0in 1.0pt 0in"><div style=" border:none;border-bottom:solid .25em;padding:0in 0in 1.0pt 0in"><p></p></div></div><BR>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=4>UNITED STATES</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=4>SECURITIES AND EXCHANGE COMMISSION</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Washington, D.C. 20549</font></b></p>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font SIZE=4>FORM 8-K</font></b></p>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font SIZE=2>CURRENT REPORT</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934</font></b></p>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><font size=2>Date of Report (Date of earliest event reported): July 27, 2006</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font size="5">B</font><font size="4"><small>RANDYWINE</small>
  <font size="5">R</font><small>EALTY</small> <font size="5">T</font><small>RUST</small></font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Exact name of issuer as specified in charter)</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>
<table width="100%" cellspacing=0 cellpadding=0><tr><td width="50">&nbsp;</td><td align=center valign=top width="280"><b><font SIZE=2>MARYLAND</font></b><br>
<font size=2>(State or Other Jurisdiction</font><br>
<font size=2>of Incorporation or</font><br>
<font size=2>Organization)</font><br></td>
<td align=center valign=top width="280"><b><font size=2>001-9106</font></b><br>
<font size=2>(Commission</font><br>
<font size=2>file  number)</font><br>
<font size=2>&nbsp;</font><br></td>
<td align=center valign=top width="280"><b><font size=2>23-2413352</font></b><br>
<font size=2>(I.R.S. Employer</font><br>
<font size=2>Identification Number)</font><br>
<font size=2>&nbsp;</font><br></td><td width="50">&nbsp;</td></tr></table>
<table width="100%" cellspacing=0 cellpadding=0><tr><td width="50">&nbsp;</td><td align=center valign=top width="280"><font size=2>&nbsp;</font><br></td>
<td align=center valign=top width="280"><br></td>
<td align=center valign=top width="280"><br></td><td width="50">&nbsp;</td></tr></table>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font size=2>555 East Lancaster Avenue, Suite 100</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Radnor, PA 19087</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Address of principal executive offices)</font></p>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font size=2>(610) 325-5600</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Registrant&#146;s telephone number, including area code)</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</font></p>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td width="3%" valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><img src="emptybox.gif"></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p> </td> </tr></table>






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        <td width="3%" valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><img src="emptybox.gif"></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p> </td> </tr></table>






<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td width="3%" valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><img src="emptybox.gif"></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p> </td> </tr></table>






<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td width="3%" valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><img src="emptybox.gif"></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p> </td> </tr></table>



<div style="border:none;border-bottom:solid .25em;padding:0in 0in 1.0pt 0in"><div style="border:none;border-bottom:solid .05em;padding:0in 0in 1.0pt 0in"><p></p></div></div>
<p align="center"><Font size="2" face="serif">&nbsp;</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div><page>




<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>

    <td width="80" valign=top style='padding:12.0pt 0in 0in 0in;'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font size=2>Item
        2.02</font></b></p>
    </td>
        <td valign=top style='padding:12.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font size=2>Results of Operations and Financial Condition</font></b></p> </td> </tr></table>



<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:0.36in;text-align:left;'><font size=2>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>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:0.36in;text-align:left;'><font size=2>On July 27, 2006, we issued a press release announcing our financial results for the second quarter of 2006. The text of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:0.36in;text-align:left;'><font size=2>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>



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    <td width="80" valign=top style='padding:12.0pt 0in 0in 0in;'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font size=2>Item
        9.01</font></b></p>
    </td>
        <td valign=top style='padding:12.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font size=2>Financial Statements and Exhibits</font></b></p> </td> </tr></table>



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


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>

    <td width="80" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=2>99.1</font></p>
    </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>Press Release dated July 27, 2006</font></p> </td> </tr></table>



<p align="center"><Font size="2" face="serif">&nbsp;</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div><page>

<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><b><font size=2>Signatures</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:0.36in; text-align:left;'><font size=2> 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>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div align="Center">

<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td width="49%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'>B<small>RANDYWINE</small> R<small>EALTY</small> T<small>RUST</small></p> </td> </tr> <tr>
        <td width="49%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><br> <font size=2>Date: July 27, 2006</font></p> </td>
        <td width="7%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="4%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=2>By:&nbsp;</font></p> </td>
        <td width="40%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><br> <font size=2>/s/ Gerard H. Sweeney</font></p> </td> </tr> <tr>
        <td width="49%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="4%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="40%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
        <hr noshade width="70%" color="Gray" size="1" align="left">
         </td> </tr> <tr>
        <td width="49%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="4%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="40%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=2>Gerard H. Sweeney</font><br> <font size=2>President and Chief Executive Officer</font></p> </td> </tr></table>
</div>


<p align="center"><Font size="2" face="serif">&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font SIZE=2>EXHIBIT INDEX</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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    <td width="10%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font size=1><u>Exhibit</u></font></b><u>&nbsp;<b><font size=1>No.</font></b></u></p>
    </td>
        <td valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><u><b><font size=1>Description</font></b></u><b><u></u></b></p> </td> </tr>
    <tr style='height:.05in;'>

    <td width="80" valign=top style=' height:.05in;'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style=' height:.05in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>

    <td width="80" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=2>99.1</font></p>
    </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>Press Release dated July 27, 2006</font></p> </td> </tr></table>



<p align="center"><Font size="2" face="serif">&nbsp;</font></p>
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            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><img src="img1.jpg"><br> </p> </td>
        <td width="50%" valign=bottom >

      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:8pt;margin-bottom:0pt;'><font SIZE=2><b>FOR
        IMMEDIATE RELEASE</b></font></p>
    </td> </tr></table>


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

    <td width="50%" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><u><font size=2>Press Contact:</font></u></p>
            <p style='margin-left:34.55pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=2>     Tom Nolan</font></p>
            <p style='margin-left:34.55pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=2>     Beckerman Public Relations</font></p>
            <p style='margin-left:34.55pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=2>     908-781-6420</font></p>
            <p style='margin-left:34.55pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=2>     tom@beckermanpr.com</font></p>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=2>     </font><b></b></p> </td>

    <td width="50%" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><u><font size=2>Investor Contact:</font></u></p>
            <p style='margin-left:34.55pt;text-indent:-8.65pt;text-align: left;margin-top:2pt;margin-bottom:0pt;'><font size=2>Gerard H. Sweeney</font></p>
            <p style='margin-left:34.55pt;text-indent:-8.65pt;text-align: left;margin-top:2pt;margin-bottom:0pt;'><font size=2>Timothy M. Martin</font></p>
            <p style='margin-left:34.55pt;text-indent:-8.65pt;text-align: left;margin-top:2pt;margin-bottom:0pt;'><font size=2>Brandywine Realty Trust</font></p>
            <p style='margin-left:34.55pt;text-indent:-8.65pt;text-align: left;margin-top:2pt;margin-bottom:0pt;'><font size=2>610-325-5600 </font></p>
            <p style='margin-left:34.55pt;text-indent:-8.65pt;text-align: left;margin-top:2pt;margin-bottom:0pt;'><font size=2>info@brandywinerealty.com</font><b></b></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font size=2><b>Brandywine
  Realty Trust Announces Second Quarter 2006 Earnings</b></font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font SIZE=2>RADNOR, PA, JULY 27, 2006</font></b><font size=2> &#151; Brandywine Realty Trust (NYSE:BDN) announced today that funds from operations (FFO) was $57.0</font><font color="#FF0000"><font size=2> </font></font><font size=2>million or $0.60 per diluted share for the second quarter of 2006 compared to $35.3 million or $0.61 per share for the second quarter of 2005. 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 style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>Diluted earnings (loss) per share (EPS) was $(0.15) for the second quarter of 2006, a decrease of $0.27 per share as compared to $0.12 for the second quarter of 2005. Net income (loss) was $(11.6) million for the second quarter, a decrease of $20.5 million as compared to $8.9 million for the second quarter of 2005. A significant contribution to the change in net income in the second quarter of 2006 as compared to the second quarter of 2005 is the $44.0 million increase in depreciation and amortization expense. This increase is primarily the result of the depreciation/amortization of the tangible and intangible assets acquired in connection with the January 5, 2006 Prentiss transaction and accelerated depreciation associated with the planned demolition of an existing building as part of an office park development in suburban Philadelphia.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><i><font size=2>Brandywine President and Chief Executive Officer, Gerard H. Sweeney</font></i><font size=2>, commented, &#147;We are pleased  to report our second quarter results that show continued improvement in leasing activity, portfolio absorption and tenant retention. Additionally, both our integration and development programs are progressing on schedule. Market conditions, while remaining competitive, are improving throughout all of our regions and we are well prepared to continue the successful execution of our business plan.&#148;</font></p>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font size=2>Brandywine Realty Trust Summary Portfolio Performance</font></b></p>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top style='padding:5.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>FFO payout ratio was 73.2% for the quarter</font></p> </td> </tr></table>






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        <td width="3%" valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top style='padding:5.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>Quarterly rental rates on renewals declined 2.8% on a straight-line basis</font></p> </td> </tr></table>






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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top style='padding:5.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>Quarterly retention rate was 83.0%</font></p> </td> </tr></table>






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        <td width="3%" valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top style='padding:5.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>Portfolio was 91.6% occupied and 93.1% leased as of June 30, 2006</font></p> </td> </tr></table>






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        <td width="3%" valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top style='padding:5.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>Leases expired or were terminated for approximately 893,000 square feet during the quarter</font></p> </td> </tr></table>






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        <td width="3%" valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top style='padding:5.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>Leases were renewed for approximately 741,000 square feet during the quarter</font></p> </td> </tr></table>






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        <td width="3%" valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top style='padding:5.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>New leases were signed for approximately 406,000 square feet during the quarter</font></p> </td> </tr></table>



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


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      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">555
        East Lancaster Avenue, Suite 100, Radnor, PA 19087</font></p>
    </td>
        <td width="53%" valign=bottom >

      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">Phone:
        (610) 325-5600 &#149; Fax: (610) 325-5622 &#149; www.brandywinerealty.com</font></p>
    </td> </tr></table>



<p align="center"><Font size="2" face="serif">&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font size=2>Distributions</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>On June 15, 2006, the Board of Trustees declared a regular quarterly dividend distribution of $0.44 per common share that was paid July 17, 2006 to shareholders of record as of July 6, 2006. The Company also declared its dividend for the second 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 July 17, 2006 to holders of record of the Series C and Series D Preferred Shares as of June 30, 2006.</font></p>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font size=2>Share Repurchase Program</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>The Company repurchased 1,180,200 shares during the second quarter of 2006 for an aggregate $34.4 million under its approved share repurchase program. As of June 30, 2006, the Company may purchase an additional 2,319,800 shares under the plan. Repurchases may be made from time to time in the open market or in privately negotiated transactions, subject to market conditions and compliance with legal requirements. The share repurchase program does not contain any time limitation and does not obligate the Company to repurchase any shares. The Company may discontinue the program at any time.</font></p>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font size=2>2006 Financial Outlook</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>The Company&#146;s 2006 financial outlook continues to be predicated upon the following key and variable assumptions:</font></p>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top style='padding:5.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>The historic Brandywine same-store portfolio to achieve the following percentage changes from 2005 results:</font></p> </td> </tr></table>






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        <td width="6%" valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top style='padding:5.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>GAAP rents and reimbursements (not including termination fees) to increase 1.25% to 1.75%</font></p> </td> </tr></table>






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        <td width="6%" valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top style='padding:5.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>Net operating income to decline 0.5% to 2.0%</font></p> </td> </tr></table>






<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td width="6%" valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top style='padding:5.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>Average occupancy to range from unchanged to an increase of 1.0% </font></p> </td> </tr></table>



<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>The Company&#146;s expected contribution from the Prentiss acquisition is a result of the following:</font></p>



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        <td width="3%" valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top style='padding:5.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>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></p> </td> </tr></table>






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        <td width="3%" valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top style='padding:5.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>A stabilized addition to our G&amp;A of $10 million, inclusive of synergies in connection with the merger </font></p> </td> </tr></table>



<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>In addition to these operating expectations, the Company&#146;s financial forecast includes the following key and variable development and acquisition/disposition assumptions:</font></p>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top style='padding:5.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>Completion of the previously announced development and re-development projects </font></p> </td> </tr></table>






<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td width="3%" valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top style='padding:5.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>Net dispositions of approximately $150-200 million during the balance of  2006</font></p> </td> </tr></table>



<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>Based on these key assumptions, we affirm our 2006 FFO guidance from our May 2, 2006 press release and expect our full year 2006 EPS to be $(0.26) to $(0.19) and FFO per share to be $2.50 to $2.58. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>We are introducing third quarter 2006 guidance and expect FFO per share to be $0.64 to $0.66 and EPS to be $(0.04) to $(0.02). These estimates may be positively or negatively impacted primarily by the timing and terms of property leases, and actual operating expenses and interest rates as compared to our forecast. </font></p>
<p align="center"><Font size="2" face="serif">&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><u><b><font size=2>Forward-Looking Statements</font></b></u></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>Estimates of future earnings per share and FFO per share and certain other statements in this release constitute &#147;forward-looking statements&#148; within the meaning of the Private Securities Litigation Reform Act of 1995. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>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&#146;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, unanticipated operating and capital
costs, the Company&#146;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&#146;s tenants compete. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>Additional information on factors which could impact the Company and the forward-looking statements contained herein are included in the Company&#146;s filings with the Securities and Exchange Commission, including the Company&#146;s Annual Report for the year ended December 31, 2005. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.</font></p>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><u><b><font size=2>Non-GAAP Supplemental Financial Measures</font></b></u></p>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><u><i><font size=2>Funds from Operations (FFO)</font></i></u></p>
<p style=' margin-bottom:0pt; margin-top:2pt;text-align:left;'><font size=2>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&#146;s view, they are not indicative of the results from the Company&#146;s property operations. To facilitate a clear understanding of the Company&#146;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&#146;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&#146;s liquidity, nor is it indicative of funds available for the Company&#146;s cash needs, including its ability to make cash distributions to shareholders.</font></p>
<p align="center"><Font size="2" face="serif">&nbsp;</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div><page>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><u><i><font size=2>Cash Available for Distribution (CAD)</font></i></u></p>
<p style=' margin-bottom:0pt; margin-top:2pt;text-align:left;'><font size=2>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&#146;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 style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><u><b><font size=2>Second Quarter Earnings Call and Supplemental Information Package</font></b></u></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>The Company will be hosting a conference call on Friday, July 28, 2006 at 11:00 a.m. EDT. The conference call can be accessed by calling 1-888-889-5602. After the conference, a taped replay of the call can be accessed 24 hours a day through Friday, August 11, 2006 by calling 1-877-519-4471 -- access code 7536675</font><font face="Arial"><font size=2>. </font></font><font size=2>In addition, the conference call can be accessed via a webcast located on the Company&#146;s website at www.brandywinerealty.com.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>The Company has prepared a Supplemental Information package that includes financial results and operational statistics to support the announcement of second quarter earnings. The Supplemental Information package is available through the Company&#146;s website at www.brandywinerealty.com. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>The Supplemental Information package can be found in the &#147;Investor Relations &#150; Financial Reports&#148; section of the web page.</font></p>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font size=2>About Brandywine Realty Trust<a name="dv_m52"></a></font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>Brandywine Realty Trust (NYSE: BDN), with headquarters in Radnor, 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 style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>For more information, visit Brandywine&#146;s website at www.brandywinerealty.com.</font></p>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font size=2># # #</font></p>
<p align="center"><Font size="2" face="serif">&nbsp;</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div><page>


 <p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><b><font size="2" face="Arial">BRANDYWINE
  REALTY TRUST</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial"><b><font SIZE=2>CONSOLIDATED
  BALANCE SHEETS</font></b></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial"><i><b><font size=2>(unaudited,
  in thousands)</font></b></i></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size="2" face="Arial">&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Arial">&nbsp;</font></p>
<table border="0" cellspacing=0 cellpadding=0 style=' border-collapse:collapse;' width="100%">
  <tr>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="2" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>June
        30,</font></b><br>
        <b><font size=1>2006</font></b></font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="2" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>December
        31,</font></b><br>
        <b><font size=1>2005</font></b></font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="2" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="2" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><b><font SIZE=2>ASSETS</font></b>
        </font></p>
    </td>
    <td width="2%" valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td width="1%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td width="2%" valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td width="1%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td width="2%" valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Real
        estate investments:</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Operating
        properties</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">4,688,560</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">2,560,061</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Accumulated
        depreciation</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(467,969</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(390,333</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">4,220,591</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">2,169,728</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Construction-in-progress</font>
      </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">327,975</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">273,240</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Land
        held for development</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">124,787</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">98,518</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">4,673,353</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">2,541,486</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Cash
        and cash equivalents</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">26,377</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">7,174</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Escrowed
        cash</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">22,006</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">18,497</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Accounts
        receivable, net</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">18,781</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">12,874</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Accrued
        rent receivable, net</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">61,787</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">47,034</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Investment
        in marketable securities</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">188,035</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">&#151;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Assets
        held for sale</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">86,128</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">&#151;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Investment
        in real estate ventures</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">78,480</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">13,331</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Deferred
        costs, net</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">52,056</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">37,602</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Intangible
        assets, net</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">338,537</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">78,097</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Other
        assets</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">46,373</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">49,649</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Total
        assets</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">5,591,913</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">2,805,744</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=2>LIABILITIES
        AND BENEFICIARIES&#146; EQUITY</font></b> </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Mortgage
        notes payable</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">901,064</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">494,777</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Secured
        note payable</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">183,199</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">&#151;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Borrowings
        under credit facilities</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">195,000</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">90,000</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Unsecured
        senior notes, net of discounts</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">1,863,062</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">936,607</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Accounts
        payable and accrued expenses</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">95,216</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">52,635</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Distributions
        payable</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">43,629</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">28,880</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Tenant
        security deposits and deferred rents</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">37,350</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">20,953</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Acquired
        lease intangibles, net</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">102,170</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">34,704</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Other
        liabilities</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">7,870</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">4,466</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Mortgage
        note payable and other liabilities held for sale</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">15,411</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">&#151;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Total
        liabilities</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">3,443,971</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">1,663,022</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Minority
        interest</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">138,046</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">37,859</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Beneficiaries&#146;
        equity:</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Preferred
        shares - Series C</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">20</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">20</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Preferred
        shares - Series D</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">23</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">23</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Common
        shares</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">900</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">562</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Additional
        paid-in capital</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">2,367,341</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">1,369,913</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Cumulative
        earnings</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">399,083</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">413,281</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Accumulated
        other comprehensive (income) loss</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">980</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(3,169</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Cumulative
        distributions</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(758,451</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(675,767</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Total
        beneficiaries&#146; equity</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">2,009,896</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">1,104,863</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">2,147,942</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">1,142,722</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Total
        liabilities and beneficiaries&#146; equity</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">5,591,913</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">2,805,744</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<font face="Arial"><page> </font>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Arial"><b><font SIZE=2>BRANDYWINE
  REALTY TRUST</font></b></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial"><b><font SIZE=2>CONSOLIDATED
  STATEMENTS OF OPERATIONS</font></b></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial"><i><b><font size=2>(unaudited,
  in thousands, except share and per share data)</font></b></i></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Arial">&nbsp;</font></p>
<table border="0" cellspacing=0 cellpadding=0 style=' border-collapse:collapse;' width="100%">
  <tr>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="5" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Three
        Months Ended</font></b></font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="5" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Six
        Months Ended</font></b></font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="5" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="5" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="2" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>June
        30, 2006</font></b></font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="2" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>June
        30, 2005</font></b></font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="2" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>June
        30, 2006</font></b></font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="2" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>June
        30, 2005</font></b></font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="2" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="2" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="2" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="2" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=2>Revenue</font></b>
        </font></p>
    </td>
    <td width="2%" valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td width="1%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td width="2%" valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td width="1%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td width="2%" valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td width="1%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td width="2%" valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td width="1%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td width="2%" valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Rents</font>
      </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">149,554</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">81,656</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">290,639</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">162,884
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Tenant
        reimbursements</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">16,749</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">11,037</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">34,641</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">23,119
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Other</font>
      </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">4,668</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">2,774</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">9,047</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">8,790
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Total
        revenue</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">170,971</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">95,467</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">334,327</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">194,793
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=2>Operating
        Expenses</font></b> </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Property
        operating expenses</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">48,962</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">27,695</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">97,155</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">57,574
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Real
        estate taxes</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">16,684</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">9,598</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">33,230</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">19,255
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Depreciation
        and amortization</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">71,834</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">27,820</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">132,168</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">56,255
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Administrative
        expenses</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">7,724</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">4,378</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">16,214</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">9,130
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <blockquote>
        <p><font size="2" face="Arial">Total operating expenses</font> </p>
      </blockquote>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">145,204</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">69,491</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">278,767</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">142,214
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=2>Operating
        income</font></b> </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">25,767</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">25,976</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">55,560</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">52,579
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=2>Other
        income (expense)</font></b> </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Interest
        income</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">2,573</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">284</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">5,223</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">662
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Interest
        expense</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(42,500</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(17,807</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(83,467</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(35,604</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Equity
        in income of real estate ventures</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">463</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">993</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">1,428</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">1,551
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Net
        gain on sale of interests in real estate</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">2,608</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">&#151;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">2,608</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">&#151;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Income
        (loss) before minority interest</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(11,089</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">9,446</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(18,648</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">19,188
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Minority
        interest - partners&#146; share of consolidated real estate ventures</font>
      </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">84</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">&#151;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">370</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">&#151;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Minority
        interest attributable to continuing operations - LP units</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">476</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(381</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">895</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(708</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Income
        (loss) from continuing operations</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(10,529</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">9,065</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(17,383</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">18,480
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Discontinued
        operations:</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Income
        from discontinued operations</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(870</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(140</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">3,728</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(140</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Minority
        interest - partners&#146; share of consolidated real estate venture</font>
      </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(195</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">&#151;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(382</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">&#151;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Minority
        interest attributable to discontinued operations - LP units</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">38</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">5</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(161</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">5
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(1,027</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(135</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">3,185</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(135</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Net
        income (loss)</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(11,556</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">8,930</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(14,198</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">18,345
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Income
        allocated to Preferred Shares</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(1,998</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(1,998</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(3,996</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(3,996</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Income
        (loss) allocated to Common Shares</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(13,554</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">6,932</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">
        (18,194</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">14,349
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><b><font SIZE=2>PER
        SHARE DATA</font></b> </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Basic
        income (loss) per Common Share</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(0.15</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">0.12</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(0.20</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">0.26
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Basic
        weighted-average shares outstanding</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">90,540,237</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">55,681,668</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">89,923,528</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">55,562,384
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Diluted
        income (loss) per Common Share</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(0.15</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">0.12</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(0.20</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">0.26
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Diluted
        weighted-average shares outstanding</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">90,816,019</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">55,844,239</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">90,202,854</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">55,786,070
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<font face="Arial"><page> </font>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Arial"><b><font SIZE=2>BRANDYWINE
  REALTY TRUST</font></b></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial"><b><font SIZE=2>FUNDS
  FROM OPERATIONS AND CASH AVAILABLE FOR DISTRIBUTION</font></b></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial"><i><b><font size=2>(unaudited,
  in thousands, except share and per share data)</font></b></i></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Arial">&nbsp;</font></p>
<table border="0" cellspacing=0 cellpadding=0 style=' border-collapse:collapse;' width="100%">
  <tr>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="5" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Three
        Months Ended</font></b></font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="5" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="2" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>6/30/06</font></b></font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="2" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>6/30/05</font></b></font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="2" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="2" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=2>Reconciliation
        of Net Income to Funds from Operations (FFO):</font></b> </font></p>
    </td>
    <td width="2%" valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td width="1%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td width="2%" valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td width="1%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td width="2%" valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Net
        income (loss)</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">
        (11,556</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">8,930
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Add
        (deduct):</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Minority
        interest attributable to continuing operations - LP units</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(476</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">381
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Net
        gains on sale of interests in real estate</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(2,608</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">&#151;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Minority
        interest attributable to discontinued operations - LP units</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(38</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(5</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Income
        (loss) before net gains on sale of interests in real estate and minority
        interest</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(14,678</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">9,306
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Add:</font>
      </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Depreciation:</font>
      </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Real
        property - continuing operations</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">51,677
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">19,981
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Real
        property - discontinued operations</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">2,056
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">&#151;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Company&#146;s
        share of unconsolidated real estate ventures</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">1,852
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">576
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Partners&#146;
        share of consolidated real estate ventures</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(1,696</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">&#151;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Amortization
        of leasing costs (includes acquired intangibles)</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">19,874
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">7,419
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Perpetual
        Preferred Share distributions</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(1,998</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(1,998</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Funds
        from operations (FFO)</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">57,087</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">35,284
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">FFO
        per share - fully diluted </font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">0.60</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">0.61
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Weighted-average
        shares/units outstanding - fully diluted</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">94,929,355
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">57,897,198
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">EPS
        - diluted</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">
        (0.15</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">0.12
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Weighted-average
        shares outstanding - fully diluted</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">90,816,019
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">55,844,239
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Dividend
        per Common Share</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">0.44
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">0.44
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Payout
        ratio of FFO (Dividend per Common Share divided by FFO per Share)</font>
      </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">73.2</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">%</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">72.2</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">%</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><b><font SIZE=2>CASH
        AVAILABLE FOR DISTRIBUTION (CAD):</font></b> </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">FFO</font>
      </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">57,087
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">35,284
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Add
        (deduct):</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Rental
        income from straight-line rents</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(8,209</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(3,225</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Deferred
        market rental income</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(1,968</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(283</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Amortization:</font>
      </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Deferred
        financing costs</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">794
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">487
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Deferred
        compensation costs</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">670
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">696
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Second
        generation capital expenditures (1):</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Building
        improvements (2)</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(2,327</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">&#151;
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Tenant
        improvements</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(7,677</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(9,108</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Lease
        commissions</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(2,524</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(1,076</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Cash
        available for distribution</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">35,846
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">22,775
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Weighted-average
        shares/units outstanding - fully diluted</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">94,929,355
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">57,897,198
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Dividend
        per Common Share</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">0.44
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">0.44
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=bottom >&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Cash
        flows from:</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Operating
        activities</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">70,678
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">35,884
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Investing
        activities</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(89,470</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(77,465</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Financing
        activities</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">8,869
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">35,428
        </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
</table>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
  <tr>
    <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="2" face="Arial">(1)</font></p>
    </td>
    <td valign=top style='padding:6.0pt 0in 0in 0in;'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="2" face="Arial">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></p>
    </td>
  </tr>
</table>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
  <tr>
    <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="2" face="Arial">(2)</font></p>
    </td>
    <td valign=top style='padding:6.0pt 0in 0in 0in;'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="2" face="Arial">Building
        improvements and tenant improvements are combined for all periods prior
        to 3/31/06.</font></p>
    </td>
  </tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<font face="Arial"><page> </font>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font face="Arial"><b><font SIZE=2>BRANDYWINE
  REALTY TRUST</font></b></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial"><b><font SIZE=2>SAME
  STORE OPERATIONS - QUARTER</font></b></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial"><i><b><font size=2>(unaudited
  and in thousands)</font></b></i></font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Arial">Of
  the 318 Properties owned by the Company as of June 30, 2006, a total of 240
  Properties (&#147;Same Store Properties&#148;) containing an aggregate of 18.0
  million net rentable square feet were owned for the entire three-month periods
  ended June 30, 2006 and 2005. Average occupancy for the Same Store Properties
  was 92.5% during 2006 and 91.2% during 2005. The following table sets forth
  revenue and expense information for the Same Store Properties:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Arial">&nbsp;</font></p>
<table border="0" cellspacing=0 cellpadding=0 style=' border-collapse:collapse;' width="100%">
  <tr>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="5" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Quarter
        Ended June 30,</font></b></font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="5" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="2" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>2006</font></b></font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="2" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>2005</font></b></font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="2" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="2" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=2>Revenue</font></b>
        </font></p>
    </td>
    <td width="2%" valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial">&nbsp;</font></p>
    </td>
    <td width="1%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial">&nbsp;</font></p>
    </td>
    <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial">&nbsp;</font></p>
    </td>
    <td width="2%" valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial">&nbsp;</font></p>
    </td>
    <td width="1%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial">&nbsp;</font></p>
    </td>
    <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial">&nbsp;</font></p>
    </td>
    <td width="2%" valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Rents
        (a)</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">80,191</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">79,240</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Tenant
        reimbursements</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">9,651</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">11,138</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Other
        (b)</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">1,685</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">1,579</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'>
      </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">91,527</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">91,957</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=2>Operating
        expenses</font></b> </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Property
        operating expenses</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">27,789</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">28,343</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Real
        estate taxes</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">9,135</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">8,649</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'>
      </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">36,924</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">36,992</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=bottom >&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=2>Net
        operating income</font></b> </font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">54,603</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">54,965</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=bottom >&nbsp;</td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=bottom >
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=bottom >&nbsp;</td>
  </tr>
</table>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
  <tr>
    <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="2" face="Arial">(a)</font></p>
    </td>
    <td valign=top style='padding:6.0pt 0in 0in 0in;'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="2" face="Arial">Includes
        straight-line rental income of $2,399 for 2006 and $2,465 for 2005</font></p>
    </td>
  </tr>
</table>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
  <tr>
    <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="2" face="Arial">(b)</font></p>
    </td>
    <td valign=top style='padding:6.0pt 0in 0in 0in;'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="2" face="Arial">Includes
        net termination fee income of $1,069 for 2006 and $857 for 2005</font></p>
    </td>
  </tr>
</table>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size="2" face="Arial">The
  following table is a reconciliation of Net Income to Same Store net operating
  income:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size="2" face="Arial">&nbsp;</font></p>
<table border="0" cellspacing=0 cellpadding=0 style=' border-collapse:collapse;' width="100%">
  <tr>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="5" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Quarter
        Ended June 30,</font></b></font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="5" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="2" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>2006</font></b></font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="2" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>2005</font></b></font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="2" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td colspan="2" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Net
        Income (loss)</font> </p>
    </td>
    <td width="2%" valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td width="1%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">
        (11,556</font></p>
    </td>
    <td width="2%" valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td width="1%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">8,930</font></p>
    </td>
    <td width="2%" valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Add/(deduct):</font>
      </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Interest
        income</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(2,573</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(284</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Interest
        expense</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">42,500</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">17,807</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Equity
        in income of real estate ventures</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(463</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(993</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Depreciation
        and amortization</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">71,834</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">27,820</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Net
        gain on sale of interests in real estate -- discontinued operations</font>
      </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(2,608</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">&#151;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Minority
        interest - partners&#146; share of consolidated real estate ventures</font>
      </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(84</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">&#151;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Minority
        interest attributable to continuing operations - LP units</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(476</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">381</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Income
        from discontinued operations</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">1,027</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">135</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Consolidated
        net operating income (loss)</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">97,601</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">53,796</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Less:
        Net operating income of non same store properties</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">(45,017</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">17</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Less:
        Eliminations and non-property specific net operating income (loss)</font>
      </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">2,019</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">1,152</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="1">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font size="2" face="Arial">Same
        Store net operating income (loss)</font> </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">54,603</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">$</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">54,965</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
      <hr noshade width="100%" color="Gray" size="2">
    </td>
    <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom >
      <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'>
      </p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">&#151;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="2" face="Arial">&#151;</font></p>
    </td>
    <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
    </td>
  </tr>
</table>


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